Updates for 14th May, 2024

[00:00:00] Welcome to Indian Market in Minutes from the Motilal Oswal Research Desk.

[00:00:06] We will be covering technical and derivatives, FII's activity, index actionable, sectors

[00:00:13] and stocks to watch out.

[00:00:15] So stay tuned till the end.

[00:00:17] Hey this is your host Shivangi Sardar and to start with our first segment for Tuesday

[00:00:32] 14th May 2024.

[00:00:35] Nifty Index opened flat-ish and after the fall in the initial tick, it recovered in the entire

[00:00:42] session and recouped all its intraday losses.

[00:00:46] It went on to touch near its previous days high and closed above 22,100.

[00:00:53] It formed a bullish candle on the daily frame with a longer lower shadow indicating that

[00:00:59] a strong pullback move was visible from the lower levels.

[00:01:04] Ita Wix was up by another 11.5% to 20.6%.

[00:01:10] Nifty Put Call Ratio increased to 0.97.

[00:01:15] Volatility spiked above 21.5 zones at its 19 months high and created swings in the

[00:01:22] market.

[00:01:23] Wix needs to fall below 17-18 zones for some stability and a smoother ride in the

[00:01:30] market.

[00:01:31] This along with the rise in the put call ratio indicates that there was some respite to the

[00:01:36] bulls at lower levels.

[00:01:39] Volatility is increasing ahead of the election phases which could cause a bumpy ride in

[00:01:44] the market for the time being.

[00:01:46] Option data suggests a broader trading range in between 21,500 to 22,500 while immediate

[00:01:55] range is in between 21,900 to 22,300.

[00:02:00] Moving on to the second segment, in the equity cash market, FIIIs were net sellers to the

[00:02:07] tune of 4,500 crores while DIIs were buyers worth 3,563 crores.

[00:02:15] FIII's index long shot ratio is at 34%.

[00:02:20] Going ahead with the index actionable, derivatives data and price setup suggests

[00:02:25] Nifty has to hold above 22,050 for a bounce towards 22,222 then 22,350 while support is

[00:02:36] seen at 21,950 then 21,800.

[00:02:41] Bank Nifty has to cross that hold above 47,777 for a bounce towards 48,250 then 48,500

[00:02:52] while on the downside support is seen at 47,500 then 47,250.

[00:03:00] And finally talking about the sectors and stocks to watch out, positive stance was seen

[00:03:05] in capital goods, cement and construction, banking and auto stocks while profit booking

[00:03:12] declined in oil and gas banks.

[00:03:15] Stocks to keep on red-ar be very selective in the stock picking as index is trying

[00:03:21] to hold above its psychological 22k mark.

[00:03:25] Stocks which are showing strength are, cement, ABB and Cumans from the capital goods space

[00:03:32] which have given a fresh breakout and good volumes are being added over here, Bale

[00:03:38] which is bottoming out and giving a good up move potential.

[00:03:43] ICICI banned from the private banking space which is showing stability amongst this volatility.

[00:03:51] Wish you a great trading day ahead.

[00:03:53] For more such detailed analysis, don't forget to follow this podcast.

[00:03:57] This is Shivangi Sarda signing off.

[00:04:13] Investment and securities market are subject to market risk.

[00:04:16] Read all the related documents carefully before investing.