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The hawkish tone in the recent Federal Reserve meeting has been confirmed by Fed officials in recent days, as they flagged the possibility that the central bank would need to raise interest rates further after pausing its rate-hiking cycle last week, he added.

The MCX December gold futures were trading down by Rs 91 or 0.16% from the Wednesday closing price at Rs 58,192 per 10 gram on the MCX while the December Silver futures were trading at Rs 70,671 per kg, higher by Rs 122 or 0.17%.

The stock rose from Rs 285 as of 18 September 2023 to Rs 338 recorded on 25 September 2023 which translates into an upside of over 18% in a week. The stock has rallied over 30% in a month – putting it in an overbought zone.

The Nifty Pharma index was trading 0.05 per cent up at 15167.75.

A total of 2,355 shares changed hands on the counter till 10:45AM (IST)

RSI or the relative strength index computes the ratio of the recent upward traction in the stock price movement relative to its absolute price movement.

The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.

Siddhartha Khemka, VP and Head of Research (Retail) at MOFSL, recommends JSW Steel and SAIL in the ferrous space, and Hindalco in the non-ferrous space. He suggests that Vedanta is best avoided due to its high volatility and debt concerns. In the real estate sector, Khemka favors Oberoi Realty and Macrotech Developers, noting strong demand for luxury properties. He also highlights Home First Finance and Canfin Homes as preferred housing finance companies, benefiting from the affordable housing segment and lower interest rates.

On the options front, the maximum Call OI is placed at 19800 and then towards 19900 strikes while the maximum Put OI is placed at 19600 and then towards 19700 strikes.

From the Sensex pack, L&T, Bharti Airtel, Axis Bank, and Tata Steel opened in the green, while Tech Mahindra, Asian Paints, Bajaj Finance, and IndusInd Bank opened in the red.