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Nifty and Bank Nifty Analysis - Latest Stock Market News

Read the latest stock market analysis for Nifty and Bank Nifty. Get insights into global cues, technical levels, FII and DII activity, and the upcoming Hyundai IPO.

Market Overview and Key Insights

The Indian stock market is showing positive signs, particularly for the bulls. The benchmark Nifty has displayed a strong rebound, supported by global cues such as overnight gains in the Dow Jones and S&P 500 indices. This rally suggests that momentum remains for further upward movement in Nifty. Investors should strategically plan their trades, monitoring global stock market trends and significant news updates for informed decision-making.

FII and DII Activity

In the previous trading session, Foreign Institutional Investors (FIIs) sold shares worth ₹752 crores, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,278 crores. This indicates a bullish sentiment, showing that domestic players remain optimistic about the market’s potential.

Technical Analysis of Nifty

Technical indicators suggest that Nifty is currently in an oversold condition, presenting opportunities for a bullish reversal. According to October options data, the short-term trading range for Nifty could be between 24,500 and 26,000. The Indian Volatility Index (VIX), which measures market risk, has dropped to 12.99 levels, indicating a relatively stable market environment.

The put-call ratio for Nifty's October 31 expiry stands at 1.01, while the ratio for Bank Nifty’s October 30 expiry is 0.91. This data suggests a positive outlook for the upcoming sessions.

Intraday Support and Resistance Levels

For today’s trading session:

• Nifty:

  • Closing Price: 25,170

  • Intraday Support: 24,920

  • Immediate Resistance: 25,480

  • Expected Trading Range: 25,350 - 25,550

• Bank Nifty:

  • Closing Price: 51,817

  • Intraday Support: 51,220

  • Resistance: 52,810

  • Expected Trading Range: 51,500 - 52,800

This indicates a bullish sentiment for the day, with strong support levels that traders should watch closely.

Focus on Hyundai's India IPO

Today’s market focus will be on Hyundai’s India IPO, which could become a landmark event in the auto sector. This is significant as it is the first IPO from an automaker in the past 20 years, expected to capture a considerable market share. Previous IPOs in the Indian market, such as AE of India (₹218 crores in 2022), Paytm (₹2,300 crores in 2021), and Coal India (₹11,999 crores in 2010), have shown the potential impact of major IPO events.

The competition in the auto sector is expected to intensify with this launch, which could affect interest levels around the 55,000 strike price.

Futures and Options (F&O) Data Insights

For Nifty and Bank Nifty:

• The maximum put interest for Nifty is at the 25,000 and 24,000 strike prices, while for Bank Nifty, it is at the 55,000 strike price.

• In the futures segment, stocks like Tech Mahindra and Gujarat Gas have shown significant activity, with long build-ups indicating positive momentum.

• The current stocks under the F&O ban include Chambal Fertilizer, GNFC, Hindustan Copper, IDFC First Bank, PNB, and others.

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Disclaimer:

The information provided herein is intended solely for educational purposes and should not be construed as financial advice. Investing and trading in financial markets involve significant risk, and it is essential to make informed decisions. Before making any investment or trading decisions, carefully consider your financial situation, investment objectives, and risk tolerance. We strongly recommend consulting with a qualified financial advisor to assess your specific circumstances and provide personalized guidance. The content presented is based on current market conditions and is subject to change without notice. Past performance is not indicative of future results. Proceed with caution and conduct thorough research before making any financial commitments.

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