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 Motilal Oswal Research Desk. We will be covering technical and derivatives, SII's activity, index, actionable sectors and stocks to watch out. So stay tuned till the end.
[00:00:15] This is your host Shivagli Sarda and to start with our first segment for Thursday, 29th August 2024, Nifty Index opened flattish and after the slight dip in the initial hour,
[00:00:33] it witnessed good buying Deirastra and touched a fresh all-time high of 25,129. The second half gave up most of its intraday gains and found a doji sort of candle on the daily frame, but it has given the highest ever close on the daily basis.
[00:00:50] The index has been shifting its base higher gradually and making higher highs from the last three sessions.
[00:00:56] India Wix was up by 2.5% to 14 levels. Nifty put-call ratio slightly decreased to 1.21.
[00:01:04] Now, volatility has been inching higher from the last three-odd sessions, but is overall at its lower base and supporting the bulls to buy at higher solds.
[00:01:13] Option data suggests a broader trading range in between 24,700 to 25,500, while immediate range is in between 24,900 to 25,300 levels.
[00:01:27] Even though volatility is at its lower level, but we may witness swings due to the monthly expiry.
[00:01:33] Moving on to the second segment in the equity cash market, FIIs were net sellers to the tune of 1,348 crores,
[00:01:42] while DIIs were buyers worth 4.39 crores. FIIs' index long-shot ratio increased to 61.5%.
[00:01:51] Gold traded just below its record high levels on course of a monthly gain ahead of the US inflation data that may help to clarify the pace at which the Federal Reserve will ease policy.
[00:02:03] Going ahead with the index actionable, debitor's data and price setup suggests,
[00:02:08] Nifty has to continue to hold above 25,000 for enough move towards 25,250 then 25,350, while support can be placed at 24,950 then 24,800.
[00:02:21] Bank Nifty has to continue to hold above 51,000 for enough move towards 51,500 then 51,750, while on the downside, support can be seen at 51,000 then 50,800.
[00:02:35] And finally, talking about the sectors and stocks to watch out, positive stance was seen in Pharma and IT stocks which took over the market.
[00:02:44] Now, stocks to keep on radar from the IT space, we have Wipro, Infosys, NTTS, Persistent Systems and IndiaBert.
[00:02:51] From the Pharma, we have Granules, DV Slab, Alkym, Torrin Pharma, Lupin, Sun Pharma and Sipla looking quite positive.
[00:02:59] Some of the other names we have from the auto, Bachaj, Auto Power Space, we have PFC and IEX which are looking quite promising.
[00:03:08] Meekness could be seen in some of the stocks like ABFRL, Pandhan Bank, Marico, Ampooja Simind, Excite Industry, Adani Enterprises, Concorde, BNB, Britannia, SPI, ACC and Federal Bank.
[00:03:22] I wish you a super trading day and a great monthly expiry ahead.
[00:03:26] Shibandhi Sardar, Sidegoth, follow this podcast for solid advice.