Stock market today: The Indian stock markets began the day nearly unchanged, with a slight uptick in green on Monday as investors approached with caution ahead of important monetary policy announcements from global central banks scheduled for this week.
The Nifty 50 index commenced trading at 25,118.90, reflecting a modest increase of 4.90 points, or 0.02 percent. Similarly, the BSE Sensex recorded a slight rise, opening at 81,925.51 with a gain of 20.81 points, or 0.03 percent.
Market analysts observed that this week holds significant importance, as 16 central banks are set to hold policy meetings, including the US Federal Reserve.
Technical views by Rupak De, Senior Technical Analyst, LKP Securities on F&O market
Nifty 50 held on to its gains, with put writers lending support near the 25,000 and 25,100 level. The index is currently consolidating its recent upmove, slowly building a base. As long as it trades above 24,850, the outlook stays positive. A breakout beyond 25,150 could open the way for a further rise towards 25,500 in the short term.
Open Interest Analysis: Heavy Put writing was observed at the 25,100 strike, while Call writers created a fragile resistance at higher strikes. The maximum open interest buildup was seen at the 25,500 CE, whereas maximum put writing was concentrated at the 25,100 strike.
Strategy: Expect a pullback if Nifty 50 sustains above 25100.
Trade: Buy Nifty 50 25150CE Above 70 TGT 110 SL 44
Buy RailTel Corporation of India at ₹371.5; TGT at ₹400; SL at ₹360
RailTel has seen a smart recovery after taking support around the ₹330 zone. The stock has moved above the 21-day EMA, indicating a shift in momentum on the short-term charts. Volumes have picked up along with price action, suggesting renewed buying interest. RSI has also inched higher and moved above the 50 mark, supporting the bullish bias. Going forward, as long as it sustains above ₹360, the stock may move towards ₹385–400 levels, while immediate support lies at ₹360.
Buy Cochin Shipyard above ₹1,750; TGT at ₹1,900; SL ₹1,700
Cochin Shipyard witnessed a strong recovery after a prolonged decline, as the stock surged with heavy volumes on Friday. The price has managed to reclaim the 21-day EMA, reflecting a shift in momentum towards the bulls. On the daily chart, the large bullish candle indicates strong buying interest from lower levels. Meanwhile, the RSI has also moved higher, suggesting rising strength in the trend. Going forward, a sustained move above 1,750 could open the gates for 1,850-1900 on the higher side, while immediate support is placed around 1,700.
Buy Bajaj Finance around at ₹980; TGT at ₹1,050; SL at ₹944
Bajaj Finance Ltd is trading at ₹1,003.25 on NSE, extending its sharp September rally. The stock has staged a strong recovery from August lows near ₹850, comfortably trading above the 21-EMA, highlighting firm bullish trend. However, RSI above 80 indicates overbought conditions, raising the risk of a near-term pause or profit-booking. Volumes have picked up, confirming strong participation in the upmove. While the trend remains positive, the overextended momentum suggests chances of consolidation before the next leg higher. Fresh longs should be taken on corrections for better risk management.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
