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Share Market Today | Gift Nifty Signals Weak Opening, Nifty to Consolidate

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Synopsis:

Today’s share market features Zaggle Prepaid partners with HDFC ERGO, AartiDrugs announces a ₹59.85 cr buyback, GST rates on cancer drugs lowered, Road Transport Ministry awards HG Infrastructure ₹781.1 cr project, DixonTech's arm partners with HP, and IRB Infrastructure reports 20.5% toll revenue growth.

Latest Market News

  1. Zaggle Prepaid signs an agreement with HDFC ERGO General Insurance Company.

  2. AartiDrugs to buyback 6.65 lk shares (0.72% eq) of the co worth ₹59.85 cr at ₹900/sh, buyback opens on September 11 & closes on September 18.

  3. GST rates on cancer drugs are being brought down further.

  4. Road Transport Min awards ₹781.1 Cr project to HG Infrastructure.

  5. DixonTech: Arm Padget Electronics signs MOU with HP India Sales to manufacture notebooks, desktops & all-in-one PCs.

  6. ⁠IRB Infrastructure: August gross toll collection is up 20.5% at ₹502.6 cr vs ₹417.2 cr.

AARTI DRUGS LTD.

Trade

514.2-6.54 (-1.25 %)

Updated - 03 October 2024
522.00day high
DAY HIGH
509.85day low
DAY LOW
161059
VOLUME (BSE)

DIXON TECHNO (INDIA) LTD

Trade

13619.95-575.84 (-4.05 %)

Updated - 03 October 2024
14099.00day high
DAY HIGH
13572.00day low
DAY LOW
460419
VOLUME (BSE)

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • The S&P 500 jumped Monday, rebounding from its biggest weekly slump since 2023, as investors digested Apple's new lineup of AI-enhanced iPhones and looked ahead to inflation data this week.

    • Inflation data including the consumer price index and producer price index for August are slated to be released on Wednesday and Thursday, respectively. 

    • The duo of inflation update is the last top-tier economic data ahead of the Fed meeting on Sept. 18. 

  2. Sector-Specific Movements:

    • The 30-stock Dow Jones Industrial Average gained 484 points or 1.2%, the benchmark S&P 500 rose 1.2%, and the tech-heavy Nasdaq Composite gained 1.2%.

    • Apple Inc closed about flat, struggling to join in on the tech rally even as the tech giant unveiled its new iPhone models, and showcased its generative artificial intelligence software, Apple Intelligence. 

  3. Economic Indicators:

    • Investors' bets that the Fed will bring down rates by 25-basis points stood at 73% on Monday morning, according to the CME Group's (NASDAQ: CME) closely monitored FedWatch Tool. 

    • Meanwhile, the probability of a 50-basis point cut stood at 27% after briefly jumping above 50% in the immediate wake of the jobs data.

Other Asset Classes

  1. Treasury Yields:

    • The yield on the 10-year Treasury hovered just below the flatline at 3.706% ahead of the Inflation data.

  2. Currency:

    • The dollar bounced against the yen and other major currencies on Monday. The dollar index closed up 0.3% to 101.54.

  3. Commodities:

    • U.S. crude oil futures rebounded more than 1% on Monday after posting the worst week since October 2023. 

    • Brent November contract: $71.84 per barrel, up 1.1%. 

    • Gold prices held their ground on Monday, Spot gold was little changed at $2,499.79 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets were higher on Tuesday, following gains on Wall Street. Traders in Asia will monitor August trade data from China and India.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 advanced 0.52% and the broad-based Topix moved 0.65% higher. 

    • South Korea’s Kospi index was up 0.17% and the small-cap Kosdaq also rose 0.18%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a positive opening for the Indian market amid a pullback in the global equity market. 

    • Nifty spot post a positive opening is likely to consolidate in the range of 25100-24750.

  2. Market in Previous Session:

    • Benchmark indices snapped a four-session corrective decline and closed higher by 0.4% on Monday’s session. 

    • The Sensex was up by 375 points or 0.46% at 81,559 and the Nifty was up by 84 points or 0.34% at 24,936.

    • The Bank Nifty outperformed after Friday's sharp decline and closed the session higher by 1.1% at 51117.  The broader market is relatively underperformed with Nifty midcap and small-cap closed lower by 0.14% and 0.77% respectively. 

    • Financial, FMCG and consumer durables stocks are the major gainers. Whereas the IT, Media, Metals and Realty stocks were the major draggers.

  3. Nifty Short-Term Outlook:

    • The index has formed a bull candle with a lower high and lower low signalling a pullback after the last four sessions' corrective decline.

    • Going ahead, we expect the index to extend and consolidate in the range of 24500-25300 thus forming a base for the next leg of up move. Only a breakout above 25300 will open further upside towards 25550 in the coming weeks.

    • Structurally retracement of the rally is a normal phenomenon amid the bull market and offers an incremental buying opportunity. 

    • Nifty has key support placed at 24500-24400 levels, which we expect to hold, being the confluence of the 50-day EMA and the 61.8% retracement of the ongoing rally (24100-25333).

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,030 followed by 25,100 levels. Conversely, downside support is located at 25,830, followed by 24,750.

    • Bank Nifty: Intraday resistance is positioned at 51,380, followed by 51,650, while downside support is found at 50,830, followed by 50,550.

    • Fin Nifty: Intraday resistance is positioned at 23,840, followed by 23,920, while downside support is found at 23,630, followed by 23,550.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is positioned at 24000 followed by the 24500 level, whereas the highest call OI is positioned at 25500 followed by the 25000 level. If 25000 is broken, Nifty can march towards 25200 levels. If it manages to stay below the 25000 level, we can see the index touching the 24500 level.

    • We saw call unwinding between 25000 and 25200 levels indicating a positive data point for Nifty. Heavy put OI addition was seen at 24900, 24800 and 24700 levels indicating strong support.

    • According to option chain analysis, immediate support would be at 24500 while resistance would be 25200.  

    • The Nifty put-call ratio increased by 0.04 and is now positioned at 0.96.

  2. Bank Nifty:

    • The highest put OI concentration stands at 50500 level whereas the highest call OI concentration is at 51500 level. If 51000 is broken, Bank Nifty can march towards 50500 levels. If it manages to cross the 51500 level, we can see the index touching the 52000 level.

    • We saw call unwinding between 51000 and 51500 levels indicating a positive data point for Bank Nifty. Heavy put OI addition was seen across strikes between 50500 and 51000 indicating strong support.

    • According to the option chain analysis, a broader range for Bank Nifty is 50500 and 51500. 

    • The Bank Nifty put-call ratio increased by 0.27 and is now positioned at 0.87.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

 

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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