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, 10th July 2024, Nifty Index opened positive and steadily escalated upwards throughout the session. It went on to touch a fresh all-time high of 24443 Zones.
[00:00:42] It closed there its days high and gave the highest ever close with gains of around 100 points. India Wix was up by around 5% to 14.3. Volatility slightly increased higher after cooling off in the entire previous week. Now Nifty put call ratio has risen to 1.28.
[00:01:02] This rise in volatility is due to the upcoming budget but the higher put call ratio suggests that buying is visible at lower zones which is driving the market. Option data suggests a broader trading range in between 24100 to 24700 while immediate range is in between 24200 to 24600.
[00:01:25] Moving on to the second segment, in the equity cash market, FII's went led buyers to the tune of 314 crores while DII's were buyers worth 1416 crores. FII's indexed long short ratio is hovering at 83.7%.
[00:01:44] Going ahead with the index action of it, debt is data and buy setup suggests Nifty has to hold above 24350 to extend the move towards 24515 and 24700 while support is placed at 24250 then 24150 level.
[00:02:05] Bank Nifty has to continue to hold above 52300 for an up move towards 52800 then 53000 levels while support exists at 52100 zone.
[00:02:19] And finally talking about the sectors and stocks to watch out, positive stance was seen in auto, pharma and cement space while some profit taking in some of the IT and selective banking names.
[00:02:33] Now stocks to keep on radar are BHEL from the Capgood space which continues its trend after surpassing its previous rejection zone. From the cement space we have Grassi which is holding on quite well.
[00:02:46] From the auto ancillary pack we have Apollo tires and Excite which is turning after a halt for the next accelerated move. From the pharma space we have Auro Pharma which has given a rising trend line breakout.
[00:03:01] And from the FMCG which is showing shock covering move and which is driving the space, we have stocks like ITC, DAWBWAR, Godreed CP and Portgate which looking quite positive.
[00:03:13] Wish you a super trading day ahead. For more such detailed analysis don't forget to follow this podcast. This is Shivangi Sardaswati. Investment and securities market are subject to market risk. Read all the related documents carefully before investing.