Nifty & Bank Nifty Bounce Back: Bulls Charge From The Lows!
Yesterday’s Pick
BANKNIFTY 03JUL 52600PE Rs 6,750 (Per Lot 5)
WOCKPHARMA Rs 25,800 (Quantity 200)
COCHINSHIP Rs 16,400 (Quantity 200)
Short Term Pick DEEPAKNTR Rs 25,200 (Quantity 200)
MPHASIS 25JUL24 2500 CE Rs 9,625 (Per Lot 5)
Nifty Technical View:
The Nifty 50 index has shown a positive pattern after a previous decline, indicating potential for upward movement. Momentum indicators like RSI and MACD suggest a continued positive trend. The index is maintaining its position above a rising trend channel. If it stays above 24,000 immediate support and 23,800 crucial support, it is expected to reach 24,200 and possibly 24,500 in the upcoming sessions.
Indian Vix
Volatility stayed below the 14 mark for another session, which is a positive sign for bullish traders. The India VIX, a measure of market fear, slightly increased by 0.2 percent, going from 13.8 to 13.83.
FII/DII
Foreign institutional investors (FIIs/FPIs) sold Indian stocks worth Rs 426.03 crore, whereas domestic institutional investors (DIIs) purchased Indian stocks totaling Rs 3,917.43 crore during the same period.
Put Call Ratio:
The Nifty Put-Call ratio (PCR), which reflects market sentiment, increased to 1.21 on July 1 from 1.17 in the previous session.
An increasing PCR, or a ratio higher than 0.7 or surpassing 1, indicates that traders are selling more Put options than Call options, which generally signifies a strengthening bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or moves towards 0.5, it suggests that selling in Call options is higher than in Puts, reflecting a bearish market mood.
Nifty and Bank Nifty Support and Resistance level:
Nifty :- Resistance 24,165, 24,205, and 24,270
Support based 24,035, 23,995, and 23,930
BankNifty: Resistance 52,655, 52,770, and 52,955
Support based 52,280, 52,165, and 51,980
Index Future levels
Nifty Futures sell below 24200. The suggested targets for this are 24,400 and 24,600, with a stop loss set at 23,950.
Bank Nifty future buy above 52,800 index is expected to see up side levels of 53100 and 53,300 and level 52,500 will act as a stop loss.
Stocks in the news:
Indian Oil Corporation : According to Fitch Ratings, the state-run Indian Oil Corporation (IoCL) is projected to incur a capital expenditure (capex) of ₹34,000 crore in the current financial year, ending March 2025, and approximately ₹37,500 crore in the financial year 2026.
Coal India : State-run coal miner Coal India reported a 7.9 percent year-on-year increase in production, reaching 189.3 million tonnes (MT) in the first quarter of this fiscal year, up from 175.5 million tonnes in the same period last fiscal year. This growth reflects the company’s efforts to boost production and meet rising demand.
Momentum Pick : Chambal Fertilisers
Buy at ₹524 | Target price: ₹547 | Stop loss: ₹511.
Chambal Fertilisers & Chemicals Ltd (CFCL) is a prominent Indian agrochemical company established in 1985. CFCL is involved in the production and marketing of a diverse range of fertilizers, crop protection chemicals, and industrial chemicals.
CFCL manufactures and sells various fertilizers, including Nitrogenous, Phosphatic, Potassic, and Complex fertilizers. It also produces and markets a wide array of crop protection chemicals such as herbicides, insecticides, fungicides, and plant growth regulators. Additionally, CFCL produces and markets various industrial chemicals, including industrial acids, solvents, and intermediates.
In the March 2024 quarter, Mutual Funds have increased their holdings from 6.39% to 6.77%. Foreign Institutions have also increased their holdings, from 13.89% to 15.00%. Promoters’ holdings remained unchanged at 60.70% during this period.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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