Updates for 24th May 2024

[00:00:00] Welcome to Indian Market in Minutes from the Motilal Oswal Research Desk.

[00:00:05] We will be covering technical and derivatives, FII's activity, index actionable sectors and stocks to watch out.

[00:00:12] So stay tuned till the end.

[00:00:14] Hey, this is your host Shivangi Sardar and to start with our first segment for Friday 24th May 2024,

[00:00:31] Nifty Index opened positive and witnessed strong buying interest right from the start of the session.

[00:00:37] It touched a fresh all-time high of 22,993 levels, just a few points away from the psychological 23,000 marks.

[00:00:47] And of course it closed with gains of around 370 points.

[00:00:51] India Wix was up by another half percent to 21.4, Nifty Put Call Ratio increased to 1.4.

[00:00:59] Volatility spiked above 24 levels and added momentum at the lifetime high levels.

[00:01:04] This along with the rise in the Put Call Ratio indicates that there was strong support-based buying.

[00:01:09] Option data suggests a broader trading range in between 22,500 to 23,500 while immediate range is in between 22,700 to 23,200.

[00:01:22] Moving on to the second segment in the equity cash market, FII's broke their selling streak of the last 14 sessions and were net buyers to the tune of 4,671 crores while DII's continue buying buyers worth 147 crores.

[00:01:39] FII's index long-shot ratio increased to 42%.

[00:01:43] Going ahead with the index actionable, derivatives data and price setup suggests Nifty has to hold above 22,850 for an up move towards 23,200 then 23,350 levels whereas supports are placed at 22,850 then 22,700.

[00:02:04] Bank Nifty has to continue to hold above 48,500 for an up move towards 49,250 then 49,500 while on the downside support has shifted higher to 48,250 then 48,000 levels.

[00:02:20] And finally talking about the sectors and stocks to watch out, positive stance was seen in FMCG energy, capital goods, defense, shipping and some revival in the IT stocks.

[00:02:32] Stocks to keep on radar, Aisho Motor, Hero MotoCop, Eminem, Maruti and Mothersons from the auto space which are now shifting gears.

[00:02:41] Concord IRCTC, RVNL and IRFC from the railway stocks which continue to be on the right track.

[00:02:49] Adding to this coaching shipyard and mass stock from the shipping space which are in focus as well.

[00:02:55] BEL and HAL from the defense space continue holding on to the higher zones and follow up buying is quite strong here.

[00:03:02] Access Bank from the private banking space is showing some strength.

[00:03:07] Adding to this Bharti et al from the telecom space which will also get benefited from the recent telecom development.

[00:03:14] Ambuja cement from the cement space which has given a consolidation breakout on the daily and weekly time frame.

[00:03:21] Wish you a great trading day ahead. For more such detailed analysis, don't forget to follow this podcast.

[00:03:27] This is Shivangi Sardar signing off.

[00:03:43] Investment and securities market are subject to market risk. Read all the related documents carefully before investing.