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Share Market Today | Gift Nifty indicates positive market open amid global cues

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Synopsis:

Today’s share market features how Adani Group denies Hindenburg claims. NazaraTech acquires a 47.7% stake in Moonshine Tech. Patanjali to raise $240m via block deals. BPCL approves green energy JVs. FIIs net buy ₹7,695 cr while DIIs net sell ₹1,800.54 cr.

Latest Market News

1. Adani Group unequivocally rejects & denies baseless allegations presented by Hindenburg, the group has no involvement in any Swiss court proceedings.

2. ⁠NazaraTech to acquire a 47.7% stake in Moonshine Tech for Rs 832 cr, additionally, co will also invest Rs 150 cr in Moonshine via compulsory convertible preference shares.

3. ⁠Patanjali group firms are likely to raise up to $240 m via block deals, floor price of ₹1,815.

4. ⁠BPCL approves green energy JVs with Sembcorp and GPS Renewables.

5. ⁠Zee Entertainment withdraws merger with Culver Max and BEPL.

6. ⁠Gold climbs to a record as US data bolsters the Federal Reserve cut case.

7. ⁠HPL Electric bags work orders worth ₹143.8 crore for the supply of smart metres.

8. ⁠FIIs net buy ₹7,695.00 cr while DIIs net sell ₹1,800.54 cr in equities yesterday.

NAZARA TECHNOLOGIES LTD

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938.35-39.95 (-4.08 %)

Updated - 10 October 2024
1000.00day high
DAY HIGH
935.10day low
DAY LOW
444375
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The US benchmark indices closed higher on Thursday, shrugging off a hotter-than-anticipated producer price data as the focus shifted to the widely expected Federal Reserve interest rate cut next week.

  2. Sector-Specific Movements:

    • The S&P 500 gained 0.75%, marking a four-day winning streak. 

    • The Dow Jones Industrial Average rose 0.58%, while the Nasdaq Composite saw the largest gain, rising 1%.

    • The producer price index for final demand in August increased by 0.2% in August, above estimates of 0.1%. The July was also revised down to show that the PPI was unchanged, rather than inching up by 0.1%, according to the US Bureau of Labor Statistics.

    • The Fed has been widely tipped to cut interest rates at its upcoming gathering from Sept. 17-18 in response to signs of a slowing labour market, although uncertainty surrounded whether the central bank would roll out a 25-basis point cut or a deeper 50-point drawdown. The inflation data this week has bolstered the chances that the Fed will opt for the quarter-point reduction

  3. Economic Indicators:

    • On the economic front, traders will look toward August’s import prices data Friday morning. Preliminary consumer sentiment figures for September are also scheduled for release.

Other Asset Classes

  1. Treasury Yields:

    • U.S. Treasury yields were higher on Thursday as investors reacted to the latest economic data and considered the outlook for interest rates. 

    • The yield on the 10-year Treasury was up three basis points at 3.683%. 

  2. Currency:

    • The US Dollar Index Futures traded in a range and closed down by 0.41% at 101.24.

  3. Commodities:

    • U.S. crude oil jumped more than 2% to close above $68 per barrel on Thursday after a recent sharp decline.  

    • Brent November contract: $71.97 per barrel, up 1.93%.

    • Gold prices rose more than 1% to hit a record high on Thursday, helped by expectations of an interest rate cut by the Federal Reserve next week after U.S. data signalled a slowing of the economy. Spot gold was up 1.8% at $2,556.86 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets mostly mixed on Friday morning. 

  2. Specific Index Performance:

    • South Korea’s Kospi was flat, while the small-cap Kosdaq was marginally lower. 

    • Japan’s Nikkei 225 fell 0.43%, while the broad-based Topix was also down 0.58%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a positive opening for the Indian market amid firm global cues. 

    • Nifty spot is likely to consolidate with positive bias in the range of 25,550-25,250.

  2. Market in Previous Session:

    • Benchmark indices witnessed a strong rally in the last hour of trade to hit a fresh all-time high on Thursday. 

    • Nifty started the session on a positive note amid firm global cues. 

    • Index consolidated in the midsession and thereafter extended the rally to close the weekly expiry session on a strong note. 

    • The Sensex was up by 1439 points or 1.77% to close at 82,962 and the Nifty was up by 470 points or 1.89% at 25,388.

    • The Bank Nifty led the rally and closed the session higher by 1.5% at 51772. The broader market also traded with positive bias and closed up by 1% each. 

    • All the sectoral index closed in the green as the rally was powered by a robust performance in banking, energy, IT, and auto stocks.  

  3. Nifty Short-Term Outlook:

    • The index has formed a sizable bull candle with a higher high and higher low signalling continuation of the up move. The index in the process closed at a fresh record high. 

    • Our strategy of buy on dips has worked out well as the Nifty formed a base around the 20-day EMA and resumed up move.

    • Going ahead, we expect the index to extend the current rally and head higher towards 25750-25850 levels in the coming weeks being the measuring implication of the recent range breakout (25300-24750).

    • Nifty has key support placed at 24800-24900 levels being the confluence of the 20-day EMA and the lower band of the recent rising channel.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,470 followed by 25,550 levels. Conversely, downside support is located at 24,880, followed by 24,750.

    • Bank Nifty: Intraday resistance is positioned at 52,000, followed by 52,340, while downside support is found at 51,430, followed by 51,150.

    • Fin Nifty: Intraday resistance is positioned at 24,050, followed by 24,180, while downside support is found at 23,820, followed by 23,710.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 26000 followed by the 25500 level, whereas the highest put OI is positioned at 24500 followed by the 25000 level. 

    • Call writers were active above 25400 indicating stiff resistance at higher levels. If 25400 is broken on the upside, Nifty can march towards 25500. Put writers are active below 25300 indicating support at lower levels.

    • According to option chain analysis, the broader range for Nifty is 25000 and 25500.

    • The Nifty put-call ratio decreased by 0.56 and is now positioned at 1.44.

  2. Bank Nifty:

    • The highest put OI concentration stands at 51000 level whereas the highest call OI concentration is at 52000 level. If the index slips below 51500, it can march towards the 51000 level. 

    • We saw huge call unwinding between 51000 and 51500 and strong put writing at the similar strikes which is a positive data point for Bank Nifty. We saw call OI addition at 52000 which is a crucial resistance for the index. 

    • According to the option chain analysis, a broader range for Bank Nifty is between 51000 and 52000. 

    • The Bank Nifty put-call ratio increased by 0.34 and is now positioned at 1.19.

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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