FRIDAY’S PICK
WIPRO FUT RS 15000/- (Per Lot)
BANKNIFTY 16 JUL 52500CE RS 17250 (Per 5 Lot)
TCS CASH RS 26000 (200 Quantity)
Infosys Cash RS 36400 (200 Quantity)
Nifty Technical View
The market showed strong growth after a period of stability, reaching a new record peak on July 12 by closing above 24,500 for the first time. It surged 186 points on Friday and a total of 178 points over the week. If the index holds steady above 24,400, it could potentially rise further to around 24,800 in upcoming sessions, with important support anticipated at 24,300.
India VIX
Volatility continued to decrease for another trading period and struggled to remain above the 14 mark for an extended period, signaling a positive trend for bullish investors. The India VIX, which measures market fear, fell by 1.93 percent, settling at 13.73 from levels around 14 on Friday. However, it registered an increase of 8.11 percent over the week.
Put-Call Ratio
On July 12, the Nifty Put-Call ratio (PCR), a gauge of market sentiment, decreased slightly to 1.28 from its previous level of 1.29. A rising PCR, especially above 0.7 and surpassing 1, signifies that traders are selling more Put options compared to Call options. This trend typically suggests a strengthening bullish sentiment in the market. Conversely, if the ratio drops below 0.7 or approaches 0.5, it indicates that more Call options are being sold relative to Put options, reflecting a bearish sentiment prevailing among traders.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) bought Indian stocks valued at Rs 14,490 crore, while domestic institutional investors (DIIs) purchased Indian stocks worth Rs 19,113 crore during the same period.
Stocks in news
Marico:Â Marico aims for double-digit revenue growth in the medium term, with domestic revenue expected to outpace volume growth from Q1FY25.
RVNL:Â Rail Vikas Nigam secured a Letter of Acceptance (LoA) for a project worth Rs 132.6 crore from Central Railway for OHE modification work in Nagpur division.
Nifty and Bank Nifty Support and Resistance level
Nifty :
Resistance 24,580, 24,640, and 24,750
Support based 24,400, 24,300, and 24,200
BankNifty:
Resistance 52,650, 52,850, and 53,000
Support based 52,200, 52,050, and 51,870
Index Future levels
Nifty Futures Buy Above 24650 The suggested targets for this are 24,750 and 24,850 with the stop loss set at 24,500.
Bank Nifty future Buy Above 52,500 index is expected to see up side levels of 52,650 and 52,750 and level 52,300 will act as a stop loss.
Momentum Pick: ZEEL
Buy above ₹160 | Target price: ₹175 |Stop Loss:₹ 145
Zee Entertainment Enterprises Limited, an Indian media and entertainment company, focuses primarily on broadcasting general entertainment television channels excluding news and current affairs. It operates within the content and broadcasting sectors, with key activities including satellite television broadcasting, digital media, and acting as a space selling agent for other satellite channels. Zee Entertainment’s offerings encompass a broad domestic broadcast portfolio of approximately 48 channels and an international portfolio of 41 channels available in over 170 countries.
In the last quarter, Zee Entertainment Enterprises Limited reported a net profit of Rs 13.35 crore for the quarter ending March 2024, marking a significant improvement compared to a loss of Rs 196 crore in the same quarter of the previous year. Total income for the reporting quarter saw a modest increase of 3% year-on-year, amounting to Rs 2,185 crore. In contrast, total income stood at Rs 2,126 crore in the corresponding quarter of the previous year.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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