Here are the market updates for Tuesday, 21st May, 2024, brought to you by Motilal Oswal Research Desk
[00:00:00] Welcome to Indian Market in Minutes from the Motilal Oswal Research Dev.
[00:00:06] We will be covering technical and derivatives, FII's activity, index actionable, sectors
[00:00:12] and stocks to watch out. So stay tuned till the end.
[00:00:26] Hey, this is your host Shivangi Sardha and to start with our first segment for Tuesday
[00:00:32] 21st May 2024. Nifty index opened flat-ish on Friday but managed to hold its higher support
[00:00:40] of 22,350. It witnessed a positive to range-bound move in most part of the session. It continued
[00:00:48] its bullish stance even on the special trading session on Saturday. It formed the small-bodied
[00:00:54] bullish candle with longer lower shadow indicating that declines are being continuously bought.
[00:01:01] India Wix is near 20, volatility is still hovering at its 19 months high and created swings in
[00:01:08] the market. Now Wix needs to fall below 16-18 zones for stability and a smoother ride in
[00:01:14] the market. Option data suggests a broad-out trading range in between 22,000 to 23,000 while
[00:01:23] the immediate range is in between 22,300 to 22,600. Moving on to the second segment, in
[00:01:31] the equity cash market, FII's were net sellers to the tune of 93 crores while DII's broke
[00:01:39] their buying streak of the last 18 sessions and were net sellers worth 153 crores. FII's
[00:01:47] index long-short ratio increased to 28%. Going ahead with the index actionable, derivatives
[00:01:54] data and price setups suggest Nifty has to hold above 22,400 for an up-move towards 22,550
[00:02:03] then 22,700 whereas supports uplaced at 22,350 then 22,222. Bank Nifty has to continue
[00:02:13] to hold above 48,000 for an up-move towards 48,500 then 48,888 while on the downside support
[00:02:22] is seen at 47,777 then 47,500. And finally talking about the sector's
[00:02:30] stocks to watch out, positive stance was seen in defence, shipping, power, energy,
[00:02:36] capital goods and auto stock. So stocks to keep on radar, BELs from the defence space which
[00:02:44] has seen that momentum is continuing even after the consolidation breakout. IRCTC and
[00:02:50] Concord from the railway back which are on the right track. Escorts stocks in the top
[00:02:57] gear amongst the entire auto back. Bale cumans from the capital goods base which is continuing
[00:03:03] to be strong. Finally Vedanta and NMDC from the metal and mining stocks which are in full action.
[00:03:11] Wish you a great trading day ahead. For more such detailed analysis, don't forget to follow
[00:03:16] this podcast. This is Shivangi Sarda signing off.
[00:03:19] Investment and securities market are subject to market risk. Read all the related documents
[00:03:37] carefully before investing.