Updates for 15th 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 and stocks to watch out.

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

[00:00:18] Hey! This is your host, Shivanki Sardha.

[00:00:29] And to start with our first segment for Wednesday 15th May 2024,

[00:00:35] Nifty Index opened positive and witnessed buying right from the start of the session.

[00:00:41] It crossed its 50 daily exponential moving average and managed to hold above 22-222

[00:00:49] to close with gains of around 110 points.

[00:00:53] Intervix was down by almost 2% to 20 levels.

[00:00:58] Nifty put call ratio increased to 1.02.

[00:01:02] Boltingity spiked above 22 at its 19 months high and created swings in the market.

[00:01:10] Now, India Vix needs to fall below 17-18 zones for stability and a smoother ride in the market.

[00:01:18] This along with the rise in the put call ratio indicate that support pay spying is intact and strong in the market.

[00:01:26] Boltingity is increasing ahead of the election phases which could cause a bumpy ride in the market for the time being.

[00:01:34] Option data suggests a broader trading range in between 21,700 to 22,700

[00:01:43] while immediate range is in between 22,000 to 22,400.

[00:01:50] Moving on to the second segment, in the equity cash market, FRIs were net sellers to the tune of 4,066 crores

[00:02:00] while DII's were net buyers worth 3,528 crores.

[00:02:06] FRIs indexed long shot ratio decreased to 30.5%.

[00:02:13] Going ahead with the index actionable, derivatives data and price setup suggest

[00:02:19] Nifty has to hold above 22,222 for an up move towards 22,350 then 22,500

[00:02:29] while support's uplays at 22,150 then 22,000.

[00:02:35] Bank Nifty has to continue to hold above 47,777 for a bounce towards 48,250 then 48,500

[00:02:45] while on the down side support is seen at 47,500 then 47,250.

[00:02:52] And finally talking about the sectors and stocks to watch out,

[00:02:57] positive stance was seen in metals, auto, banking, power, defence, capital goods and cement space

[00:03:06] while profit booking declined in pharma and FMCG pack.

[00:03:11] Stocks to keep on radar,

[00:03:13] Gindal Steel and NMDC from the metal sector which is trading at its lifetime high levels

[00:03:20] and give a fresh breakout on the daily and weekly frame.

[00:03:25] Siemens, ABB and Cumans from the capital good which has given a fresh breakout

[00:03:30] and good volumes can be seen over here.

[00:03:34] Bain which is giving a bottoming out structure.

[00:03:38] ICICI Bank from the private space which continues to show stability.

[00:03:44] Eminem and Escorts in the auto space.

[00:03:48] Wish you a great trading day ahead.

[00:03:50] For more such detailed analysis, don't forget to follow this podcast.

[00:03:54] This is Shivangi Sardar standing off.