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 the Motilal Oswal Research Death. We will be covering technical and derivatives, FII's activity, index actionable, sectors and stocks to watch out. So stay tuned till the end.
[00:00:14] Hey, this is your host Shivangi Sarda and to start with our first segment for Friday 21st June 2024, Nifty index opened positive and remained choppy in range of 180 points throughout the day. It remained in the range of the previous session and closed with gains of around 50 points.
[00:00:42] It failed to surpass its previous day's high but good part is that the supply is getting absorbed and it remains afloat. Interwix was down by around 3% to 13.3 levels. Volatility has been slightly on the rise from the last three sessions which is causing
[00:01:00] a bumpy ride on the upside direction. Now Nifty put call ratio rose to 1.29. So overall this fall in volatility along with rise in put call ratio suggests that both pays buying is intact. Option data suggest a broader trading range in between 23,200 to 24,000 levels while
[00:01:22] immediate range is in between 23,400 to 23,700. Moving on to the second segment in the equity cash market, FIS were net buyers to the tune of 415 crores while DIS were sellers worth 326 crores. FIS index long short ratio improved to 56.7%.
[00:01:46] Going ahead with the index actionable, derivatives data and price setups suggest Nifty has to continue to hold above 23,500 to extend the move towards 23,664 and 23,750 while supports are placed at 23,400 zones. Bank Nifty has to continue to hold above 51,500 for an upside move towards 52,250 then 50 to 500 levels.
[00:02:16] On the downside, support shifts higher to 51,500 than 51,250. And finally talking about the sectors in stocks to watch out, positive stance was seen in banks, metals, chemical and fertilizers, oil and gas and some FMCG names while minor profit taking in pharma and IT names.
[00:02:40] Now stocks which are showing strength are from the fertilizer space which is playing out the seasonality effect as well. So poromandel and chumbell fertilizers are smiling ahead of the monsoon. From the auto back, we have Bharat Forge, Mother Sun and Apollo Tire holding on to its gains.
[00:02:58] Inden Hotel has given a breakout and showing good buying interest. From the banks, we have Federal Bank and IDFC First Bank which are showing strength. Wish you a super trading day ahead and a lovely weekend. For more such detailed analysis, don't forget to follow this podcast.
[00:03:15] This is Shirangi Sarda signing off.