Global cues:
• Wall Street's main indexes were muted at the open on September 29 as investors stayed away from making big bets ahead of the first presidential debate, while awaiting a reading on consumer confidence.
• The Dow Jones Industrial Average fell 23.82 points, or 0.09 percent, at the open to 27,560.24. The S&P 500 opened lower by 0.68 points, or 0.02 percent, at 3,350.92
• The Dow Jones Industrial Average rose 188.18 points, or 0.69 percent, at the open to 27,362.14, while the Nasdaq is also up 1.87% to 11,117.52.
• Market leaders Apple Inc AAPL.O and Amazon.com AMZN.O once again gave the biggest boost to the S&P 500 and the Nasdaq
• American Airlines Group Inc announced late Friday that it has secured a $5.5 billion government loan, and might access more. The news sent the commercial carrier's stock up 3.8%.
• Ride-hailing platform Uber Technologies Inc UBER.N rose 3.2% after a judge ruled the company could resume operations in London.
Indian markets:
• The market closed rangebound session on a flat note with a negative bias on September 29 as bulls preferred to take a breather after a run up in previous two trading sessions.
• The BSE Sensex declined 8.41 points to 37,973.22, while the Nifty50 fell 5.10 points to 11,222.40 and formed bearish candle on the daily charts as closing was lower than opening tick.
• The broader negative chart pattern as per weekly chart is still intact and any upside bounce from here could be considered as a sell on rise opportunity in the near term
• The Bank Nifty continued to outperform Nifty50, climbing 683.15 points or 3.26 percent to 21,665.50 on September 28 and formed a bullish candle on the daily charts.
• Rekha Rakesh Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala, is going to invest Rs 80 crore in VA Tech Wabag, the Indian multinational player in the water treatment industry.
• Indraprastha Gas: ICRA reaffirmed credit rating of IGL for Rs 4,000 crore at AAA and A1+. Outlook on the long term rating is stable.
• Jubilant Foodworks hits 52-week high as Jefferies initiates buy with a target of Rs 2,650.
• FIIs have continued their selling after taking a gap for a day. On 29th Sep, they sold stocks worth 1457 Crores and this is huge figure considering they have sold for more than 10000 crores in the last 5 trading sessions
• Due to the outperformance of Bank Nifty in this week, the option premiums are high in weekly Bank Nifty options.
• Nifty 11160-11300 is a high volatility zone so traders should wait for this range to be broken to take a directional view.
Stock picks of the day:
• Hindalco – Stock closed at 176.40 on Tuesday and closed 5.18% up. RSI and MACD have a buy signal on the stock. Expect the stock to test 180 levels on an intraday basis
• ITC – Stock closed at 169 on Tuesday. The stock has been on an downward trend and stock has corrected from 200 levels. William % R indicators suggests that the stock is oversold. Expect the stock to bounce back and trade in range of 173 on an intraday basis.
• HDFC – Stock closed at 1713 levels on Tuesday with some selling pressure. Stochastics show the stock to be overbought at current levels. Expect the stock to test 1700 levels on an intraday basis on Wednesday
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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