Nifty levels: 
Nifty spot close @8152
Nifty future close @8162
 

Today’s view on Nifty

Fantastic recovery from lower level, no need to sell, buy on every dip will be a best strategy, above 8125 next target will be 8250-8300.

Bank Nifty levels:
Bank nifty spot close @17605
Bank nifty future close @17675

View on Banknifty

Buy as remain above 17500 we may see 17800-18000 level in coming days, below 17500 major support will be 17250.
   
MARKET COMMENTERY

Gains in index heavyweight ITC and oil and pharma sector stocks aided modest gains for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 131.67 points or 0.49% at 26,917.22, as per the provisional closing data. The 50-unit CNX Nifty gained 34.05 points or 0.42% at 8,153.35, as per the provisional closing data. The Sensex failed to retain the psychological 27,000 mark after surpassing that mark in intraday trade.

STOCK BUZZ
•    Tata Motors jumped 5.74%, with the stock extending a rally registered during the previous trading session. Jaguar Land Rover North America announced on 1 October 2015 that its US sales rose 61% to 6,850 units in September 2015 over September 2014.

•    Oil exploration firms gained along with rise in crude oil prices. ONGC (up 2.85%), Cairn India (up 2.39%), Reliance Industries (RIL) (up 1.09%) and Oil India (up 1.13%) gained. Higher crude oil prices would result in higher realizations from crude sales for oil exploration firms.

HOT PURSUIT
1. Meanwhile, the finance ministry yesterday, 5 October 2015, announced that the central government's expenditure on major subsidies has come down to 1.6% of GDP in 2015-16 from 2.5% of GDP in 2012-13. There could be a shortfall of around 5% to the estimated target of tax collection of Rs 14.5 lakh crore for the current fiscal year. The government is committed to achieving this year's fiscal deficit target as well as the fiscal glide path laid out in the budget, the finance ministry said. The central government's infrastructure spending has picked-up on the back of accelerated spending on highways, railways and the power sector. The central government's Plan Cap-EX has increased by over 30% this year. This is beginning to crowd-in private investment. The public private partnership projects which had been stalled are also now picking up.

2. The finance ministry issued the statement after a press conference held by various secretaries to the Ministry of Finance and Chief Economic Adviser (CEA) Dr Arvind Subramanian on the completion of six months of financial year 2015-16 on 30 September 2015.

OPTION STRATEGY

STOCKS TO WATCH

VOLTAS:
BUY VOLTAS ABOVE 260 FOR THE TARGET OF 275/285, BELOW 260 MAJOR SUPPORT WILL BE 248.

UPL:
Keep selling but only on rise 440/400 levels are waiting………

TATASTEEL:
Buy TATASTEEL above 220 for the target of 235/250, below 220 major support will be 209.
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Gold jumped in Asia on Friday after a tepid start as the Federal Reserve kept its benchmark interest rate steady in the face of global economic volatility. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 1.20% to $1,130.40 a troy ounce. Overnight, citing the negative effects of global economic weakness on U.S. inflation, the FOMC voted to leave its benchmark Federal Funds Rate at its current level between zero and 0.25% on Thursday. Nearly a decade has passed since the U.S. central bank has last raised short-term rates.

LME copper kept fluctuating during European and US trading hours with closing price up USD 5/mt at USD 5,395/mt. Investors stayed wary ahead of the release of US interest rate meeting minutes. The earthquake in Chile gave no solid support to copper prices . US dollar ended down 1% following US interest rate meeting yesterday evening. But COMEX copper finally still slipped from highs despite the sliding dollar. US Fed announced to keep interest rate unchanged on the Sept.’s FOMC meeting overnight. LME copper meets resistance at highs and should move between USD 5,360-5,440/mt during Asian trading hours.  

Crude oil prices eased in early Asia on Friday as investors took stock of the Federal Reserve decision to hold rates and comments on global economnic weakness. On the New York Mercantile Exchange, WTI crude for October delivery traded down 0.19% to $46.81 a barrel. On Thursday afternoon, the Federal Open Market Committee announced that it is keeping its benchmark Federal Funds Rate at its current level between zero and 0.25%, citing widespread concerns related to global economic weakness.

GOLD (OCTOBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 26690
RESIST 1: 26520
SUP 1: 26250
SUP 2: 26170
STRATEGY: BUY ON DIPS

SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:36500
RESIST 1:36290
SUP1:35850
SUP2:35500
STRATEGY : BUY ON DIPS