Here are the market updates for Friday, 10th May, 2024, brought to you by Motilal Oswal Research Desk
[00:00:00] Welcome to Indian Market in Minutes from the Motilal Oswal Research Test.
[00:00:06] We will be covering technical and derivatives, FII's activity, index actionable, sectors
[00:00:13] and stocks to watch out. So stay tuned till the end.
[00:00:26] Hey this is your host Shivangi Sarda and to start with our first segment for Friday 10th
[00:00:32] May 2024, Nifty index opened negative and nose dived by more than 350 points and broke 21,950
[00:00:42] zones. Bears had taken full charge and it closed below the psychological 22,000 marks
[00:00:49] with losses of around 350 points.
[00:00:53] India wicks was up by another 6.5% to 18.2 levels.
[00:00:58] Nifty put call ratio slightly increased to 0.90. Volatility spiked above 19 at its 16
[00:01:07] months high and paved way for a smooth way for the bears.
[00:01:11] Along with this, a rise in the put call ratio indicates that put riders are getting trapped
[00:01:17] in the market and upside may remain capped. Volatility is increasing ahead of the election
[00:01:23] phases which could cause a bumpy ride in the market for the time being.
[00:01:29] Option data suggests a broad out trading range in between 21,500 to 22,500 while immediate
[00:01:38] range is in between 21,800 to 22,300.
[00:01:44] Moving on to the second segment, in the equity cash market, FII's were net sellers
[00:01:50] to the tune of 6,995 crores while DII's were buyers worth 5,642 crores.
[00:01:59] FII's indexed long short ratio decreased to 33%.
[00:02:05] Going ahead with the index actionable, derivatives data and price setup suggests
[00:02:11] Till Nifty holds below 22,000, weakness could be seen towards 21,850 then 21,700 whereas
[00:02:20] hurdles are placed at 22,050 then 22,222.
[00:02:27] Till Bank Nifty holds below 47,777 further weakness could be seen towards 47,250 then
[00:02:35] 47,000 levels while on the upside hurdle is seen at 47,777 then 48,000.
[00:02:45] And finally talking about the sectors and stocks to watch out.
[00:02:49] Positive stance was seen in auto while profit booking in major of the other sectors.
[00:02:55] Stocks to be kept on retail be very selective in stock picking as the index has drifted
[00:03:02] below its psychological 22k marks.
[00:03:05] Stocks which are showing some strength and resonance despite the market volatility is
[00:03:11] M&M, TVS Motor, SBI, Bajaj Auto from the AutoPack.
[00:03:18] Wish you a great trading day ahead.
[00:03:20] For more such detailed analysis, don't forget to follow this podcast.
[00:03:25] This is Shivangi Sardar signing off.
[00:03:40] Investment and securities market are subject to market risk.
[00:03:43] Read all the related documents carefully before investing.