Nifty forms red candle, buy-on-dips recommended above 23,270

The Indian stock market saw volatility on Thursday, with the Sensex swinging between gains and losses before ending flat to negative. The Nifty index opened strong and held onto gains in the first half but later faced profit booking, closing at 23,031.

Technical Outlook & Trading Strategy

The Nifty formed a small red candle with a long upper shadow, signaling selling pressure at higher levels.

The 21-day Simple Moving Average (DSMA) at 23,270 acts as a strong resistance zone (23,270-23,300).

On the downside, 22,780 remains a key support level.

Experts suggest a buy-on-dips strategy as long as Nifty holds above 22,780.

Open Interest (OI) Data:

Call side: Highest OI at 23,200 and 24,100 strike prices.

Put side: Highest OI at 23,000 and 22,800 strike prices.

Market Movers & Corporate Earnings

Hindalco Industries Q3 Results

Net Profit: ₹3,735 crore (up 60% YoY) from ₹2,331 crore last year.

Revenue: ₹58,390 crore (up 11% YoY).

Kalpataru Projects International Q3 Results

Net Profit: ₹139 crore (down 3% YoY) from ₹144 crore.

Total Income: ₹5,742 crore (up from ₹4,909 crore last year).

HCC Q3 Results

Net Loss: ₹39 crore (improved from ₹233 crore loss YoY).

Total Income: ₹1,066 crore (down from ₹1,512 crore).

Paytm Money Settles SEBI Case for ₹45.50 Lakh

Paytm Money, the stock broking arm of One 97 Communications, has settled a regulatory case with SEBI by paying ₹45.50 lakh. The company neither admitted nor denied the allegations but chose to settle the matter.

Other Market Highlights

Motilal Oswal Mutual Fund: Investors holding SIPs for 7 years tend to see strong returns.

Unilever Ice Cream Division: The company has picked Amsterdam for its primary listing, a setback for London's IPO market.

Key Takeaways for Traders

Watch the 23,270-23,300 resistance zone.

Buy on dips above 22,780.

Monitor corporate earnings and global market cues.