In this episode, we explore the choppy market conditions affecting the Nifty index, which struggled to maintain gains after a sharp selloff. We discuss key support and resistance levels, the impact of foreign and domestic institutional investors, and highlight promising sectors like realty and pharma. Join us for essential insights to navigate this turbulent market!
[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.
[00:00:22] Hey, this is your host Shivangi Sardha and let's look at what happened globally.
[00:00:26] The market is anticipated to remain choppy as global markets sink but consistent buying interest from domestic funds, anticipation of solid quarterly results and a 10% drop in oil prices from the recent highs are likely to keep the market sentiment.
[00:00:42] To start with our first segment for Wednesday 16th October 2024, Nifty Index opened positive but failed to hold its opening gains and cascaded lower.
[00:00:52] After the sharp sell-off in the first hour, it gradually slipped lower but took some relief near 25k mark.
[00:01:00] Now, it formed a bearish candle of the daily frame and managed to close above its 50 daily exponential moving average but with losses of around 70 points.
[00:01:10] India Wix was near 13 levels with a fall in Nifty put call ratio at 0.77.
[00:01:15] Option data suggests a broader trading range in between 24,500 to 25,500 while immediate range is in between 24,700 to 25,200 levels.
[00:01:29] Moving on to the second segment in the equity cash market, FIIs were net sellers to the tune of 1749 crores while DIIs were buyers worth 1655 crores.
[00:01:41] FIIs indexed long-short ratio decreased to 34.5%.
[00:01:46] Going ahead with the index actionable,
[00:01:49] Deversives data and price setup suggest,
[00:01:52] Nifty has to hold above 25,000 for the next up move towards 25,250 then 25,350 levels,
[00:02:00] while supports can be seen at 25,000 zones.
[00:02:03] Bank Nifty has to hold above 51,650 for a bounce towards 52,350 then 52,500, while on the downside support can be seen at 51,500 levels.
[00:02:17] And finally, talking about this tech turds in stocks to watch out, positive stance was seen across board.
[00:02:23] Now, stocks to keep on radar, we can have some of the reality names like Goldridge Property and Oberoi Reality looking quite good.
[00:02:31] From the farmer pack, we have Lupin and Ifka Lab holding on to the higher zones.
[00:02:35] From the IT names, we have Dixon and HCL Tech showing buying interest.
[00:02:40] From the OMC space, we have HPCL and BPCL showing fresh buying.
[00:02:44] While some weakness could be seen in Pachaj Auto, Bandhan Bank, Pachaj Finance, Jindal Steel, Reliance, Tata Steel, Tipla and Tata Com.
[00:02:55] Wish you a super trading day ahead.
[00:02:57] Shivandi Sardar signing off.
[00:02:58] Follow this podcast for solid advice.