In this episode, the host, Shivangi Sarda, unpacks the recent market correction and explores the potential buying opportunities ahead of Diwali.
Key segments cover technical insights, FII activity, index actionable, and sectors to watch, highlighting Nifty's potential highs, volatility impact, and strong stocks.
With 30+ years of equity expertise and dedicated advisors at your service, access investing opportunities in 550+ cities across 2200+ locations.
[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.
[00:00:15] Hey, this is your host Shivangi Saada and let's look at what happened globally.
[00:00:27] The recent market correction offers an excellent buying opportunity for selecting stocks ahead of Diwali.
[00:00:32] While the domestic markets fell for three weeks in a row, the US markets have surged for six weeks hitting record highs indicating that it's a favourable time to enter.
[00:00:43] To start with our first segment for Monday, 21st October 2024, Nifty Index opened negative but recovered right from its opening hour and covered 320 points from its opening low.
[00:00:55] It managed to close near 24,850 soles with gains of around 100 points.
[00:01:00] It formed a bullish candle on the daily frame but has been making lower lows from the last four sessions.
[00:01:06] It has formed a small-bodied bearish candle on the weekly frame but has been making lower highs from the last three weeks.
[00:01:14] And now support-based buying is seen at lower levels.
[00:01:17] India mix was down by another 2.5% to 13 levels.
[00:01:22] Nifty put-call ratio increased to 0.93.
[00:01:24] These two factors indicate that bulls are in some sort of a comfort.
[00:01:28] Option data suggests a broader trading range in between 24,400 to 25,300 zones.
[00:01:36] While immediate range is in between 24,700 to 25,100.
[00:01:41] Moving on to the second segment in the equity cash market, FIIs continued to sell and were net sellers to the tune of 5,486 crores.
[00:01:51] While DIIs were buyers worth 5,215 crores.
[00:01:55] FIIs index long-shot ratio decreased to 33.5%.
[00:02:00] Going ahead with the index actionable, Depth's data and price setup suggest,
[00:02:05] Nifty has to hold above 24,850 for an up move towards 25,000 then 25,250.
[00:02:13] While support can be seen at 24,600 zones.
[00:02:17] Bank Nifty has to continue to hold above 51,750 for the up move towards 52,750.
[00:02:24] While on the downside, support can be seen at 51,500.
[00:02:29] And finally, talking about the sectors and stocks to watch out.
[00:02:33] Positive stance was seen in metals, banks, reality, chemicals, pharma and general industry stocks.
[00:02:41] Now positive setup can be seen in some of the banking names which includes Axis Bank and ICICI Bank.
[00:02:47] So, focus is on the heavyweight private names.
[00:02:49] From the auto pack, we have TVS motor looking quite positive.
[00:02:53] From the capital goods space, Siemens and ABB is witnessing fresh logs.
[00:02:57] From the power space, we have NTPC looking quite positive.
[00:03:01] And last, from the pharma space, we have Alcum and Sun Pharma looking good.
[00:03:05] While some weakness could be seen in MGL, IGL, Asian Pain due to the crude oil movement and Nestle India Sun TV.
[00:03:13] Wish you a super trading day ahead.
[00:03:15] Shivangi Sarada signing off.
[00:03:17] Follow this podcast for solid advice.