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 Dev. 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] Hey, this is your host Shivangi Sarda and to start with our first segment for Friday, 30th August 2024, the last trading session of the August series, Nifty Index opened flat-ditch and escalated upwards in the first half,
[00:00:34] which was followed by huge swings in the second half of the session. It touched a fresh all-time high of 25,192 and closed with gains of around 100 points.
[00:00:45] It formed a bullish candle on the daily frame and gave the highest ever close on the daily basis.
[00:00:50] The index has been shifting its base higher and making higher highs from the last four sessions.
[00:00:56] India Wix was down by around 1% to 13.8 levels. Difty put-call ratio jumped to 1.42.
[00:01:03] Volatility has been slightly inching up from the last three-odd sessions but overall is at lower base and supporting the bulls to buy at higher zones.
[00:01:13] Option data suggests a broader trading range in between 24,800 to 25,600, while immediate range is in between 24,900 to 25,400.
[00:01:25] Moving on to the second segment in the equity cash market, FIIs were net buyers to the tune of 3,260 crores, while DIs were buyers worth 2,691 crores.
[00:01:39] FIIs' index long-shot ratio increased to 70%.
[00:01:43] Wall Street had a mixed show on the previous session with the Dow touching of fresh record after economic data indicated stronger second-quarter GDP growth than the initially estimated numbers.
[00:01:54] Gold held near a record high level after better-than-expected US GDP data that were reported, while traders waited for a US inflation print that may offer clues on the Federal Reserve's rate-cutting path.
[00:02:06] Going ahead with the Indian markets, derivatives data and price setup suggest Nifty has to continue to hold above 25,100 for an up move towards 25,300, then 25,450, while supports can be seen at 25,000, then 24,850.
[00:02:38] And finally, talking about the sectors in stocks to watch out, positive stance was seen in banking, IT, oil and gas stocks.
[00:02:46] Now, stocks to keep on radar from the financial space, we have Bajaj FinServe and Bajaj Finance, looking quite positive.
[00:02:54] From the IT names, we have Bsoft, HCL Tech and LTTS finally holding at the higher zones.
[00:02:59] And last but not the least, we have Auto, which is looking quite positive.
[00:03:03] And from that space, we have Bajaj Auto.
[00:03:06] Weakness can be seen in MFSL, Trasteen, Bhel, etc.
[00:03:09] Wish you a super trading day ahead.
[00:03:12] Shivangi Sardas signing off.
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