In this episode of Indian Market in Minutes with Motilal Oswal, 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 Test. 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 Saarda and let's look at what happened globally.
[00:00:26] The market is expected to open on a positive note driven by a rally in global markets, strong domestic corporate earnings, reduced geopolitical tensions between Iran and Israel and a noticeable drop in oil prices which have fallen to a one-month low under $72 per barrel.
[00:00:46] To start with our first segment for Tuesday, 29th October 2024, Nifty Index opened positive and witnessed buying right from the start of the session.
[00:00:57] It witnessed some cool-off in the second half but closed with gains of around 160 points.
[00:01:02] It formed a small-bodied bullish candle on the daily frame and negated its lower highs formation of the last four sessions.
[00:01:10] India Wix was down by 2.3% to 14.3 levels. Nifty put-call ratio increased to 0.96.
[00:01:19] Now these factors have converted the bulls to make a comeback.
[00:01:23] Option data suggest a broader trading range in between 24,000 to 24,800, while immediate range is in between 24,100 to 24,600.
[00:01:35] Moving on to the second segment in the equity cash market, FIIs were net sellers to the turn of 3,228 crores, while DIIs were buyers worth 1,400 crores.
[00:01:48] FIIs' index long-shot ratio increased to 40%.
[00:01:52] Going ahead with the index actionable, derivatives data and price setup suggest,
[00:01:58] till Nifty holds below 24,450 zones, some weakness could be seen towards 24,150 levels, while some bounce is expected near 24,600 zones.
[00:02:09] Till the time Bank Nifty holds below 51,500, some weakness could be seen towards 51,000 and then 50,500 zones.
[00:02:19] While on the upside, hurdle can be seen at 51,750 months.
[00:02:24] And finally, talking about the sectors and stocks to watch out,
[00:02:28] positive stance can be seen in some of the reality stocks, which includes DLF, Oberoi Reality, some of the banking names including ICICI Bank, CanBank and Banco Baroda.
[00:02:41] From the Pharma, we have Lupin, Sun Pharma, Alchem and DV's Lab looking quite positive.
[00:02:47] While some weakness could be seen in Indigo, Chora Finance, Coal India, SPI Card, Bharat Forge, Havild and Concorde.
[00:02:55] Wish you a super trading day ahead.
[00:02:58] Shivangi Sarda signing off for now, but don't forget to tune in to our special Moral Trading episode which is live tomorrow.
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