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Global Outlook:

* Market is likely to open flat to negative due to a mixed trend in global markets.

* The US market fell by up to 2% after strong service sector and job data raised concerns about persistent inflation and limited interest rate cuts by the Federal Reserve.

* As a result, US Treasury yields surged to nearly a one-year high of 4.70%.

* Asian markets are showing mixed movement, with the GIFT Nifty down by 70 points.

* Stock and sector-specific movements are expected to continue, with traders focusing on mid-cap and small-cap stocks.

* Traders will keep an eye on IT stocks, especially with TCS announcing its quarterly results tomorrow. Fertilizer and pharma stocks are also expected to maintain momentum.

Fundamental Pick: (Duration 1 Year)

M&M : Buy

(CMP : 3099, TP: 3420)

Technical View:

* NIFTY (Bearish- CMP : 23708) Nifty immediate support is at 23650 then 23550 zones while resistance at 23800 then 24000 zones. Now till it holds below 23800 zones, weakness could be seen towards 23650 then 23550 zones while hurdles are placed at 23800 then 24000 zones.

* BANK NIFTY (Bearish- CMP : 50202 ) Bank Nifty support is at 49750 then 49500 zones while resistance at 50500 then 50750 zones. Now till it holds below 50500 zones some weakness could be seen towards 49750 then 49500 levels while on the upside hurdle is seen at 50500 then 50750 zones.

Technical Idea:

Narayana Hrudayalaya : Buy

(CMP 1351     SL 1298   TP 1439)

Derivative View:

* Option Buying: Buy weekly Nifty 23700 Put till it holds below 23800 zones. Buy Bank Nifty 49000 Put till it holds below 50500 zones.

* Option Strategy: Nifty weekly Bear Put Spread (Buy 23650 PE and Sell 23450 PE) at net premium cost of 50-60 points. Bank Nifty Bear Put Spread (Buy 50000 PE and Sell 49500 PE) at net premium cost of 190-210 points.

* Option Writing: Sell weekly Nifty 23200 PE and 24150 CE with strict double SL. Sell Bank Nifty 46500 PE and 54000 CE with strict double SL

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