Indian equity markets rebounded on Thursday, 29 October, recovering from a recent slide as the US Federal Reserve kept interest rates unchanged, in line with expectations, while upbeat quarterly earnings lifted investor sentiment. According to reports from LiveMint, the Nifty 50 rose 1.1% to close at 22,936.75, while the BSE Sensex gained 1.2% to settle at 74,151.04. The recovery followed a seven-session losing streak during which both benchmark indices declined by around 2%, falling in six of the seven sessions amid persistent concerns over elevated crude oil prices. As per The Economic Times, Indian stocks rallied after the US Fed's rate pause, marginal easing in crude and renewed institutional buying improved risk appetite despite a challenging external backdrop.
Chandan Taparia, Head of Derivatives & Technicals at Motilal Oswal Financial Services, has recommended Kotak Mahindra Bank, Nykaa and Eternal as buy calls with specific target prices and stop-loss levels. As reported by LiveMint, for Kotak Mahindra Bank, Taparia has set a target price of ₹485 with a stop loss at ₹445. For Nykaa, he recommends a buy with a target of ₹373 and a stop loss of ₹340. Eternal is also a buy recommendation with a target price of ₹357 and a stop loss of ₹326. According to The Economic Times, technical analysts have identified Adani Ports and Eternal as potential Friday trading opportunities, citing bullish momentum, breakout levels and defined targets. For Adani Ports, analysts recommend a buy at ₹1,870-1,875 with stop loss at ₹1,795 and target at ₹2,019, while for Eternal, the recommendation is buy at ₹337-339 with stop loss at ₹323 and target at ₹364.
According to Taparia's analysis reported by LiveMint, on the Nifty options front, the maximum call OI is at the 23,000 then 23,400 strike, while the maximum put OI is at the 22,800 then 22,700 strike. Call writing is seen at 23,300 then 23,200 strike while put writing is seen at 22,800 then 22,900 strike. Option data suggests a broader trading range in between 22,500 to 23,500 zones while an immediate range between 22,700 to 23,200 levels. Nykaa has shown strong buying interest with a 40-session range breakout above the 350 zones and closed above the same, indicating sustained bullish momentum and trading near its 52-week high. As per The Economic Times, Adani Ports has witnessed a strong bullish breakout, gaining 6.29% to close at ₹1,872 and moved above its recent consolidation range of ₹1,740–₹1,810, with RSI surging toward 65 while remaining below the conventional overbought zone.
The Nifty 50 index opened on a flattish note and witnessed strong buying interest from the initial hour, lifting the index from the intraday low near 22,650 towards the 22,950 zones and above. Buying momentum remained strong throughout the session, helping the index sustain its upward move and break out of its five-session range. The index finally closed above the same, forming a large bullish candle on the daily chart, indicating a positive shift in market momentum and improving buying interest. As reported by LiveMint, Taparia noted that the index now has to hold above 22,900 zones for an up move towards 23,100 then 23,200 zones while support can be seen at 22,800 then 22,700 zones. According to The Economic Times, analysts say near-term momentum will hinge on domestic earnings breadth, continuity of foreign flows and moderation in energy prices while the global inflation trends and policy signals from other major central banks could keep yields and capital flows volatile.
According to LiveMint reports, Bank Nifty index opened marginally lower and drifted towards 54,000 zones in the initial part of the session, but strong buying interest emerged at lower levels which helped the index gradually move higher towards 55,000 zones. The index managed to hold its gains and ended the session near the day's high on a positive note, forming a strong bullish bodied candle on the daily scale. Taparia stated that till it holds above 54,750 zones, an up move could be seen towards 55,250 then 55,500 levels while support is seen at 54,500 then 54,250 levels. Eternal has also demonstrated strong technical strength with sustaining above the 344 zone potentially triggering sharp upward momentum and showing improving price structure with renewed buying interest. As per The Economic Times, Eternal is showing a positive recovery, rising 3.63% to ₹337.85 and rebounding strongly from the ₹305–310 support zone, approaching its recent swing-high resistance around ₹338–342 with RSI recovering toward 60.
