The NSE Nifty 50 index is comfortably above the critical moving averages, reflecting the strong market sentiment it is currently facing. As long as the Nifty remains above the crucial 25,900 mark, analysts believe the rally will continue.

According to Amol Athavale, vice-president, technical analysis, Kotak Securities, the Nifty has a support range of 26,000 to 26,100, while that of the Sensex is between 85,000 and 85,300 Capable. 

The 53,500–53,100 levels of the Nifty Bank are considered important support levels, and the 54,500–54,800 levels can be areas where bullish traders can benefit if the index goes below 53,100, susceptible to additional downward pressure It can be . . . .

If the Nifty continues above 26,000, Asit C. Hrishikesh Yedave, assistant vice-president, technical and derivatives analysis, Mehta Investment Intermediates Ltd., said the outlook would be higher. suggested adding a buying option during the downturn to a short-term target of 26,500 for the index, he said .

Futures & Options Update

Nifty’s September futures rose 0.61% to 26,285 noting a 40.16% increase in open interest and a 69-point premium. Meanwhile, the Nifty Bank October future rose 0.3% to 54,497, representing a 122-point premium with a 4.18% interest rate hike. The Nifty 50 at 27,500 call strikes enjoyed the highest open at close on October 3, while 25,000 put strikes were the highest.

Out of 54,000 call put strikes, Bank Nifty had the highest open interest in the October 1 period.

FII/DII Activity

On Friday, Foreign Institutional Investors (FIIs) sold stocks worth ₹1,209.1 crore, becoming net sellers. However, on the fifth day, domestic institutional investors (DIIs) remained the real buyers, raising funds worth ₹6,886.7 crore.

Market Recap

After two days of gains, the S&P BSE Sensex finished lower on Friday, and the NSE Nifty 50 ended its six-day winning run. For the third week in a row, this ended two weeks ahead of the index. The Sensex concluded 264.27 points lower at 85,571.85, while the Nifty closed 37.10 points lower at 26,178.95.

Stocks in Focus

• BSE: The exchange revised the trading costs for Bankex and Sensex options to trade at a premium of ₹3,250 per crore, effective October 1.
• Punjab National Bank (PNB): ₹5,000 crore was raised through QIP, with Citigroup, Bank of America Securities, SBI Contra Fund, Morgan Stanley and Goldman Sachs among the major investors
• Apollo Hospitals Enterprise: After buying a stake in his business, private equity giant Advent International reduced its ownership in Apollo from 94.9% to 78.8%.
• Apollo Hospitals Enterprise: With the purchase of a stake in its business, private equity major Advent International lowered Apollo’s ownership from 94.9% to 78.8%.
• IndusInd Bank: Pending RBI approval, the board reappointed Sumant Kathpalia as CEO and Managing Director for another three years.
• NHPC: Partnered with Andhra Power Generation Corporation to develop pumped storage and renewable energy projects in Andhra Pradesh.
• Zomato: Effective September 27, Akruti Chopra, co-founder and chief minister, resigned.
• IDFC First Bank: October 10 is the record date for stockholders, and on October 1st, the merger with IDFC Financial will become official.
• Welspun Enterprises: Verified by Brihanmumbai Municipal Corporation as the successful bidder for a noteworthy project.
• Yes Bank: Obtained ₹84 crore from a trust in relation to the purchase of an NPA portfolio by JC Flower ARC.
• Mangalore Chemicals & Fertilizers: Restarted operations at its urea and ammonia plants.
• LTIMindtree: Consolidated its IT retail solutions agreement with UK retailer Currys.
• Bharat Electronics: A 40-60 joint venture was established with Israel Aerospace Industries to provide missile system support for India.
• Adani Green Energy: Approved the transfer of a business to establish Dahanu Station as an independent organization.
• Adani Enterprises: A 74% share in Cococart Ventures will be purchased by its entity April Moon for ₹200 crore.
• Escorts Kubota: triumphed in the Punjab and Haryana High Court in a case concerning taxes.
• Rallis India: As on October 20, S. Nagarajan, COO, will assume the role of CEO of Tata Chemicals in Magadi.
• ICICI Prudential Life Insurance: Received a ₹361 crore (interest included) income tax demand notification.
• Alembic Pharmaceuticals: After a July inspection, the US FDA gave the facility’s Panelav clearance.
• Spandana Sphoorty Financial: On October 3, the board will discuss a request for funds.
• ICICI Lombard General Insurance: Had to pay ₹1,388 crore in income taxes for the April 2021–March 2022 year.
• Dr. Reddy’s Laboratories: Declared an investment of $620 million in its subsidiary located in Switzerland.

Currency Market Update

Friday’s robust dollar demand from importers caused the Indian rupee to drop vs the US dollar. As per Bloomberg statistics, it lost 6 paise in value and ended at 83.70 versus the US dollar.

Important levels and trading and investing methods are highlighted in this captivating synopsis, which also offers insights into significant market moves and company news. 

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