Top Stocks to Watch: Oberoi Realty, Mazagon Dock, Ola Electric & Others in Focus
The Nifty Index started on a bright note but failed to continue its positive momentum and traded within a range-bound mode after the first hour of the session. The index remained in a tight 150-point range from the early trading session to the end and finally closed below the 25,000 mark. A small-bodied bearish candle and an inside bar pattern were marked on the daily chart; that the market is indecisive.
This, however, has managed to produce higher lows for three sessions that speaks of some bullish intent. However, every minor bounce has sellers and pressure is created on the lower side. Chances of a dip at such a low may see Nifty below 24,850 and 24,750 zones if it fails to stay above 25,150. Resistances are at 25,150 and then at 25,350.
The Maximum Call OI stands at 26,000 and 25,000 strikes. Maximum Put OI is concentrated at 25,000 and 24,000 strikes. Strong call writing has been observed at 25,000 and 26,000 strikes. Likewise, at strikes of 25,000 and 24,000, strong put-writing is also visible. Between 24,600 and 25,500, it will be a wider trading range with an immediate range between 24,800 and 25,300.
Bank Nifty: Buying Trend Continues to Prosper
The action on the Bank Nifty Index was much more favorable, opening bullish and consistently buying into the close. The index made its way to check on the 51,600 level, led by private-sector banking stocks, which also formed a long candle on the daily chart. Bank Nifty is now approaching its 50-Day EMA, a benchmark for further movement.
The index is trading at the lower end of a tight bearish candle formed on 7 October with a range of 51,784 to 50,194. While the index moves below 51,750, declines may be seen to 51,000 and 50,750. But on the upside, there could be resistance around the zones of 51,750 and 52,000.
Fin Nifty: Bulls Run
The Fin Nifty Index also reported a very positive session, with sustained buying pushing the index to the 23,800 zone. The rally was led mostly by gains in major private sector banks. Fin Nifty reported an inside bar on the daily chart, which might be a sign of possible consolidation, but close proximity to the 50 DEMA was evident; it held above its 100 DEMA, another positive technical pointer.
One more attempt was made to break 23,850 and again it failed, so the index can witness some downward movement at the levels of 23,550 and 23,250. The upside barrier is seen at 23,850 with resistance at 23,950 levels. The next few sessions will decide whether this kind of momentum can be sustained.
Nifty Futures
Nifty futures ended with a marginal gain of 0.17% at 25,126. Among the key performers on the back of which the market managed to add the above-mentioned gain were Kotak Bank, Laurus Labs, Oberoi Realty, HAL, IDFC First Bank, Motherson, BEL, Indian Hotels, Power Grid, Maruti, M&M, MCX, Axis Bank, Dixon, Poly Cab, HDFC AMC, Page Industries, and TVS Motor. Stocks which showed signs of weakness were some of the components in Ambuja Cement, Aurobindo Pharma, Sun TV, Colgate Palmolive, Mphasis, Shree Cement, JK Cement, Pidilite Industries, Godrej Consumer Products, and ACC.
Oberoi Realty: Technical Call of the Day
Oberoi Realty has emerged as a stock to watch, as this stock recently found support near its 100 DEMA. The stock had been making lower highs and lower lows in the last six sessions, but negated the pattern with a bullish candle appearing on the daily chart. Apart from this, the stochastic oscillator has bounced off from the oversold levels which may ensure continuity in the upward momentum.
For traders, it is advised to buy Oberoi Realty at CMP of Rs 1,879 with the stop-loss of Rs 1,830 and target at Rs 1,975.
Top Stocks for the Day
There are many stocks which have registered some action today:
Mazagon Dock Shipbuilders has received a purchase order from Maharashtra State Power Generation Company Limited (MAHAGENCO). The order worth Rs 121.67 crore includes the supply, installation, and commissioning of an AI-based comprehensive infrasecure project at two power stations. The development ups Mazagon Dock's ante in both defense and infrastructure sectors.
Uno Minda announced that its joint venture, Toyoda Gosei Minda India Pvt. Ltd., has now started commercial production at its newly set up manufacturing facility in Neemrana, Rajasthan. The manufacturing facility will produce automotive components and increase Uno Minda's operations further.
Privi Speciality: The company has undergone significant advancements in the pharma market. Privi Speciality has secured FDA registration for its camphor product from the U.S. Food and Drug Administration. Registration with the FDA places Privi Speciality in a position to sell into the U.S. pharmaceutical market, thus growing the firm's international outreach. This firm had already sought and received permission from Maharashtra's Food and Drug Administration to manufacture and sell camphor into India.
Ola Electric: Festive Discounts
Under the festive season sale, Ola Electric launched its 'BOSS 72-Hour Rush' offer. Customers can buy the Ola S1 electric scooter at just Rs 49,999 in the three-day sale from October 10 through October 12. Additional benefits up to Rs 25,000 could be availed on other variants in the S1 series during this sale. S1 X 2kWh is available for Rs 49,999 and in limited stock. The flagship S1 Pro can be availed of with up to Rs 25,000 discounts and the exchange bonus of Rs 5,000 flat. These offers set Ola Electric to capture the larger share of India's growing electric vehicle market.
Endurance Technologies: New Project
Capital expenditure approval of the company has been received for a new greenfield project. It added it would set up a new facility in Aurangabad Industrial City, Sambhajinagar to produce alloy wheels for two-wheelers. The facility shall have an installed capacity of 1,80,000 sets of alloy wheels a month. The new facility shall supplement its existing plant at Chakan in Pune. With high demand and peak utilization at its current facility, production at the new plant is to begin in the second quarter of FY26 as a result of this expansion.
