In this episode, the host, Shivangi Sarda, provides a comprehensive analysis of the market’s current state and future potential.
Key segments cover technical insights, FII activity, index actionable, and sectors to watch, highlighting Nifty's potential highs, volatility impact, and strong stocks.
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[00:00:00] Welcome to Indian Market in Minutes from the Motilal Oswal Research Desk. We will be covering technical and derivatives, FII's activity, index actionable, sectors and stocks to watch out. So stay tuned till the end.
[00:00:15] Hey, this is your host Shivangi Sarda and to start with our first segment for Wednesday 26th June 2024, Nifty index opened positive and after moving in a small band for the first couple of hours, the bull sprinted on to touch a fresh all-time high of 23,754.
[00:00:43] Bonoar buying was consistently seen in the second half of the session and it closed with gains of around 180 points. It formed a bullish candle on the daily frame and gave the highest ever daily close. India Wix was up by around 2% to 14.3.
[00:01:00] Now volatility has been slightly on the rise which is causing some momentum to build for the fresh highs. Nifty put call ratio rose to 1.38. Slight rise in volatility along with rise in put call ratio suggest momentum on the upside should continue with good support base buying.
[00:01:20] Option data suggest a broader trading range in between 23,200 to 24,000 zones while the immediate range is in between 23,300 to 23,700. Moving on to the second segment in the equity cash market, FII's were net buyers to the tune of 1176 crores while DII's were sellers worth 149 crores.
[00:01:46] FII's indexed long short ratio increased to 61.5%. Going ahead with the index actionable, derivatives data and price setup suggest Nifty has to continue to hold above 23,650 to extend the move towards 23,850 then 24,000 levels while supports are shifting higher to 23,500 then 23,350.
[00:02:12] Now Bank Nifty too touched a fresh all-time high and it has to continue to hold above 52,250 for the up move towards 52,850 then 53,150. While on the downside support is seen at 52,250 then 52,000 levels. And finally talking about the sectors and stocks to watch out, star performers were
[00:02:33] banking and IT names. Stocks to keep on radar are Axis Bank, HDFC Bank and ICICI Bank from the private banking heavyweight stocks which are on the roll, catching up with the rally after a long consolidation. Tire stocks are moving fast which includes Apollo Tire and JK Tire.
[00:02:54] Now shipping stocks are also on radar which includes GRSC, Maastock and Cochin Shipyard. From the IT space we have Bsoft and TechEm looking quite positive. And finally Indian Hotel is holding on to its higher zone. Wish you a super trading day ahead.
[00:03:09] For more such detailed analysis don't forget to follow this podcast. This is Shaman ki Sarda signing off. Investment and securities market are subject to market risk. Read all the related documents carefully before investing.