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Share Market Today | Nifty Expected to Open Flat, Range-Bound Trading Ahead

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Synopsis:

Today’s share market features The US Federal Reserve cut interest rates for the first time in four years, followed by Hong Kong's rate reduction. NTPC Green Energy filed for a ₹10,000 crore IPO, while India explores optimising electricity grids for renewable energy expansion.

Latest Market News

1. US Federal Reserve cuts interest rates for the first time in 4 years.

2. ⁠HongKong cuts interest rates for the first time in four years after Fed easing.

3. ⁠NTPC Green Energy files draft papers for Rs 10,000 crore IPO.

4. ⁠India explores multi-source use of electricity grids to enhance renewable energy capacity.

5. ⁠Ion Exchange wins ₹161-crore contract from Adani Power for water and environment solutions.

6. ⁠IREDA aims for ₹3.5 lakh crore book size by 2030, highlighting asset quality improvement.

7. ⁠Anil Ambani's Reliance Infrastructure and Reliance Power slash debt by a cumulative ₹7,220 crore.

8. ⁠RBI approves Aditya Birla Capital’s amalgamation of Aditya Birla Finance.

9. ⁠GE T&D India promoters to sell an 11.7% stake via OFS at ₹1,400 per share.

10. ⁠Power Grid was declared as the successful bidder to establish an inter-state transmission system. The project comprises the establishment of a new 765/400/220kV sub-station at Kurawar, Madhya Pradesh.

11. ⁠Allcargo Logistics - August LCL Volume Up 1% MoM & Up 5% YoY.

12. ⁠FIIs net buy ₹1,153.69 cr and DIIs net buy ₹152.31 cr in equities yesterday.

INDIAN RENEWABLE ENERGY

Trade

233.172.03 (0.87 %)

Updated - 10 October 2024
235.79day high
DAY HIGH
231.60day low
DAY LOW
11941882
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes closed lower Wednesday after the Federal Reserve eased its monetary policy by 50 basis points.

    • The Fed is likely worried that labour demand would weaken more, causing additional stress points in the labour market.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite fell 0.3% each. 

    • The Dow and the S&P 500 closed at 41,503.1 and 5,618.3, respectively, while the Nasdaq finished the session at 17,573.3. Utilities saw the steepest decline among sectors, while energy posted a gain. Communication services were little changed.

  3. Economic Indicators:

    • The central bank's Federal Open Market Committee reduced interest rates to a range of 4.75% to 5%, versus a Bloomberg-compiled consensus indicating a 5%-to-5.25% range.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield rose 6.9 basis points to 3.71%, while the two-year rate increased 3.6 basis points to 3.63%. 

  2. Currency:

    • The dollar index initially saw a downtick and later on up by 0.07% at 100.98.

  3. Commodities:

    • West Texas Intermediate crude oil fell 1.5% to $70.16 a barrel. Brent crude. Brent settled at $73.65 a barrel, losing 5 cents Wednesday.

    • Gold fell 0.3% to $2,585.20 per troy ounce, while silver dropped 1.9% to $30.4 per ounce.

Asian Markets

  1. General Trends:

    • The effects of the rate cut in the US can be easily felt in the Asia-Pacific markets as well, as they reportedly opened higher than usual.

    • There is no major market movement yet, but traders, not only in the Asia-Pacific markets but also across London, are closely monitoring the market trends and movements following the US Fed's decision of slashing down rates by 50 bps. 

  2. Specific Index Performance:

    • Japanese equities rallied in early trading, helped along by fresh weakness in the yen against the dollar, up more than 2%.

    • Hong Kong markets will resume trading after a holiday.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian markets. Nifty spot after a flat opening is likely to consolidate in the broad range of 25,100 - 25,550.

  2. Market in Previous Session:

    • Benchmark Indices extended consolidation for the fourth consecutive session as participants wait for tonight's much-anticipated FOMC outcome. Nifty saw wild moves in yesterday’s session with initial uptick forming a fresh all-time high of 25482 in the first half of trade. Index however failed to sustain at higher levels and witnessed profit booking in the second half of the session to close below 25400 levels.

    • Sensex closed the session lower by 131 points or 0.16% at 82,948.23, while Nifty lost 41 points or 0.16% to close at 25,377.55. 

    • Bank Nifty showed strength in today's session and has outperformed all sectoral indices closing at 52,750 or 1.08% higher. Broader markets traded negatively with midcap and small-cap closing lower by 0.71% and 0.39% respectively.

    • Financial services, Private bank and PSU bank stocks were major gainers while IT, Pharma and Oil and Gas stocks were major draggers.  

  3. Nifty Short-Term Outlook:

    • Nifty has formed a high wave candle with a small real body and long shadows in either direction highlighting consolidation with high volatility.

    • Volatility is likely to remain high in Thursday's session due to the reaction of traders to the Fed policy outcome as well as the weekly F&O expiry. Nifty in the last four sessions is facing resistance from the supply line joining recent highs placed around 25450-25500. A sustained closing above the same will open upside towards 25,800 in the coming weeks. Failure to do so will lead to consolidation and a higher base formation in the range of 25500-25000. 

    • Key support is placed at 25100-25000  being the confluence of 20 days EMA and rising trendline joining lows of last two months. 

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,440 followed by 25,580 levels. Conversely, downside support is located at 25,290, followed by 25,200.

    • Bank Nifty: Intraday resistance is positioned at 53,050, followed by 53,200, while downside support is found at 52,200, followed by 52,080.

    • Fin Nifty: Intraday resistance is positioned at 24,650, followed by 24,800, while downside support is found at 24,080, followed by 24,140.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI has been observed at the 26,000 level, whereas immediate call OI addition has been positioned at the 25,500 level, which will serve as resistance for the weekly expiry.

    • Major put OI has been observed at the 25,000 level, while immediate put OI is at the 25,300 level, which will act as support.

    • According to option chain analysis, put writers have unwound their positions and shifted towards lower levels, suggesting caution for a potential downside movement.

    • The Nifty put-call ratio has declined by 0.17 and is now placed at the 1.13 level.

  2. Bank Nifty:

    • Accumulation of call and put OI at the 52,800 level suggests a straddle formation, making it a key deciding level for the day.

    • The highest call OI has been observed at the 53,000 level, which will serve as an immediate resistance zone. If the price surpasses and sustains above 53,000, it will trigger a further upside move.

    • According to option chain analysis, the broader range for Bank Nifty is between 52,000 and 53,000. A break on either side of this range will trigger a further directional move.

    • The Bank Nifty put-call ratio has declined by 0.10 and is now positioned at 0.99.

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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