Here are the market updates for Thursday, 23rd 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. We will be
[00:00:08] covering technical and derivatives, FII's activity, index actionable, sectors and stocks
[00:00:14] to watch out. So stay tuned till the end.
[00:00:26] Hey this is your host Shivangi Sardar and to start with our first segment for Thursday
[00:00:32] 23rd May 2024, Nifty index opened positive and after the hiccup in the initial tick, it moved
[00:00:39] onwards and upwards in the entire session. It crossed 22,600 and closed with gains of around
[00:00:47] 80 points.
[00:00:49] India Wix was up by another 1.5% to 21.5%. Nifty put call ratio also increased to 1.2.
[00:00:58] Now Volatility is still hovering at its 20 months high and needs to fall below 16-18
[00:01:05] zones for stability and a smoother ride in the market. This along with the rise of the
[00:01:10] put call ratio indicates that there was strong support base buying with momentum. Option
[00:01:16] data suggests a broader trading range in between 22,000 to 23,000 while immediate
[00:01:23] range is in between 22,400 to 22,800.
[00:01:29] Moving on to the second segment, in the equity cash market, FII's were net sellers to the
[00:01:35] tune of 686 crores while DII's were buyers worth 962 crores. FII's indexed long shot
[00:01:43] ratio marginally increased to 31%.
[00:01:47] Going ahead with the index actionable, derivatives data and price setup suggests
[00:01:52] Nifty has to hold above 22,500 for an up move towards its recent lifetime high of 22,794
[00:02:01] then 22,900 whereas support's uplaced at 22,450 then 22,350. Bank Nifty has to continue to
[00:02:11] hold above 47,777 for an up move towards 48,250 then 48,500 while on the downside
[00:02:20] support is seen at 47,500 then 47,250.
[00:02:26] And finally talking about the sector's and stocks to watch out, positive stance was seen
[00:02:31] in FMCG, energy, capital goods, defence, shipping and some revival in the IT names.
[00:02:39] Now stocks to keep on radar,
[00:02:41] Oberoi reality which has given a consolidation breakout of the last few sessions
[00:02:48] in coal India where we can see that the follow up action is quite strong.
[00:02:53] Adding on Mother Sun which is adding gradual volumes, BEL and HAL from the defence space
[00:03:00] are holding onto the higher zones quite strongly. IRCTC, RVNL, IRCON and IRFC from the railway
[00:03:08] track are on the right track. Adding on Coaching Shipyard and Mazdok from the shipping
[00:03:15] stocks which are in focus. ABB from the capital goods space continues to be strong.
[00:03:22] Wish you a great trading day ahead. For more such detailed analysis, don't forget to follow
[00:03:27] this podcast. This is Shivangi Sardar signing off.
[00:03:45] Investment and securities market are subject to market risk. Read all the related documents
[00:03:49] carefully before investing.