Updates for 29th May 2024

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

[00:00:06] We will be covering technical and derivatives FRIs activity, index actionable, sectors and stocks to watch out.

[00:00:13] So stay tuned till the end.

[00:00:24] Hey, this is your host, Shivanki Sardar and to start with our first segment for Wednesday 29th May 2024,

[00:00:31] Nifty Index opened positive then moved southwards the entire session on account of profit booking at higher zones.

[00:00:39] It struggled to surpass 23,000 marks and moved in a narrow band of 100 points.

[00:00:45] ItaWix was up by another 4.5% to 24 levels.

[00:00:50] Volcanity spiked above 24.5 levels and needs to fall below 16-18 zones for stability and a smoother ride in the market.

[00:01:00] Nifty Put-Con Ratio decreased to 0.94.

[00:01:03] Now this spawn and put-con ratio winked the rising volatility in the case that there was some discomfort to the polls.

[00:01:10] Volcanity is increasing ahead of the election phases which could cause a bumpy ride ahead in the market.

[00:01:17] Option data suggests a broader trading range in between 22,500 to 23,300.

[00:01:25] While immediate range is in between 22,750 to 23,050 levels.

[00:01:31] Moving on to the second segment in the equity cash market, FYI's were net buyers to the tune of 66 crores while DII's were buyers worth 3,232 crores.

[00:01:44] FYI's index long-shot ratio increased to 54%.

[00:01:48] Going ahead with the index actionable, derivatives data and price setup suggest,

[00:01:53] Nifty has to cross and hold above 22,900 for the momentum to regain,

[00:01:59] for and up move towards 23,110 then 23,200 levels.

[00:02:04] Better supports are placed at 22,800 then 22,700.

[00:02:10] Bank Nifty has to hold above 49,000 for and up move towards 49,500 then 49,750

[00:02:18] while on the downside the support has shifted higher to 49,000 then 48,750.

[00:02:25] And finally talking about the sectors and stocks to watch out,

[00:02:28] positive stands were seen in pharma and selective banking counters while on other sectors turned volatile.

[00:02:36] Stocks to PeePonRidhar are from the autospace which is holding its new high territory with strength.

[00:02:43] Excite hero motor park from this space.

[00:02:46] From the pharma names we have DV Slab and Gledmuk which has given a fresh breakout.

[00:02:51] Adding to this is Qminz which is holding on to its halestern fine levels.

[00:02:56] Wish you a great trading day ahead.

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[00:03:02] The Shivangi start us riding off.

[00:03:17] Investment and securities market are subject to market risk.

[00:03:20] Read all the related documents carefully before investing.