Updates for 22nd 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.

[00:00:16] Hey, this is your host Shivani Sarada and to start with our first segment for Wednesday

[00:00:32] 22nd May 2024.

[00:00:35] Nifty index opened negative and witnessed buying interest right from the initial tick as a smart

[00:00:40] recovery of 150 points was seen from its lower levels.

[00:00:45] It has been continuously forming higher highs from the last six sessions and trading in an

[00:00:50] upward sloping channel, pulling well above its 50 daily exponential moving average.

[00:00:56] Itaewicks was up by another 6% to 21.8.

[00:01:01] Nifty put call ratio decreased to 1.15.

[00:01:04] Volatility is still hovering at its 19 months high and created swings in the market and this

[00:01:10] along with the pull off in the put call ratio indicates that there was respite to the bulls

[00:01:15] at lower levels.

[00:01:16] VIX needs to fall below 16-18 zones for stability and a smoother ride in the market.

[00:01:22] Volatility is increasing ahead of the inaction phases which could cause a bumpy ride for

[00:01:28] the time being.

[00:01:29] FIIs in NATO suggest a broader trading range in between 22,000 to 23,000 while immediate

[00:01:36] range is in between 22,300 to 22,700.

[00:01:42] Moving on to the second segment, in the equity cash market, FIIs were net sellers

[00:01:47] to the tune of 1,875 crores while DIs were net buyers worth 3,549 crores.

[00:01:56] FIIs index long short ratio increased to 32%.

[00:02:01] Going ahead with the index actionable, derivatives data and price setup suggest Nifty has to hold

[00:02:08] above 22,400 for an up move towards 22,650 then 22,794 whereas supports are shifting higher

[00:02:18] at 22,400 then 22,300.

[00:02:22] Nifty has to continue to hold above 48,000 for an up move towards 48,500 then 48,888 whereas

[00:02:31] on the downside support is seen at 47,777 then 47,500 levels.

[00:02:38] And finally talking about the sectors and stocks to watch out, positive stance was

[00:02:43] seen in defence, shipping, energy, capital goods and auto space.

[00:02:48] To keep on radar, BEL and HAN from the defence space which has shown momentum after the consolidation

[00:02:57] breakout.

[00:02:58] IRCTC, RVNL, IRCON and IRFC all from the railway stocks which are on the right track.

[00:03:06] Adding to this coaching shipyard and mass stock which are from the shipping space

[00:03:10] and are in complete focus.

[00:03:12] SPI and Indian Bank from the PSU stocks which are on radar.

[00:03:18] ABB from the capital goods space which continues to be strong.

[00:03:22] HINDALCO, TATA, STIR, VIDANTA and COLE India from the metal and mining stocks which are

[00:03:27] shining in action.

[00:03:29] AUROFARMA and DLEDMAP which are also seeing momentum from the farmer names.

[00:03:34] Wish you a great trading day ahead.

[00:03:36] For more such detailed analysis don't forget to follow this podcast.

[00:03:40] This is Shavanki Sarda signing off.

[00:03:43] Investment and securities market are subject to market risk.

[00:03:58] Read all the related documents carefully before investing.