Updates for 17th 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.

[00:00:26] Hey, this is your host, Shivangi Sarda and to start with our first segment for Friday

[00:00:32] 17th May 2024.

[00:00:35] Nifty index opened positive and after a slight profit booking and range mount move in the

[00:00:42] most part of the session, it witnessed remarkable comeback of the bulls in the last hour.

[00:00:48] It crossed 22,430 levels and closed with gains of around 200 points.

[00:00:56] India Wix was down by 1.3% to 20.

[00:01:00] Nifty put call ratio increased to 1.19.

[00:01:05] Volatility is still hovering at its 19 months high and created swings in the market.

[00:01:11] Wix needs to fall below 16-18 zones for stability to resume in the market and this along with

[00:01:19] the rise in the put call ratio indicates that support base buying is strong and intact.

[00:01:26] Nifty is increasing ahead of the election phases which could cause a bumpy ride in the

[00:01:31] market for the time being.

[00:01:34] Option data suggests a broader trading range in between 21,800 to 22,800 while immediate

[00:01:42] range is in between 22,200 to 22,600.

[00:01:49] Moving on to the second segment, in the equity cash market, FII's were net sellers

[00:01:55] to the tune of 776 crores while DII's were buyers worth 2,128 crores.

[00:02:03] FII's indexed long shot ratio marginally decreased to 26%.

[00:02:11] Going ahead with the index actionable, derivatives data and price setup suggests Nifty has to

[00:02:17] hold above 22,350 for an up move towards 22,550 then 22,700 whereas supports are placed at

[00:02:27] 22,350 then 22,222.

[00:02:33] Bank Nifty has to cross and hold above 47,777 for a bounce towards 48,250 then 48,500 while

[00:02:43] on the downside support is seen at 47,777 then 47,500.

[00:02:52] And finally talking about the sectors and stocks to watch out, positive stance was seen in

[00:02:57] most of the sectors including capital goods, reality, IT, banking, auto and FMCG stocks

[00:03:07] while minor profit booking declined in the metal pack.

[00:03:12] Now stocks which are showing strength are PEL from the defense space which is at the

[00:03:18] verge of the fresh consolidation breakout.

[00:03:21] M&M and Scots, one of the strongest names in the auto pack.

[00:03:27] Astral which is giving a rounding formation and breakout and this along with long addition

[00:03:34] in this stock is going to add strength.

[00:03:37] Humans from the capital goods space continues to be strong.

[00:03:42] Bharti Airtel from the telecom space which is giving a breakout on the daily chart and

[00:03:49] inching higher.

[00:03:50] PFC has given a recent corrective move which provides fresh buying opportunity with a better

[00:03:57] risk reward ratio.

[00:04:00] Wish you a great trading day ahead.

[00:04:03] For more such detailed analysis don't forget to follow this podcast.

[00:04:07] This is Shivangi Sardar signing off.