www.ganeshstock.com 1 | Page DAILY NEWS LETTER Date: 24.10.2019 Nifty Short Term Trend The Nifty50 gained strength in late trade and closed moderately higher on October 23. Overall the market was largely positive for major part of the session led by selective buying in banks, IT and FMCG stocks. The index closed tad above 11,600 amid consolidation and formed Doji pattern on daily charts as it closed near its opening value. The pattern indicates indecisiveness among the bulls and the bears, hence experts feel there could be more consolidation in coming days before directional move on either side. Bulls appears to have hit a pause button as they failed to decisively get past its near term critical hurdle present around 11,700 levels. As some of the momentum oscillators on lower time frame charts slipped into sell mode, Nifty can be expected to remain sideways but weakness will be confirmed on a close below 11,550 levels which shall accentuate the selling pressure with initial targets placed around 11,400 levels. For the Nifty has to sustain above 11,600 to gain more strength till 11,650-11,725 while on the downside immediate supports can be seen at 11,550-11,500. Bank Nifty failed to surpass previous day's high and formed a Doji for second consecutive session which indicates a tug of war to make or break 29,200 zones. The index closed 0.16 percent higher at 29,459.60. It has negated the formation higher highs - higher lows after five trading sessions but at the same time declines are being bought. Now Bank Nifty has to continue to hold above 29,200 levels to witness momentum towards 29,750-30,000 while on the downside supports are seen at 29,000-28,750 levels. Levels to watch R1 R2 S1 S2 Outlook for the Day Short term Outlook NIFTY 11650 11725 11550 11500 Sideways Positive BANK NIFTY 29750 30000 29000 28750 Sideways Positive USD/INR 70.95 71.20 70.57 70.38 Positive Positive
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DAILY NEWS LETTER Date: 24.10...for major part of the session led by selective buying in banks, IT and FMCG stocks. The index closed tad above 11,600 amid consolidation and formed
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www.ganeshstock.com 1 | P a g e
DAILY NEWS LETTER
Date: 24.10.2019
Nifty Short Term Trend
The Nifty50 gained strength in late trade and closed moderately
higher on October 23. Overall the market was largely positive
for major part of the session led by selective buying in banks, IT
and FMCG stocks. The index closed tad above 11,600 amid
consolidation and formed Doji pattern on daily charts as it
closed near its opening value. The pattern indicates
indecisiveness among the bulls and the bears, hence experts
feel there could be more consolidation in coming days before
directional move on either side. Bulls appears to have hit a
pause button as they failed to decisively get past its near term
critical hurdle present around 11,700 levels. As some of the
momentum oscillators on lower time frame charts slipped into
sell mode, Nifty can be expected to remain sideways but
weakness will be confirmed on a close below 11,550 levels
which shall accentuate the selling pressure with initial targets
placed around 11,400 levels. For the Nifty has to sustain above
11,600 to gain more strength till 11,650-11,725 while on the
downside immediate supports can be seen at 11,550-11,500.
Bank Nifty failed to surpass previous day's high and formed a
Doji for second consecutive session which indicates a tug of war
to make or break 29,200 zones. The index closed 0.16 percent
higher at 29,459.60. It has negated the formation higher highs -
higher lows after five trading sessions but at the same time
declines are being bought. Now Bank Nifty has to continue to
hold above 29,200 levels to witness momentum towards
29,750-30,000 while on the downside supports are seen at
29,000-28,750 levels.
Levels to watch
R1 R2 S1 S2 Outlook for the Day Short term Outlook
NIFTY 11650 11725 11550 11500 Sideways Positive
BANK NIFTY 29750 30000 29000 28750 Sideways Positive
USD/INR 70.95 71.20 70.57 70.38 Positive Positive
Capital Market – Daily Newsletter r
www.ganeshstock.com 2 | P a g e
Financial & Economic Wrap Up
Lenders will be sending findings of KPMG's forensic
audit report to debt-ridden DHFL to seek its
reply, CNBC-TV18 reports. DHFL is expected to disclose
the essence of the banker's note to the exchanges,
sources told CNBC-TV18. KPMG's forensic report on
DHFL is still in the draft stage. When presented to
bankers, the report was still unsigned. KPMG is
expected to present the final signed version of the
forensic report shortly.
Jindal Stainless on October 23 said it has inked
partnership with public sector unit Braithwaite & Co
Limited (BCL) to develop stainless steel foot-over and
road-over bridges. Under the agreement, Jindal
Stainless aims to supply 2 lakh tonnes of stainless steel
to the railways.
The Union Cabinet on October 23 announced that
telecom PSUs Bharat Sanchar Nigam Limited (BSNL)
and Mahanagar Telephone Nigam Limited (MTNL) will
be merged. However, the merger will not take place
immediately since MTNL is a listed company and the
process would require some time.
Dr Reddy's Laboratories on Wednesday said it has
initiated a voluntary nationwide recall of all its
ranitidine medications sold in the US due to
contamination with probable cancer causing N-
Nitrosodimethylamine (NDMA). The recall started on
October 1 after the United States Food and Drug
Administration (USFDA) found the presence of NDMA
in certain ranitidine products above the permissable
levels.
Strides Pharma Science on Wednesday said the
inspection by the US health regulator of its
formulations facility in Alathur in Kerala has been
completed without any adverse observations. In a
regulatory filing, the company said the company's
formulations unit in Alathur was inspected by the US
Food and Drug Administration (USFDA) in August
2019. It has received the establishment inspection
report (EIR), thereby confirming the successful closure
of the inspections.
Engineering and construction major Larsen & Tubro on
Wednesday said its arm LTHE has won a mega project
from Hindustan Petroleum Corporation. As per the
company's scheme classification, the mega project
bagged by L&T Hydrocarbon Engineering Ltd (LTHE) is
worth over Rs 7,000 crore.
Indices Performance
Index LTP Previous Close % Change
S&P BSE Sensex 39058.83 38963.84 0.24%
Nifty 50 11604.10 11588.35 0.14%
Nifty Midcap 50 4460.45 4457.55 0.07%
Nifty 500 9458.65 9448.25 0.11%
Bank Nifty 29459.60 29411.15 0.16%
Institutional Flows (Cash Segment)
Description (Rs in Cr) BUY SELL NET
FII Activity 5182.47 5395.70 -213.23
DII Activity 3961.03 4098.41 -137.38
FIIs Derivative Statistics
BUY SELL
No. of Contracts
Amount (INR. Cr.)
No. of Contracts
Amount (INR. Cr.)
Index Futures 49835 3625.74 54670 3972.12
Index Options 3789629 257649.89 3781647 257076.80
Stock Futures 246950 14034.97 241370 13778.07
Stock Options 133405 8163.43 133207 8228.41 Top OI Gainers
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