Global cues:
· Wall Street closed lower on Tuesday, snapping a three-day winning streak as investors took money off the table hours before the first U.S. presidential debate.
· Tonight’s presidential debate has the potential to move markets and investors are unlikely to take a large position in front of that. Right now, markets are clearly driven by events in Washington, be it fiscal stimulus or the presidential election.
· The Dow Jones Industrial Average fell 131.4 points, or 0.48%, to 27,452.66, the S&P 500 lost 16.13 points, or 0.48%, to 3,335.47.
· Sorrento Therapeutics SRNE.O jumped 14.3% after the company's COVID-19 antibody candidates showed promise in a study.
· Fitbit Inc FIT.N advanced 5.8% after Reuters reported Alphabet Inc GOOGL.O was poised to win EU approval for its $2.1 billion acquisition of the fitness tracker maker.
Indian markets:
· The market continued its consolidation for second consecutive day and closed moderately higher amid mixed global cues on September 30, supported by FMCG, HDFC Group, select IT and pharma stocks.
· The BSE Sensex was up 94.71 points at 38,067.93, while the Nifty50 rose 25.10 points to 11,247.50 and formed Doji kind of pattern on the daily charts.
· If Nifty fails to show a sustainable upmove above the immediate hurdle of 11,300 levels in the next couple of sessions, then there is a possibility of weakness emerging from the highs. Immediate support is placed at 11,180 and the downside momentum is expected to pick up below this area
· Welspun Corp share price was locked in the upper circuit on September 30 after the company bagged orders valuing close to Rs 1,400 crore. There were pending buy orders of 17,078 shares, with no sellers available.
· GMM Pfaudler share price gained 5 percent intraday on September 30 hitting upper circuit of Rs 4.12.85 per share on BSE after Plutus Wealth Management bought shares of the glass-lined equipment maker.
· State-run Punjab National Bank (PNB) on Wednesday reported a borrowal fraud of Rs 1,203.26 crore in the non-performing assets (NPA) account of Sintex Industries Ltd
· Bharat Petroleum Corporation (BPCL) shed over 9 percent intraday and was the biggest Nifty50 loser on September 30 after the government extended the deadline for selling a stake in the company the fourth time.
· Computer Age Management Services, the largest registrar and transfer agent of mutual funds in India, will list its equity shares on October 1 . The company has fixed final IPO price at Rs 1,230 per share.
· Va Tech Wabag share price jumped over 6 percent in the morning trade on September 30 after the announcement Rekha Rakesh Jhunjhunwala will invest Rs 80 crore in VA Tech Wabag, the Indian multinational player in the water treatment industry.
· Vedanta Resources (VRL) and other promoter group companies have received stock exchange approval for delisting the shares of Vedanta Ltd. Vedanta shall now dispatch the Letter of Offer, along with a bid form, to public shareholders by October 1, 2020.
Stock picks of the day:
· L&T – Currently trading near the psychological support of 900, this stock went from 660 to 1028.Currently the RSI indicator is 47 which shows the there's upside potential in the stock. Expect this stock to touch 950-960 levels in the near future.
· HDFC – This stock went from 1900 to 1620 in the last 1 month. The recent sell off by the FPIs in the cash market had a major impact on the stock and it's major support of 1730 was broken. Currently trading in the oversold region, a reversal is expected from these values. Expect the stock to go to 1800 levels in the near future.
· SAIL – Stock closed at price of 33.65 on Wednesday. RSI and MACD have sell signal on the daily chart. Stock formed a black marubozu indicating the selling pressure to continue at this price and expect the stock to trade near price range of 32
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
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