Welcome to another episode of Indian Market in Minutes with Shivangi Sarda from the Motilal Oswal Research Desk. In today’s update, we cover market trends, Nifty and Bank Nifty levels, FII-DII activity, and key stock recommendations. The Indian stock market opened with a 140-point gap down but saw a steady recovery. However, resistance levels continue to shift lower, raising concerns about further downside. Is a pullback likely, or will the market stabilize?
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[00:00:00] Welcome to Indian Market in Minutes from Motilal Oswal Research Dev. We will be covering technical and derivatives, SII's activity, index, actionable sectors and stocks to watch out. So stay tuned till the end.
[00:00:39] It then witnessed a slow and steady recovery, climbing towards the 22,100 marks in the first half of the session. However, the index later moved in a very narrow range of around about 60-70 points, lacking momentum in either direction. It formed a bullish candle on the daily chart but is forming lower lows from the last four trading sessions, which indicates that resistances are shifting lower.
[00:01:02] India WIX was up by another 0.5% to 13.8 levels. Nifty put-call ratio increased to 0.86. Option data suggests a broader trading range in between 21,500 to 22,500, while immediate range could be in between 21,800 to 22,300 levels. Moving on to the second segment in the equity cash market, FIIs were net sellers to the tune of 3,406 crores.
[00:01:32] While DIIs were buyers worth 4,851 crores. FIIs index long-shot ratio increased to 16.5%. Going ahead with the index actionable, derivatives data and price setup suggest, till the time Nifty holds below 22,200, weakness could be seen towards 21,800, while hurdles are placed at 22,400 marks.
[00:01:56] Till the time Bank 50 holds below 48,500, some weakness could be seen towards 47,500 levels. While hurdle can be seen at 48,500. And finally, talking about sectors and stocks to watch out, positive setup can be seen in HPCL, Bandhan Bank, HAL, BEL, BEL, BPCL and Voltas.
[00:02:21] While some weakness continues in Pachaj Auto, Adani Green, Astral, Jumalin Foodworks, Hero Motor Corp and HCL Tech. Wish you a super day ahead. Shivangi Sandha signing off. Follow this podcast for solid advice.
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