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Home » TATA Group stocks were hero of the day. Nifty closed at new record highs. What to expect on weekly expiry day?
Morning Nifty Update

TATA Group stocks were hero of the day. Nifty closed at new record highs. What to expect on weekly expiry day?

 

 

Tata Group stocks were among the Top outperformers with stocks like Tata Motors, Tata Chemicals, & Tata Power added heavy long positions during the day. Both the benchmark indices closed on record highs. Nifty Midcap 100 index closed ~1.5% higher. On the options front (October 29, 2021 expiry), across the board writing was seen in the put option strikes as the Nifty index trended higher.

 

Market Summary

 

On the Wednesday session, domestic equity indices opened on a positive note despite negative market cues. Nifty 50 and Bank nifty indices started gap-up and made their all-time highs of 18197.80 and 38779.05. Indices can continue their upside momentum in the upcoming days.

Sensex also shown a bullish rally and made fresh record highs of 60619.91. The index finally closed with gain of 452.74 points or 1.75% at 60737.05. Nifty 50 rose 169.80 points or 0.94% closes and closed at 18161.75 and Bank Nifty up by 114.25 points or 0.30% and closed at 38635.75. About 1724 shares have advanced, 1311 shares declined, and 129 shares are unchanged.

Among sectoral index, Nifty Auto (up 3.53%), Nifty Metal (up 1.52%), and Nifty Energy (up 1.39%) were top gainers. However, selling pressure has been seen in Nifty Realty (down 0.24%). The broader market outperformed with benchmark BSE Mid-Cap rose 1.56% and BSE small-cap up 0.59%.

DII were net sellers and sold equities worth 432 crores. On the other hand FII were net buyers purchased equities worth 937 crores.

As predicted in our yesterday morning blog. Tata Motors opened gap up on the news of investment by TPG Group. Tata Motors stock made day high of 523.85 and finally closed at 506.90. Other Tata group stocks too shown positive momentum.


Gainer & Loser stocks of Nifty 50

Tata Motors (up 21.11%) , Zeel (up 4.16%) and ITC (up 3.98%) were top gainers of the day.

Maruti (down 2.58%), ONGC (down 2.17%) and Coal India (down 1.55%) were major losers of the day.

 

Today’s Corporate Results:


HCL Tech and Century Textiles (To read technical view on same, CLICK HERE)

 

 

 

Technical View on Nifty and Bank Nifty

 

Nifty

 

Nifty Futures opened the day on a positive note. During the day it marked a new all-time high at 18207.95.

Looking at the daily charts we can see a continuous higher highs and higher lows formation in it with index supporting the rising trend line.

On the hourly chart, the index has continued to stay above the rising 20 EMA, revealing that buyers have kept control.

Momentum indicator RSI on the hourly chart stays above the 70 levels, showing bullish momentum in the near term.

Nifty futures has an intraday support of around 18144 levels, below this index may move towards 18090 levels below this major support is around 18037 levels which is in confluence with the 38.2% of the fib retracement.

On the options front, the Nifty open interest put-call ratio is around 1.39 levels. Maximum call open interest additional was seen in 18200. Whereas maximum put open interest is around 18000 levels. It indicates a range of trading in upcoming sessions.


Nifty Futures Strategy for the day

Tata Motors pushed Nifty High
Technical Chart of Nifty



Resistance at 18221.49 and Support at 18144.78

Strategy – Either buy above 18221 for the targets of 18255—18319 or Sell below 18144-18140 for the downside targets of 18100—18050.

 

 

 

Bank Nifty

 

Bank nifty futures opened with gap up around 150 points at around 38750,  bank nifty reacted very volatile and made an all-time high of 38835 and then closed around 38725.

On the technical front, Bank nifty has formed a triangle pattern on the 1-hour chart. Any upside breakout will likely continue its bullish momentum in the near term.

RSI has closed above 65 on an hourly time frame, which will also support the index on its way towards the upside.

Overall view on bank nifty is bullish. Some bank also supporting it such as FEDERAL BANK, and KOTAK BANK.

Immediate intraday upside resistance to watch out is 38837 above this the next upside resistance to watch out is 38961 and 39100 levels.

Intraday support to watch out is 38570, below this 38478.42 and 38364.36 will act as possible support.

On the options front, the bank nifty open interest put-call ratio is around 1.07 levels. Maximum Call open interest additional was seen in39000. Whereas maximum Put open interest is around 38200 levels, which indicates a range of trading in upcoming sessions.


Nifty Bank Futures strategy for the day

Tata Motors pushed Bank Nifty High
Technical Chart of Bank Nifty



Resistance at 38836.80 and Support at 38554.95

Strategy – Either buy above 38837 for the targets of 38961—39100 or Sell below 38570 levels for the downside targets of 38479—38365.

 

 

 
Top Stocks Recommendation for Today (14th Oct 2021)

 

 

J&K BANK (CASH)

 

J&K BANK

Technical Chart of J&K BANK
Technical Chart of J&K BANK

 

After a short consolidation, the is ready for the fresh breakout. We will expect a major upside move in this stock in days to come.

Strategy – Traders can grab this counter above 40 for the upside move till 42 and then to 44 in days to come. Support and stop loss below 38 on a closing basis.

 

 
 
LTI (FUTURES)

 

LTI

 

 

Technical Chart of LTI Futures
Technical Chart of LTI Futures

 

LTI, the stock has given breakout in 15 min time frame with good volume. We can expect good move-in days to come.

Strategy – Traders can buy this stock around 6000 for the upside move till 6100 and then 6150 in coming days. Support and stop loss below 5900.

 

Traders can trade safely in Nifty, Bank Nifty and Top Stock Picks with levels only. More will update during market hours.

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We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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