Stock Market Update: Jubilant FoodWorks Soars 4.5%, Bajaj Finance Hits ₹7,599, KPI Green & Ajooni Biotech Make Key Moves

Jubilant FoodWorks shares surged 4.5% after posting a strong Q3 update, hitting a 52-week high. Bajaj Finance saw a 3% rise following impressive Q3 growth, with its AUM growing 28% YoY. KPI Green Energy and Ajooni Biotech made significant announcements, with KPI approving a bonus share issue and Ajooni planning to raise ₹45 crore through convertible warrants.

 

CONTENTS:

• Short Iron Butterfly for Consolidation
• Nifty 50 down 1.19%, key support at 23,899.92
• Nifty 50 bearish, 23,700-24,500 range predicted.
• Indian market down, FIIs selling, Happy Forgings lower.

 

 

Stock Market Update: Jubilant FoodWorks Soars 4.5%, Bajaj Finance Hits ₹7,599, KPI Green & Ajooni Biotech Make Key Moves

Short Iron Butterfly for Consolidation

Stock Market Update: Jubilant FoodWorks Soars 4.5% The Nifty Index is currently consolidating around the 24,000 level, facing resistance near 24,248. While the Relative Strength Index (RSI) indicates bearish momentum, the weekly chart shows signs of bullish movement. Preeti K Chabra suggests a Short Iron Butterfly strategy for the January 9 expiry to capitalize on this consolidation. The strategy involves a long call at an upper strike, short call and short put at the middle strike, and a long put at a lower strike, with all options expiring on the same date. This strategy can help benefit from Nifty’s range-bound movement near the 24,000 level.

 

Nifty 50 down 1.19%, key support at 23,899.92

Stock Market Update: Jubilant FoodWorks Soars 4.5% As of 12:30 PM IST on January 6, 2025, the Nifty 50 is trading at 23,719.85, down by 1.19%. The index has been fluctuating between a high of 24,089.95 and a low of 23,601.5 today. Nifty futures are at 23,810.65 (-1.17%), with an open interest increase of 1.6%, indicating a continued downtrend.

Sectoral indices are showing mixed performance, with the Nifty Auto, Nifty Bank, and Nifty 500 sectors all experiencing declines. The most active Nifty 50 call options include strikes at 25,000, 24,000, and 25,500, while put options at 24,000, 23,000, and 23,500 are also actively traded.

Additionally, stocks like Tata Steel, ITC, and Tata Motors are seeing high trading volumes today. The Nifty 50 opened at 24,045.8, showing a slight increase of 0.17% from the previous close. Key support levels for the index are around 23,899.92 and 23,823.84, while resistance levels are at 24,264.74 and 24,340.82.

 

Nifty 50 bearish, 23,700-24,500 range predicted.

Stock Market Update: Jubilant FoodWorks Soars 4.5%  The Nifty 50 index faces resistance at 24,200–24,250, with further targets at 24,400 and 24,800. However, if the index falls below 24,000, immediate support will be at 23,900, with a stronger support zone between 23,750 and 23,700. Experts predict a trading range for next week between 23,700 and 24,500.

Key levels for the Nifty 50 are 24,143, 24,195, and 24,279 on the resistance side, with support at 23,975, 23,923, and 23,839. The Bank Nifty has resistance at 51,481, 51,662, and 51,955, with support at 50,895, 50,714, and 50,421. The index is currently in a bearish trend and trading below major EMAs, signaling weakness.

Options data shows significant Call open interest at 25,000, with a maximum Call writing at 24,500. On the Put side, the 23,700 strike holds the most open interest, acting as key support. The Put-Call ratio dropped to 0.86, signaling a bearish sentiment, while the India VIX decreased, offering some comfort to bulls.

 

Indian market down, FIIs selling, Happy Forgings lower.

Stock Market Update: Jubilant FoodWorks Soars 4.5% The Indian stock market is facing significant declines today, with benchmark indices BSE Sensex and Nifty 50 down by over 1.5% each. The Sensex fell by more than 1,200 points, while the Nifty50 dropped by nearly 400 points. Key losses were seen in stocks like Tata Steel, Kotak Mahindra Bank, and Power Grid Corporation, while only a few stocks such as Titan, Bajaj Finance, and ICICI Bank showed slight gains.

Foreign Institutional Investors (FIIs) have been net sellers in Indian equities recently, with FIIs selling shares worth Rs 4,227.25 crore on January 3, 2025. This is contributing to cautious investor sentiment, as the market braces for key economic data, including India’s GDP growth estimates and PMI reports, which could provide further direction for the market.

Meanwhile, sectoral indices are showing widespread losses, particularly in PSU Banks, Metal, Realty, and Energy. The broader markets are also in decline, with the Nifty Smallcap 100 and Nifty Midcap 100 indices losing more than 2% each.

Despite these negative market conditions, analysts are still seeing opportunities in specific sectors like defense, capital goods, and certain IPOs. For example, defense stocks are expected to benefit from order-driven growth, while analysts remain bullish on capital goods and engineering firms.

Happy Forgings Ltd is currently trading at ₹1,002.40, experiencing a decline of 1.21% as of January 6, 2025, at 12:19 PM IST. The stock has a day range between ₹996.00 and ₹1,059.00, with a 52-week range from ₹813.20 to ₹1,299.95. The company has a capital expenditure (capex) plan scheduled over the next two to three years.

Meanwhile, other stock updates show positive movement for companies such as Jubilant FoodWorks, which gained 4.5%, hitting a 52-week high after announcing a strong Q3 business update. KPI Green Energy’s board approved a bonus share issue of 6.56 crore shares, and Ajooni Biotech has announced plans to raise ₹45 crore through convertible warrants.

NTPC Green Energy saw a 4% rise after winning a bid for renewable energy projects in Uttar Pradesh. Waaree Energies started trial production at its new solar cell facility in Gujarat, and Bajaj Finance’s share price rose by 3% following strong Q3 results. On the broader market front, the Sensex and Nifty were trading lower by about 0.7%.