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Today’s share market features how Oil prices dip amid China briefing and Israel-Iran tensions. CCPA directs Ola to offer refund choices. HAL achieves Maharatna status. Indo Count acquires stake in Modern Home Textiles. JSW Energy signs hydro storage deal. FIIs net sell ₹4,162.66 cr.
1. Oil falls after China briefing with eyes on Israel-Iran conflict.
2. Central Consumer Protection Authority (CCPA) has directed OlaCabs to allow #consumers to choose their preferred method of refund—either directly to their bank account or via coupon—during the grievance redressal process.
3. The Finance Minister approves the upgrade of Hindustan Aeronautics Limited (HAL) to 14th Maharatna CPSE.
4. Indo Count’s arm Indo Count Global, Inc. acquires a 100% stake in Modern Home Textiles, Inc. for $11.7 m.
5. Ashoka Buildcon gets a Letter of Acceptance (LoA) for a project worth ₹310 crore from Maharashtra State Road Development Corp.
6. JSWEnergy signs energy storage facility agreement With Maharashtra state electricity distribution company for 1,500 MW / 12,000 MWh pumped hydro storage.
7. FIIs net sell ₹4,162.66 cr and DIIs net buy ₹3,730.87 cr in equities on Friday.
US Share Market News
Performance Overview:
The Dow Jones Industrial Average and the S&P 500 closed at all-time highs Friday following post-earnings rallies in JP Morgan Chase and Wells Fargo shares.
Sector-Specific Movements:
The Dow jumped 1% to 42,863.9, while the S&P 500 rose 0.6% to 5,815, closing above 5,800 for the first time. The Nasdaq Composite increased 0.3% to 18,342.9. Among sectors, financials led the gainers, while technology was little changed. Consumer discretionary was the sole decliner.
For the week, the Dow rose 1.2%, while the S&P 500 and the Nasdaq added 1.1% each.
Economic Indicators:
In economic news, Bureau of Labor Statistics data showed that US producer prices were unexpectedly flat sequentially in September, while the annual metric topped market expectations.
Other Asset Classes
Treasury Yields:
The US two-year yield fell 4.6 basis points to 3.95%, while the 10-year rate was little changed at 4.1%.
Currency:
The dollar index had closed flat at 102.91.
Commodities:
West Texas Intermediate crude oil dropped 0.2% to $75.71 a barrel. Brent crude futures were down by 1.59%, traded at $77.78 per barrel
Gold increased 1.3% to $2,672.90 per troy ounce, while silver gained 1.6% to $31.74 per ounce.
Asian Markets
General Trends:
Asia markets open higher after China weekend briefing hints at more stimulus.
Specific Index Performance:
The S&P/ASX 200 Index was up 0.3% to above 8,230 posting upbeat earnings reports from major US banks.
Japan's markets are closed for a holiday.
China is set to release its trade data for September on Monday, with exports expected to rise 6%, a slower growth than 8.7% in August, while imports are estimated to grow 0.9%, compared to 0.5% in August.
India Market Outlook
GIFT Nifty Projection:
Gift Nifty suggests a flat opening of for the Indian markets and is likely to consolidate in the broad range of 24,800 - 25,300.
Market in Previous Session:
Markets were subdued on Friday, ending slightly lower amid mixed signals. Early in the session, weak sentiment around IT giant, TCS following its earnings report dampened the mood, with additional pressure from declines in major private banks.
However, selective buying in heavyweight stocks helped reduce losses as the day went on.
By the close, the Sensex had fallen by 230.05 points, or 0.28%, to 81,381.36, while the Nifty declined by 34.20 points, or 0.14%, to 24,964.30.
Sector-wise, the trend was mixed—pharma and metal sectors gained, while real estate and banking sectors closed in the red.
Broader indices outperformed, each rising by nearly half a per cent.
Nifty Short-Term Outlook:
Going ahead, the index is likely to extend consolidation in the range of 24700-25235.
Only a move above the previous week's high of 25235 will signal an extension of last week's pullback towards 25500 levels.
On the higher side, key resistance is placed at 25500-25700 being the gap-down area.
The short-term bias remains below the same. While support is placed at 24700-24800. A breach below the same will signal an extension of the recent decline towards 24400 levels.
Intraday Levels:
Nifty: Intraday resistance is at 25,200 followed by 25,340 levels. Conversely, downside support is located at 24,800, followed by 24,750.
Bank Nifty: Intraday resistance is positioned at 51,550, followed by 51,800, while downside support is found at 51,040, followed by 50,750.
Fin Nifty: Intraday resistance is positioned at 23,770, followed by 23,900, while downside support is found at 23,200, followed by 23,080.
Derivative Market Analysis
Nifty:
An interesting point to note is that the highest call OI addition has been positioned at the 26,000 level, while immediate call OI addition has been observed at the 25,000 level, which will act as a resistance for the Nifty.
Accumulation of both call and put OI has been observed at the 25,000 level, suggesting a straddle formation and a key deciding level for the day.
If the price surpasses and sustains above the 25,000 level, short covering could likely occur. If the price holds below the 25,000 level, we may witness a corrective bias toward the 24,900 level.
The put-call ratio has declined by 0.09 and is now positioned at 0.84.
Bank Nifty:
The highest call OI addition has been observed at the 52,000 level, whereas immediate call OI addition has been noted at the 51,500 level, which will act as resistance.
On the other hand, the highest put OI has been noted at the 51,000 level, which will act as immediate support for Bank Nifty.
According to the option chain analysis, the immediate range for Bank Nifty is between the 51,000 and 51,500 levels. A break on either side of this range may trigger further directional movement.
The Bank Nifty PCR has declined by 0.33 and is now positioned at 0.71.
Midcap Nifty:
The highest call OI has been noted at the 13,500 level, followed by the 13,200 level, which will act as resistance for the weekly expiry.
The major put OI has been noted at the 12,700 level, followed by the 12,800 level, which will act as immediate support.
According to option chain analysis, the immediate range for Midcap Nifty is between 12,800 and 13,200, and it is likely to consolidate within this range.
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