Yesterday’s Pick
DLF FUT Rs 33,825 (Per 1 Lot)
NIFTY 25 JUL 24500 PE Rs 9250 (Per 10 Lot)
Nifty Technical View
Market Recovers Strongly Post-Budget but Closes Slightly Lower
The Indian stock market experienced significant volatility on budget day. After a sharp initial decline of over 1,200 points on the Sensex and 400 points on the Nifty, the market staged a strong recovery. While the overall budget was largely in line with expectations, a proposed increase in capital gains tax dampened investor sentiment. Despite the closing red, experts remain optimistic about the market’s near-term prospects. The Nifty 50 will resume its upward trajectory towards 24,850 as long as it maintains support levels of 24,300 to 24,200.
Put-Call Ratio
The Nifty Put-Call Ratio (PCR) took a sharp dive to 0.87 on July 23, indicating a significant shift in market sentiment from bullish to bearish. This steep decline from the previous day’s level of 1.02 suggests that traders are increasingly opting for Put options over Call options.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) purchased Indian stocks worth Rs1,418.82 crore, while domestic institutional investors (DIIs) sold Indian stocks valued at Rs 2,975.31 crore during the same period.
India VIX
The Indian equity market witnessed a significant decline in volatility following the Union Budget. The India VIX, a key indicator of market fear, dropped sharply by 17.43% to 12.75, erasing nearly all its gains for the month. This substantial decrease suggests that investor sentiment has improved considerably, with a growing preference for riskier assets.
Stock In News
Dr Reddy’s Laboratories
The Board of Directors of the pharma company will meet on July 27 to consider the sub-division of existing equity shares, including the American Depository Shares.
Vedanta
The company, at its board meeting on July 26, will consider the second interim dividend on equity shares, if any, for FY25.
Tata Consumer Products
The FMCG company has fixed July 27 as a record date for its Rs 3,000 crore rights issue. The rights issue price has been fixed at Rs 818 per share. The rights issue will open on August 5 and close on August 19.
Nifty and Bank Nifty Support and Resistance level
Nifty :-
Resistance 24,525, 24,695, and 24,890
Support based 24,185, 24,065, and 23,870
BankNifty:
Resistance 51,890, 52,635, and 53,095
Support based 51,430, 51,145, and 50,685
Index Future levels
Nifty Futures Sell below 24400 The suggested targets for this are 24,100 and 24000 with the stop loss set at 24,650.
Bank Nifty Future buy near 51,800 index is expected to see up side levels of 52100 and 52,300 and level 51,550 will act as a stop loss
Momentum Pick: WOCKPHARMA
Buy at ₹858| Target price: ₹965 |Stop Loss:₹ 802
Wockhardt Ltd., an Indian pharmaceutical and biotechnology company, has been a key player in the industry since its inception in the early 1960s. Listed on the Indian stock exchange, Wockhardt has built a strong reputation for developing high-quality products and delivering effective healthcare solutions worldwide. The company boasts a global footprint with research and development centers located in the United States, Europe, and India. Its extensive product portfolio includes medicines, vaccines, biopharmaceuticals, and health supplements. Wockhardt is dedicated to ensuring access to safe and innovative healthcare solutions that address the specific needs of customers and communities. As a rapidly growing company, Wockhardt remains committed to offering dependable, quality products and services to its global customer base.
Wockhardt Ltd’s revenue increased by 6.2% compared to the same period last year, reaching ₹754 crore in Q4 2023-2024. On a quarterly basis, the company saw a 6.35% rise in revenue over the past three months. Despite the revenue growth, Wockhardt Ltd’s net profit showed an 18.75% increase compared to the same period last year, resulting in a loss of ₹169 crore for Q4 2023-2024. Quarterly, however, there was a significant decline in net profit, dropping by 103.61% over the last three months. The net profit margin improved by 23.49% compared to the same period last year, reaching -22.41% in Q4 2023-2024, but on a quarterly basis, it fell by 91.46% over the past three months.
Happy Trading!
Commodity Samachar
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