Friday’s Pick
ITC FUT Rs 9,600 (Per 1 Lot)
NIFTY 25 JUL 24750PE Rs 4375 (Per 5 Lot)
Nifty Technical View
The Nifty 50 has formed a bearish candlestick pattern resembling a Bearish Engulfing pattern on the daily charts, which indicates a potential trend reversal. The momentum indicator RSI (Relative Strength Index) shows a negative crossover. On the weekly scale, it formed a Shooting Star pattern at the top, which is also a bearish reversal pattern. The Nifty 50 dropped 270 points to 24,531. The market seems cautious, making 24,000 a crucial area on the downside, while in case of a bounce, 24,900 is the level to watch.
Indian Vix
Volatility increased for four days in a row, climbing towards the 15 mark. If it goes above and sustains this level, it may further signal caution for bulls. The India VIX, known as the fear index, rose 2.17 percent to 14.83 on Friday, from 14.51 levels. For the week, it gained more than 8 percent, marking another week of increases.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) bought Indian stocks valued at Rs 1,506.12 crore, while domestic institutional investors (DIIs) sold Indian stocks worth Rs 461.56 crore during the same period.
Put Call Ratio:
The Nifty Put-Call ratio (PCR), which indicates the market sentiment, fell to 1.11 on July 19 from 1.41 levels in the previous session. An increasing PCR, or a value higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, generally indicating a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, it indicates higher selling in Calls than in Puts, reflecting a bearish mood in the market.
Stocks in the news
NMDC: The company is also looking to acquire mining assets in various parts of the world, which will support its target of 100 million tonnes (MT) of production by 2030. Targeting 100 MT of iron ore production by 2030, NMDC, the country’s largest iron ore merchant miner, is undergoing internal restructuring. This includes setting up new divisions like a projects department and ramping up its human resources. The company is also considering overseas acquisitions for iron ore and lithium mines.
IOC: Indian Oil Corporation, the nation’s largest oil firm, is targeting to become a $1 trillion company by 2047. The company plans to achieve this by combining growth in traditional oil refining and fuel marketing with investments in clean energy avenues such as green hydrogen and EV charging, according to its chairman.
Nifty and Bank Nifty Support and Resistance level
Nifty :
Resistance 24,765, 24,845, and 24,980
Support based 24,500, 24,420, and 24,285
BankNifty:
BankNifty: Resistance 52,501, 52,605, and 52,773
Support based 52,165, 52,060, and 51,890
Index Future levels
Nifty Futures Sell near 24500 The suggested targets for this are 24,300 and 25200 with the stop loss set at 24,750.
Bank Nifty Future Sell near 52,200 index is expected to see down side levels of 51900 and 51,800 and level 52,550 will act as a stop loss.
Momentum Pick: IRCON
Buy at ₹317| Target price: ₹345 |Stop Loss:₹ 303
Ircon International Ltd, a government-owned engineering and construction company incorporated in 1976, is headquartered in New Delhi. The company operates in several lines of business, including civil engineering and construction, railway infrastructure, power and irrigation, and other related services. Its top products include railway track construction, bridge construction, road construction, power plant construction, and irrigation projects. Ircon International Ltd also has a presence in the manufacturing sector, producing railway components, power equipment, and other related items. The company’s popular brands include Ircon, IRCONCEM, and IRCON-ISPAT. cities and towns in India.
Ircon International has seen an increase in net profit for the last two quarters, from ₹244.64 crore to ₹246.84 crore, with an average increase of 0.9% per quarter. Mutual Funds have significantly increased their holdings from 0.45% to 1.67% in the June 2024 quarter. Revenue is also up for the last two quarters, from ₹3.04K crore to ₹3.89K crore, with an average increase of 21.7% per quarter. Promoters’ holdings remained unchanged at 65.17% in the June 2024 quarter. The Ircon International has won a Rs 750 crore contract from Rail Vikas Nigam for a new rail track installation. We expect continued growth for the company due to government investments in railways.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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