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Share Market Today | Nifty Set for Flat Open, Likely to Consolidate

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Synopsis:

Today’s share market features how SEBI mandates NSE & BSE to update transaction fees from October 2024. Calcutta High Court favours Reliance Infrastructure with a ₹780 crore award against DVC. Radico Khaitan debuts Rampur Barrel Blush at Whisky Live Paris.

Latest Market News

1. NSE & BSE, will revise their transaction charges starting October 1, 2024, in accordance with a SEBI circular issued on July 1, 2024.

2. ⁠Calcutta High Court rules in favour of Reliance Infrastructure, upholding the ₹780 crore arbitration award against Damodar Valley Corporation (DVC).

3. ⁠#RadicoKhaitan has unveiled a new expression of Rampur Indian Single Malt Whisky – Barrel Blush at the WhiskyLiveParis2024 on September 28.

4. ⁠US FDA issues four observations for Biocon's Bengaluru API facility.

5. ⁠TataMotors conducts a groundbreaking ceremony for its new vehicle manufacturing facility in Tamil Nadu. Tata Motors Group intends to invest Rs 9,000 crores in this greenfield manufacturing facility.

6. ⁠Lupin: US FDA issued 3 observations to co’s Pithampur facility which was inspected from September 16 to September 27.

7. ⁠Welspun Enterprises emerges as L1 bidder for a Brihanmumbai Municipal Corporation (BMC) contract worth ₹1,989.9 Cr.

8. ⁠Dr. Reddy’s completes investment of $640 m in Switzerland Unit.

9. ⁠FIIs net sell ₹1,209.10 crore while DIIs net buy ₹6,886.65 crore in equities in Friday.

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928.5-10.65 (-1.13 %)

Updated - 10 October 2024
943.60day high
DAY HIGH
912.35day low
DAY LOW
13249851
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • US equity indices rose last week as data was signalling stable economic growth and talks of more China stimulus helped outweigh the impact of mixed inflation readings.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average ended at 42,313.00 on Friday, compared with 42,063.36 a week ago. The Nasdaq Composite closed at 18,119.59 versus 17,948.32 a week prior, and the S&P 500 finished at 5,738.17 compared with 5,702.55 a week earlier.

    • China on Thursday vowed the "necessary fiscal spending" required to reach its annual 5% gross domestic product growth target and to support property markets after recent monetary easing moves by the People's Bank of China.

    • On the same day, US Q2 GDP growth remained unrevised from the previous estimate, beating consensus.

    • On Friday, the August core personal consumption expenditures price index slowed from a month ago while year-over-year core PCE accelerated for the first time since January 2023.

  3. Economic Indicators:

    • Following the PCE data, the probability of a 50 basis point cut in interest rates in November rose to 54.8% from 49.3% a day ago. 

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield slid 3.8 basis points to 3.751%, while the 2-year rate was down 6 bps to 3.563%.

  2. Currency:

    • The dollar index on Friday fell by 0.16% and posted a 14-month low closing at 100.4 levels.

    • The yen strengthened against the dollar after Japan's former Defense Minister Shigeru Ishiba looked set to become the next prime minister.

  3. Commodities:

    • Brent fell 1 cent to $71.86 a barrel, while U.S. crude rose 3 cents to $68.21 per barrel. 

    • Oil prices were erratic as concerns about possible increased supply from Saudi Arabia countered tensions in the Middle East.

    • A softer dollar combined with lower bond yields helped gold reach record highs at $2,685 an ounce.

Asian Markets

  1. General Trends:

    • Japan's Nikkei 225 tumbled over 4% on Monday and the yen weakened against the dollar as traders reacted to the results of the ruling Liberal Democratic Party election last Friday.

  2. Specific Index Performance:

    • Japan's August retail sales climbed 2.8% year on year, beating Reuters poll estimates of a 2.3% rise. The broad-based Topix saw a smaller loss of 3.13%.

    • China will release its official PMI numbers for September.

    • Australia's S&P/ASX 200 climbed 0.62%, breaching its all-time high of 8,246.2.

    • The Japanese yen weakened 0.29% against the dollar, trading at 142.63.

    • South Korea's Kospi fell 0.54%, and the small-cap Kosdaq slipped 0.49%.

    • Hong Kong's Hang Seng index futures were at 20,910, lower than the HSI's last close of 20,632.30.

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 25,950 - 26,300.

  2. Market in Previous Session:

    • Nifty started the week on a positive note and gained momentum as the week progressed to form an all-time high of 26277 on Friday’s session. 

    • Index however closed the week off the high at 26178.95 up by 1.5%.

    • The index has formed a strong bull candle with a higher high and higher low signalling the continuation of the uptrend as the index closed firmly above the psychological 26000 level.  

  3. Nifty Short-Term Outlook:

    • Index during last week generated a breakout above the upper band of the rising channel of the last two months highlighting the acceleration of the up move. 

    • Going ahead, a follow-through strength above last week's high (26277) will open further upside towards 26,600 levels in the coming week. Failure to do so will lead to consolidation in the range of 26300-25700.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 26,280 followed by 26,340 levels. Conversely, downside support is located at 26,000, followed by 25,920.

    • Bank Nifty: Intraday resistance is positioned at 54,250, followed by 54,400, while downside support is found at 53,700, followed by 53,450.

    • Fin Nifty: Intraday resistance is positioned at 25,180, followed by 25,340, while downside support is found at 24,800, followed by 24,650.

Derivative Market Analysis

  1. Nifty:

    • The highest Call OI addition has been observed at the 27,000 level, while the immediate Call OI is positioned at the 26,500 level, which will act as immediate resistance for the coming week.

    • The accumulation of Call as well as Put OI addition at the single strike of 26,200 suggests a straddle formation, making it an important level to watch.

    • If the price sustains above the 26,200 level, further upside movement towards the 26,500 level is possible. Holding below the 26,200 level could lead to a correction towards the 26,000 level where the highest put OI is been noted.

    • The Nifty Put-Call ratio has decreased by 0.21 and is now positioned at 1.16.

  2. Bank Nifty:

    • Aggressive Call OI addition has been observed above the 54,000 level, along with Put unwinding, which suggests that 54,000 will act as resistance for Bank Nifty.

    • On the other hand, if the price holds below the 54,000 level, a corrective bias could lead to a move towards 53,500, where the second-highest Put OI has been noted.

    • According to the option chain analysis, accumulation of Call and Put OI has been observed at the 54,000 level, suggesting a straddle formation and marking it as an important level to watch.

    • The Bank Nifty Put-Call ratio has decreased by 0.32 and is now positioned at 0.74.

  3. Midcap Nifty

  • The highest Put OI has been observed at the 13,000 level, while immediate Put OI has been noted at the 13,200-13,300 levels, which will act as immediate support for the weekly expiry.

  • On the other hand, major Call OI has been observed at the 13,500 level, which will serve as a resistance level.

  • According to option chain analysis, the immediate range for the expiry is 13,200-13,300 on the downside and 13,500 on the upside.

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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