Gift Nifty indicates a flat opening.
US market:
Wall Street stocks fell sharply on Wednesday as U.S. benchmark Treasury yields hit their lowest in over a year. This drop came after a key inflation report indicated uneven price growth, likely leading to a 25 basis point rate cut by the Federal Reserve next week.
Domestic headline equity indices ended lower on Wednesday as investors booked profits across sectors, ahead of key U.S. inflation data that could influence the size of a likely reduction in Federal Reserve interest rates next week.
The benchmark indices closed weaker, with the Sensex falling 398 points, or 0.49 percent, to 81,523.16, and the Nifty dropping 122.65 points, or 0.49 percent, to 24,918.45. A total of 1,619 stocks advanced, while 2,345 declined, and 106 remained unchanged.
On the daily charts, Nifty has rebounded from the support zone between 24,800 and 24,850. The divergence in the daily and hourly momentum indicators points to near-term consolidation. Price and momentum indicators suggest the market is likely to consolidate within the 24,800 to 25,200 range.
Key Levels for Nifty 50:
Support based on pivot points:
24915, 24789.1 and 24555.4
Resistance based on pivot points:
25148.8, 25256.5 and 25490.2
Special Formation:
On daily charts, Nifty has formed a small bearish candle on intraday charts. It has formed a lower top formation which suggests temporary weakness.
Key Levels for Bank Nifty:
Resistance based on pivot points:
51439.45, 51606.6 and 52014.35
Support based on pivot points:
51031.7 50791.1 and 50383.35
Special Formation:
The daily Bollinger Bands are contracting, signaling uncertainty or indecision in the market. In the short term, Nifty Bank may remain range-bound within 50,650 as support and 51,380 followed by 51,500 as resistance.
Put-Call Ratio (PCR):
The Nifty’s PCR shifts to 0.88 from 1.07 in the previous session. A PCR above 0.7 or approaching 1 generally indicates bullish sentiment, while a ratio below 0.7 or moving towards 0.5 signals a bearish trend.
Nifty Max Pain Point:
The Nifty’s max pain point continues to stay at the 25,000 strike price, indicating the level where option sellers are likely to experience the least loss on expiry.
India VIX:
Volatility, as measured by the India VIX, rose moderately up 2% from the previous session, closing at 13.63 percent, indicating a rise in market volatility.
Stocks in News Today
SBI :
State Bank of India, PT Bank KEB Hana Indonesia, and Bank SBI Indonesia have signed a shareholders’ agreement, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares.
Tata Steel :
Tata Steel has signed a £500 million Grant Funding Agreement with the UK Government for a £1.25 billion Green Steel project in Port Talbot.
Arvind Fashions :
Goldman Sachs has bought over 13 lakh shares worth Rs 75 crore in Arvind Fashions through a block deal.
NBCC :
NBCC collaborated with MTNL to develop 13.88 acres of land parcel in New Delhi. The project is valued at Rs 1,600 crore.
Route Mobile :
Proximus Opal, one of the promoters of Route Mobile, is to sell up to 38 lakh shares (6.03% equity) of the company through an offer for sale.
Wipro: The IT major has informed the exchanges that it is helping JFK International Air Terminal develop a cloud data strategy using Microsoft’s Azure Data Platform. The three-year project, launched in 2023, aims to improve passenger queuing, optimize staffing, consolidate safety data, and track sustainability metrics.
HPCL:
The board of HPCL approved the Visakh Raipur Pipeline Project Investment. The company will construct a pipeline from Visakh to Raipur and allied facilities including Depot at Kantabanji at an estimated cost of Rs 2212 crore.
BPCL :
The JV of BPCL’s arm Bharat Petro Resources and Indian Oil received production concessions from the Supreme Council for Financial & Economic Affairs (SCFEA), Abu Dhabi.
Adani Ports :
Adani Ports and SEZ to develop a multipurpose berth at Gujarat’s Kandla Port.
Max Healthcare: The hospital chain’s wholly-owned step-down subsidiary ET Planners Private Limited has approved the voluntary liquidation of ET Planners for consolidation of its business with its immediate holding company (Alps Hospital) which is a wholly-owned subsidiary of Max Healthcare.
Nazara Technologies: The gaming company has announced an acquisition of a 15.86 percent stake in GetStan Technologies which is an esports community platform in India. Nazara will purchase the stake in STAN for Rs 18.4 crore in an all-cash secondary transaction.
Ramkrishna Forgings: The auto components maker has sold its 100 percent equity stake in Globe All India Services to Yatra Online for Rs 128 crore, net of debt, as per the SPA terms.
GE T&D India: The power transmission company has received an order from Grid Solutions for the supply and supervision of high voltage products.
Hazoor Multi Projects: The construction company has been awarded a work order from the National Highways Authority of India for acting as a user fee collection agency at Mulawad FP for widening to 2 lanes with paved shoulders from 4.4 km to 56 km of NH218 Bijapur Hubli section in the state of Karnataka. The value of the awarded project is Rs.2.59 crores.
Sonalis Consumer Products: The company has announced to raise funds via preferential allotment, private placement, or qualified institutional placement
