Yesterday’s Pick:
Investment Pick NAUKRI — Rs 14375 ( 25 Qantity Part profit)
IGL 25APR24 470 CE BUY 2750 (1375 Lot size)
EICHERMOT 25APR24 4050 CE Rs 9450 (Lot Size 175)
MARUTI 25APR24 12700 CE Rs 2500( Lot Size 50)
SHORT TERM INVESTMENT PICK, PIRAMAL ENTERPRISE …. Rs 4500 ( 100 Quanity)
Investment Pick HINDCOPPER. Rs 2300 ( 100 Quanity)
UBL 25APR24 1820 CE BUY Rs 4000 ( Lot size 400)
Banknifty Technical View:
The Bank Nifty index showed a Doji candlestick pattern on the daily chart, indicating that the market closed near its opening level. This suggests that investors are uncertain about where the market is headed next. Although the Doji formed at the top of the market could signal a potential reversal in trend, any flip side will create buying opportunity.
FII and DII:
According to provisional data from the NSE, foreign institutional investors (FIIs) sold shares worth Rs 685 crore, while domestic institutional investors (DIIs) bought Rs 3471 crore worth of stocks.
Put Call Ratio:
The Nifty Put Call ratio (PCR), which indicates the mood of the equity market, jumped to 1.29 on April 8, from 1.03 levels in the previous session. The increasing PCR or higher than 0.7 or surpassing 1 means the traders are selling more Put options than Calls options, which generally indicates increasing bullish sentiment in the market, whereas the ratio falling below 0.7 or moving down towards 0.5 means that selling in Calls is higher than selling Puts, indicating the bearish sentiment in the market.
Nifty and Bank Nifty Support and Resistance level:
Nifty :- Resistance 22680, 22750 and 22800 levels.
Support 22,600, 22,510 and 22430 levels.
Bank Nifty: Resistance 48,600, 48,750 and 48,880
Support 48,450 followed by 48,400 and 48,300.
Index Future levels:
Nifty Futures Buy near 22700. The suggested targets for this are 22,900 and 23000, with a stop loss set at 22,580.
Bank Nifty future Buy above 48,750 , the index is expected to see upside levls of 49,000 and 49100, and level 48,550 will act as a stop loss.
Stocks in the news
Dilip Buildcon:
The infrastructure company has secured the position of the lowest bidder (L-1) for a project worth Rs 1,092.46 crore awarded by the Haryana Rail Infrastructure Development Corporation. This project, which will be executed in Haryana, follows an Engineering, Procurement, and Construction (EPC) mode of operation.
Axis Bank:
Bain Capital is getting ready to sell off all its remaining shares in the private sector bank. The US private equity giant intends to reduce its ownership stake further by arranging a new block trade worth approximately $430 million.
Today’s Fundamental Pick
Tata Motors: BUY 1013 |Target 1086| Target 1100| Stop loss 979
Tata Motors Group, a key player in the global automotive sector, is part of the renowned Tata conglomerate. It offers a diverse range of vehicles worldwide, including cars, SUVs, trucks, buses, and defense vehicles. Operating in several countries such as India, the UK, South Korea, South Africa, China, Brazil, Austria, and Slovakia, Tata Motors Group has established a strong presence through its subsidiaries, associate companies, and Joint Ventures (JVs). Notable entities within its portfolio include Jaguar Land Rover in the UK and Tata Daewoo in South Korea.
Tata Motors released its quarterly financial results for the period of October-December in fiscal year 2023-24 (Q3FY24). The report highlighted a significant surge of 137.5 percent in its consolidated net profit, reaching ₹7,025.11 crore compared to ₹2,958 crore in the corresponding period of the previous year.
Jaguar Land Rover (JLR) experienced significant growth in its sales for the full year, with an increase of over 20 % compared to the previous year. This uptick in sales can be attributed to better production capabilities and sustained demand for their vehicles across the globe. In the fourth quarter of fiscal year 2024 (Q4FY24), JLR sold 110,000 units (excluding the China joint venture), marking a 16 percent increase from the same quarter last year. For the entire fiscal year 2024 (FY24), JLR sold 401,000 units, representing a 25 percent increase compared to the previous year.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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