Here are the market updates for Monday, 27th 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 covering
[00:00:08] technical and generative FRIs activity, index actionable, sectors and stocks to watch out.
[00:00:14] So stay tuned till the end. Hey, this is your host Shivani Sardar and to start with our first
[00:00:30] segment for Monday 27th May 2024. Nifty index opened flat-ish but continued the uptake and
[00:00:37] touched a fresh all-time high of 23,026. It witnessed slight profit-looking at the higher
[00:00:45] end and closed the R-22,950 zones on Friday. It has been making higher highs from the last 10
[00:00:52] trading sessions and formed a bullish candle on the weekly frame with a consolidation breakout of
[00:00:59] the last few weeks. India Weeks was up by another 1.5% to 21.7%. Nifty put-call ratio
[00:01:06] slightly cooled off to 1.14. Now, volatility spiked above 24 levels during the peak and added
[00:01:14] momentum at the lifetime high in levels. Weeks needs to however cool down below 16-18 zones for
[00:01:21] stability in the market. However, this along with the stable put-call ratio indicates that there is
[00:01:28] strong support-based buying. Option data suggests a drawdown trading change in between 22,500
[00:01:36] to 23,500 zones while immediate range is in between 22,700 to 23,200.
[00:01:45] Moving on to the second segment, in the equity cash market, FIIIs were net
[00:01:50] sellers to the tune of 945 crores while DIIIs were net buyers worth 2,320 crores.
[00:01:58] FIIIs indexed long-shot ratio increased to 49%.
[00:02:02] Going ahead with the index actionable, derivatives data and price setup suggests
[00:02:08] Nifty has to hold above 22,900 for an up-move towards 23,200 then 23,350 whereas the ports
[00:02:18] are placed at 22,850 then 22,700. That Nifty has to continue to hold about 48,750 for an up-move
[00:02:28] towards 49,250 then 49,500 while at the downside support has shifted higher to 48,500 then 48,250.
[00:02:40] And finally talking about the sector and stocks to watch out, positive
[00:02:44] stats were seen in auto infrastructure and power stock. Stocks which are showing strength,
[00:02:51] auto index is holding at its new lifetime high territory so keeping on radar Ayesha
[00:02:56] Vota, Maruti, Madhya San, Bharat's porch which are looking promising even at the current zones.
[00:03:03] ABFRL has given a consolidation breakout on the daily and weekly scale.
[00:03:08] BEL and HAL from the defense space is holding on to higher zones and momentum could continue
[00:03:15] over here. Access banks from the private space looks quite promising.
[00:03:20] Bharat Yadil is holding this trend and every small decline is being bought.
[00:03:25] PFC and REC from the power space are showing power.
[00:03:29] Quarantine Shri Pyad in Manstock from the shipping stocks are in focus.
[00:03:34] Wishing you a great trading day ahead. For more such detailed analysis,
[00:03:39] don't forget to follow this podcast. This is Shivangi Sardar signing off.
[00:03:56] Investment and securities market are subject to market risk.
[00:04:00] Read all the related documents carefully before investing.