Here are the market updates for Wednesday, 16th May, 2024, brought to you by Motilal Oswal Research Desk
[00:00:00] Welcome to Indian Market in Minutes from the Motilal Oswal Research Desk.
[00:00:06] We will be covering Technical and Deliverative's FII's Activity Index Actionable Sectors and Stocks to Watch Out.
[00:00:15] So stay tuned till the end.
[00:00:17] Hey, this is your host, Shivam Ghisarda.
[00:00:29] And to start with our first segment for Thursday 16th May 2024,
[00:00:35] Nifty Index opened positive and went on to nearly touch 22,300 levels.
[00:00:42] But it remained in the initial ticks range in the entire trading session.
[00:00:48] India Wix was again marginally up to 20.3 levels.
[00:00:53] Nifty put call ratio decreased to 0.92.
[00:00:57] Volatility is still hovering at its 19 months high and created swings in the market.
[00:01:04] Wix needs to fall below 17-18 zones for stability and smoother ride in the market.
[00:01:11] This, along with the fall in the put call ratio, indicates that upside may remain capped in the market.
[00:01:18] Volatility is increasing ahead of the inaction phases which could cause a bumpy ride in the market.
[00:01:26] Option data suggests a broader trading range in between 21,700 to 22,700 while immediate range is in between 22,000 to 22,400.
[00:01:40] Moving on to the second segment, in the equity cash market, FII's were net sellers to the tune of 2,833 crores
[00:01:51] while DII's were buyers worth 3,788 crores.
[00:01:57] FII's indexed long-shot ratio decreased to 27.5%.
[00:02:03] Going ahead with the index actionable, derivatives data and dry setups suggests
[00:02:10] Nifty has to cross and hold above 22,222 for an up move towards 22,400 then 22,500 whereas the boats are placed at 22,150 then 22,000 zones.
[00:02:27] Bank Nifty has to continue to cross and hold above 47,777 for a bounce towards 48,250 then 48,500
[00:02:39] while on the downside support is seen at 47,500 then 47,250.
[00:02:47] And finally talking about the sector as in stocks to watch out, positive stance was seen at capital goods, metals, banking and fertilizer stocks while some profit-booking in FWCG pack.
[00:03:02] Now stocks which are showing strength are FNM and Scots from the auto space which is resilient in this entire volatile market.
[00:03:13] HAL from the defense space which is holding on and gave a fresh breakout at record high levels.
[00:03:20] Trindon Steel and NMDC from the metal sector at its lifetime high and giving a fresh breakout of the daily and weekly scale.
[00:03:29] C-Pens and Cumans from the capital goods space which have been witnessing good volumes.
[00:03:37] Wish you a great trading day ahead.
[00:03:39] For more such detailed analysis, don't forget to follow this podcast.
[00:03:43] This is Shivangi Sardar, Steining off.