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Global Outlook:

* Market is expected to open on a weak note due to sharp declines across global markets, triggered by the anticipation that the US Federal Reserve may delay interest rate cuts. This, combined with ongoing FIIs selling and a surge in oil prices to a 4-month high above $81 per barrel, is weighing on sentiment.

* US, European, and Asian markets fell by up to 1.5% after stronger-than-expected US jobs data increased the likelihood of the Fed pausing interest rate cuts.

* The Gift Nifty is down by 160 points.  Market action is likely to be stock- and sector-specific.

* IT stocks are expected to see positive momentum following TCS's strong Q3 results.

* Additionally, rising oil prices may benefit upstream oil companies, as higher gross refining margins (GRM) are anticipated.

Fundamental Pick: (Duration 1 Year)

Biocon  : Buy

(CMP : 360, TP: 430)

Technical View:

NIFTY (Bearish- CMP : 23431) Nifty immediate support is at 23333 then 23250 zones while resistance at 23600 then 23800 zones. Now till it holds below 23600 zones, weakness could be seen towards 23333 then 23250 zones while hurdles are placed at 23600 then 23800 zones.
BANK NIFTY (Bearish- CMP : 48734) Bank Nifty support is at 48500 then 48000 zones while resistance at 49000 then 49250 zones. Now till it holds below 49000 zones weakness could be seen towards 48500 then 48000 levels while on the upside hurdle is seen at 49000 then 49250 zones.
 

Technical Idea:

Bharti Airtel :  Buy

(CMP 1615    SL 1566    TP 1713)

Derivative View:   

Option Buying: Buy weekly Nifty 23300 Put till it holds below 23600 zones. Buy Bank Nifty 47700 Put till it holds below 49000 zones.
Option Strategy: Nifty weekly Bear Put Spread (Buy 23300 PE and Sell 23100 PE) at net premium cost of 40-45 points. Bank Nifty Bear Put Spread (Buy 48500 PE and Sell 48000 PE) at net premium cost of 220-240 points.
Option Writing: Sell weekly Nifty 22500 PE and 24100 CE with strict double SL. Sell Bank Nifty 45000 PE and 52500 CE with strict double SL.

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