Many issues, in fact the consultative approach behind regulation, behind all decisions that we took, that we have taken in the last six years, the consultative approach is very much evident. We hold face-to-face direct meetings with the stakeholders and their associations. In many cases, we release a discussion paper and draft circular, get the comments of all the holders and then move forward. In fact, the same approach was followed with regard to the Regulation Review Authority, the RR 2.0, where we formed, you know, the authority was within the Reserve Bank, but we formed a group of experts to advise the regulatory, you know, the Regulation Review Authority within the RBI. So we have followed the consultative approach, and the teamwork in the Reserve Bank was perhaps in my experience, I can say, I cannot talk about earlier days, it was perhaps, you know, at a very high level. I got excellent cooperation from each and every member of the RBI team, each of my colleagues. They did their best during the trying times of COVID, even at the risk of their own safety, their personal health. Whenever required physically, they all came for discussion. Only I and the Deputy Governors, we were coming regularly, and a few senior officers, of course. But I think that was the level of dedication we saw. It was also evident that we set up here, I talked about it earlier, that lasted more than one year, one and a half years, and the entire staff and service sector service providers had absolutely no complaint and they were very happy to remain there and do their jobs while the families were away at home. Now that is the level of commitment and the teamwork I saw in the Reserve Bank. So I would like to take this opportunity to convey my thanks to all my colleagues in the Reserve Bank. I would also like to place on record the excellent suggestions, the valuable inputs which we have received in our interaction with various stakeholders. I have already tweeted about it, or X as you call it today, set up a message on the X platform this morning, so I don't want to repeat on that. My personal journey, it's not a personal journey, it's an official, it's a journey of a Governor of the Reserve Bank. I was fortunate.
The key issues for in the life of a central bank and any institution and organization, it's always continuing institution. You deal with challenges, but there are always new challenges. There are jobs which you have undertaken, there are tasks which you have done. Some of it is completed, some of it would be midway, they will be taken forward. So some issues, important issues ahead, ahead of us, not only for the Reserve Bank but I think for the wider economy also. I would like to first list out. So far as Reserve Bank is concerned, I think restoring the inflation-growth balance is the most important task ahead of the Reserve Bank, and I am sure the RBI team under the leadership of the new Governor will take it forward. Second, the changing world. I have talked about it in my last monetary policy statement. The entire global geopolitical dynamics, the geo-economic dynamics are undergoing fast change. The global world order is also changing. In this situation, it's always necessary to remain alert and agile, and I am sure the RBI will certainly be at its best. Third, cyber security and its associated risks and threats. I think that is a big challenge for every authority not only in India but all over the world, and particularly for central banks. In the last six years and even earlier also, we have given a lot of attention to this issue of cyber security and dealing with cyber challenges. You know, the cyber threats and challenges, that is a continuing task because the challenges are continuing. New challenges are innovative, and that will be a continuing challenge for every central bank in the world, including the Reserve Bank of India. Fifth, our focus in the last six years has been to capitalize as much as possible on harness the benefits of new technology. We set up the RBI Innovation Hub in Bengaluru. We have a continuing regulatory sandbox where many innovative ideas and thoughts have come and we have always tried to take them forward. We have given our approval to many of these, you know, to many of the innovative ideas and thoughts and the projects which came in the regulatory sandbox. CBDC is again another area where RBI among the central banks is a pioneer. Very few countries which have almost every central bank is dealing with, I mean they are talking about and they are experimenting and they are, you know, they are discussing about CBDC, but actual launching of a pilot project has been done by very few. And as I see it, CBDC has huge potential in the coming years, in the future. In fact, it is the future of currency. Similarly, the Unified Lending Interface (ULI), it is a true game changer, and I am sure its benefits will get harnessed fully in the near future, and there will be national level, nationwide rollout.
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You are listening to Commodity Roundup. Once again, we bring you the base metals update. In the previous session, we saw some softness, and today also trading is seen with some softness. Today, zinc and aluminum are trading flat, copper is flat negative, just a slight decline. Similarly, lead is also trading with a negative bias. So there is not much action in base metals today, trading with a flat to negative bias. But if we look at the agri commodity pack, there is action in spices, where jeera, turmeric, and coriander all three are seeing gains. In fact, turmeric was down yesterday, today it has recovered, we are seeing around 1% in turmeric. Coriander is up 1%, jeera also seeing a gain of 1%. So in spices, all three are seeing good action today. Apart from that, guar gum and guar seed are also trading in green, with around half a percent gain in both commodities today. Apart from that, castor is down 1%, cottonseed oil cake and cotton are trading with negative bias. Here is the update on commodity market action. With that, a break. After the break, we bring you Future Express. Namaskar.
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Namaskar, I am Deepali Rana. You are watching Future Express. And today with us is Soni Patnaik from GM Financial, who will help you with strategies on indices and stock-specific. But first, let's bring you the market action. What is the trend today? We are seeing range-bound trading. Nifty is trading flat but in green today. Similarly, Bank Nifty, Sensex, and midcaps. Let me show you. Nifty has been volatile since morning, absolutely flat trading at 2462 levels. Bank Nifty is also volatile and is up 111 points at 53500. Sensex is at 132 points, again trading in a range. Midcaps have recovered from flatness. If you look at broader markets and frontline indices, all are showing similar price action. Range-bound and volatility is what we are seeing today. Let's quickly bring you the market breadth and then derivatives data to understand what strategy traders are following in this volatile market. It is almost evenly divided because 1250 stocks are advancing, 1150 stocks are declining. So the battle is almost equal, with a slight tilt towards advancing stocks. Here are the Nifty constituents on your screen. Support is coming from HDFC Bank, Shriram Finance, SBI, though not very strong, but at least four to five points of support from these stocks. Drags are Bharti Airtel, which is down 1%, contributing 13 negative points. Reliance is also contributing four negative points. Similarly, Bank Nifty is supported by HDFC Bank, SBI, Kotak Bank, and U Small Finance Bank. Drags are HDFC ERGO.
Let's bring you the Nifty call and put data and based on that, focus on strategy. First, let's start with Nifty numbers. In the 24700 call, there is about 1 crore open interest, with a change of 48-49 lakh in open interest. In the 24800 call, 93 lakh open interest, change of 27 lakh. In the 24900 call, about 59 lakh open interest, change of 135 lakh. Looking at Nifty put numbers, in the 24600 put, about 91-92 lakh open interest, change of 42 lakh. In the 24500 put, 87 lakh open interest, change of about 25.26 lakh. In the 24400 put, 67-68 lakh open interest, change of 30 lakh. So a big range is forming from 24500-600 to 24800. Looking at Bank Nifty, in the 53500 call, 15-16 lakh open interest, change of 55 lakh. In the 53700 call, 65 lakh open interest, change of 5.1 lakh. In the 24000 call, 23 lakh open interest, change of 1 lakh. On the put side, in the 53500 put, 1 lakh open interest, change of 5 lakh. In the 53300 put, 4 lakh open interest, change of about 1 lakh. In the 53000 put, about 15 lakh open interest, change of 2 lakh. So 53500 is an important strike, and 24000 is definitely a barrier as these numbers indicate.
But let's bring you the F&O heat map and understand what stock-specific strategy is being seen in today's market. The trend is slightly tilted towards bullish because in the F&O heat map, 98 stocks are trading with bullish bias, 35 stocks are seeing short covering, 74 stocks have shorts built, and 16 stocks are declining due to unwinding of long positions. Let's bring you some top stocks with F&O setup on your screens. Long build-up is seen in Invest, Nykaa, JSPL, LT, Muthoot Finance. Short covering is seen in Aditya Birla Capital, Can Fin Homes, Manappuram Finance, Colgate, Deepak Nitrite. Now let's look at declining stocks. Short build-up is seen in Kalyan Jewellers, Adani Green, HFC, Adani Energy Solutions. Unwinding of long positions is seen in Oracle Financial, MC Supreme Industries, Apollo Tyres, CMC. So these are the stock-specific actions. But now let's focus on where the trading opportunity is. Soni Patnaik is with us. Soni, namaskar, welcome. So first, let's start with Nifty and Bank Nifty. You must have read the data. Range-bound trading is visible and the data also indicates the same. But if one wants to take a trade or for assisting traders, what would be your suggestion?
Good afternoon, Deepali ji. Look, Nifty is quite range-bound. Support on the downside is seen around 24500, and resistance at 24700 is quite strong. So two strategies can be formed here. Either we can buy on dips near support, which is around 24500, or we should wait for the resistance of 24700 to be broken. If it breaks, I think it can test 24800-850 levels again. So here we will either buy on dips, meaning if it comes down 100 points to 24500, we should buy there as it is strong support, or wait for resistance to break. I think this midpoint requires a bit of wait and watch. There is a lack of cluster movement, and stock-specific action may be more visible. Similarly, if we talk about Bank Nifty, it has held support at 53000 and I think a positional buy on dips is advisable. If it comes near 53300, we should buy in that dip. Support at 53000 is quite strong. It can test 54000-542. In both cases, ignore current levels, avoid, wait and watch. Focus on stock-specific action. When it comes near support, we should buy.
So avoid indices at current levels, and if you want to see an opportunity, buy on dips in Nifty and Bank Nifty, but only when you see levels like 53300. In that case, it may try to go to 54000-542. But at this point in time, don't trade on indices, focus on stocks. So let's talk about stocks. Soni, tell us the first trade you have identified.
ABB is giving a breakout above 7600, sustaining very strongly. Positions are also building strongly. So we recommend buying in ABB futures. Futures are trading around 7700. You can buy at this level. Stop loss in futures will be 7580. Positionally, I think it can test 7900-8000 levels. So first is ABB. Similarly, in the December series, you can also participate in the 8000 call option. You can buy around 75, stop loss will be 30, and target will be 160-180.
Okay, so you have recommended trading in ABB both through futures and options. You can buy in ABB. Through options, the 8000 call option of December series, which is currently trading at around 75, you can initiate positions. Target can be 160-180. So through options also, you get a good risk-reward ratio. As per Soni, if we talk about futures, it is trading at 7697, you can buy for targets of 7900-8000 with a stop loss of 7580. So that's one trade in ABB where futures and also options advice has been given. The 8000 call option, if you see, is now at 71, it was recommended at 75. Tell us the second recommendation, Soni.
My second recommendation will be in Nykaa. In Nykaa, today we can see very aggressive long build-up positions forming. About 16% fresh longs are there, and it is a fresh entry. On the F&O space today, on an intraday basis, it has given a very good reversal and intraday breakout. So we recommend buying in Nykaa futures. Around 173-173.5 price, you can buy in futures. Stop loss will be 169, target will be 180.
Okay, so in Nykaa also, you have been advised to take a trade in futures. It is currently trading at 172-73. You can initiate a buying position here. Third recommendation, Soni?
Deepali ji, the third recommendation will be in Info Edge (Naukri). In Info Edge, we can see a good movement today. In fact, the entire IT space has good momentum. Info Edge is sustaining around 7500, I think it will give a breakout above 8520. So in futures, you can buy with a small stop loss of 8450. Target will be towards 8700. If it sustains above 8700, then levels of 8800 can also be seen.
Okay, so the third recommendation is in Info Edge, where you can initiate buying positions. With a stop loss of 8450, if it sustains above 8700, then levels up to 8800 can be seen. So three recommendations have been given: ABB where you can trade through futures and call options, Nykaa where you can initiate buying positions, and Info Edge where you can create trading positions. I repeat: targets of 8700 and 8800, you can create positions. But let's focus on some more trades and talk about IT. We are seeing selective buying in IT, like HCL Tech, Wipro. Let's look at these stocks. What is your view? Currently, price action shows 1-1.5-2% up. IT index is also showing outperformance.
Today, mid-cap IT has very strong momentum. But in the large-cap space, the stock that has given a fresh breakout is Wipro. In Wipro, we see long rollovers in the December series, meaning it is towards long positions. So the confirmation that it has given a strong breakout above 300, we think positionally, levels of 330 can be tested. Support is 300. Risk-reward ratio looks quite favorable and it has given a good breakout with volumes. So we think you can look at a buying position in Wipro with a stop loss of 300 and target towards 330-335.
Okay, so this is the view on Wipro, which is trading at day high around 309-310. Let's pause here. But before going to break, let's talk about Growth Code, a special initiative of CNBC Awaaz. Its aim is to educate investors and traders. Motilal Oswal Group Chairman and renowned investor Ramdev Agrawal explains how many shares should be in a portfolio and how to diversify it.
For individual investors, you should have as many stocks as you understand. You know, if you have knowledge of 10-15 stocks, have all of them. And if you have knowledge of only five or six, you don't know, you are fine with five. As far as the stick theory is concerned, after 15, it doesn't matter how many you have because all the benefits of diversification get completed the moment you hit 15 individual stocks. So but then if you want to be very aggressive, if you are very young, you are very confident, you know the company, what you are buying, you know the price and value gap, you are pretty comfortable buying five or six stocks, 100% in five stocks.
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You are watching Future Express. And now we will turn to the biggest news of the day: the appointment of the new RBI Governor.
Revenue Secretary Sanjay Malhotra will be the new RBI governor. The cabinet has approved his appointment for three years. Tomorrow, Wednesday, Sanjay Malhotra will take charge. But what do brokers think about the new RBI governor? To tell that, Yatin Mota is with us. Yatin, tell us what is the view of the houses regarding the new RBI governor?
See, as far as brokerages are concerned, a mixed view is coming regarding the RBI governor. The market was not expecting such a big new face. Somewhere there was an expectation that the existing RBI governor, Shaktikanta Das, would be extended, but that did not happen. In fact, if we talk about Citi, Sanjay Malhotra, according to them, his background is similar to Shaktikanta Das. So on similar lines, you can expect his policy-driven approach. In fact, Sanjay Malhotra has been given this responsibility due to fiscal and monetary policy coordination. And their view of a 25 basis points rate cut in the next 12 months remains. Colman Sachs believes that inflation is at 4.5% for Q1 calendar year 2025, so you can expect a comfortable 50 basis points rate cut. And somewhere, how the RBI shows aggressive transmission, that will be monitorable going forward. UBS also believes that the appointment of the RBI governor is a surprise for financial markets, although they expect 75 basis points, i.e., about three-quarters of a percent rate cut going forward. So brokerages have an expectation that rate cuts will definitely happen, how the transmission happens, how the RBI governor promotes growth of NBFCs that had a brake on growth, these will be monitorable things to watch going forward.
Thank you for sharing the details. So most houses have the view that they are expecting a balanced approach from the new RBI governor, whether it is inflation or rate cut scenario. But now we will talk about Growth Code, which is a special initiative of 'Grow and CNBC Awaaz'. Our effort is to empower retail investors and traders so that they can move forward in the direction of wealth creation. In this series, we spoke to the Chairman of Motilal Oswal Group, Ramdev Agrawal, who shared his investment journey and mistakes.
One of the biggest mistakes that cost me a few percent of my wealth was not being in the market. I didn't invest anything between 2003 and 2014, you know, and we had the biggest bull run between 2003 and 2008. Probably I would have lost a percent of my net worth. It would have been literally double of what it was in 2014. So it was about 12 crore something for the company, it would have been 2,3000 god knows. So once you miss the compounding, you miss the, you know, one of the steps, then it hurts you through the life.
And with that, we'll take a break. After the break, we'll bring you today's cheap option. Soni Patnaik is with us. We'll be right back.
