In this episode, the host, Shivangi Sarda, shares insights as global market declines and profit-taking lead to bearish momentum in India's Nifty index, closing below 24,500.
Key segments cover technical insights, FII activity, index actionable, and sectors to watch, highlighting Nifty's potential highs, volatility impact, and strong stocks.
With 30+ years of equity expertise and dedicated advisors at your service, access investing opportunities in 550+ cities across 2200+ locations
[00:00:00] Welcome to Indian Market in Minutes from Motilal Oswal's research desk.
[00:00:05] We will be covering technical and derivatives, SII's activity, index, actionable sectors and stocks to watch out.
[00:00:12] So stay tuned till the end.
[00:00:15] Hey, this is your host Shivangi Sarda and let's start with our first segment for Wednesday 23rd of October 2024.
[00:00:29] Nifty index opened flattish but bears were in full control right from the start of the session.
[00:00:34] The intensity of selling increased in the second half and the index broke 24,450 zones.
[00:00:41] It formed a bearish candle on the daily frame and closed below 24,500 with losses of more than 300 points.
[00:00:49] India Wix was up by another 4% to 14.3 levels.
[00:00:53] Nifty put call ratio decreased to 0.73.
[00:00:56] Option data suggest a broader trading range in between 24,000 to 25,000 levels
[00:01:02] while immediate range is in between 24,300 to 24,700.
[00:01:08] Moving on to the second segment in the equity cash market,
[00:01:12] FIIs were net sellers to the tune of 3,979 Crores
[00:01:17] while DIIs were buyers worth 5,869 Crores.
[00:01:22] FIIs indexed long-shot ratio decreased to 32%.
[00:01:25] Going ahead with the index actionable, derivative theta and price setup suggest,
[00:01:31] till Nifty holds below 24,500, weakness could be seen towards 24,350, then 24,500 zones,
[00:01:41] while hurdles are placed at 24,750, then 24,850 zones.
[00:01:46] Till the time bank Nifty holds below 51,500, weakness could be seen towards 51,000, then 50,750,
[00:01:55] while other upside hurdles can be seen at 51,750.
[00:02:00] And finally, talking about the sectors and stocks to watch out,
[00:02:04] negative stunts were seen in most of the sectors across board with selling pressure intensifying.
[00:02:09] Positive setup can be seen in selective banks like ICICI Bank and CUP,
[00:02:14] while weakness can be seen at PNB, LTF, CanBank, Mannapuram, Bandhan Bank,
[00:02:20] Excite, Bank of Broda, RVL Bank, Aarti Industry, Deepak Nitrite, IEX, REC, Sale,
[00:02:28] IDFC First Bank, AU Bank, Jindal Steel, Tata Power, BSoft, Biocon, and Cold India.
[00:02:36] Wish you a super trading day ahead!
[00:02:38] Shivangi Sardar, Sidey Go.
[00:02:40] Follow this podcast for solid advice.
[00:02:56] Investment and securities market are subject to market risk.
[00:02:59] Read all the related documents carefully before investing.