Yesterday’s Pick
COCHINSHIP Cash Rs 48,800 ( Quantity 200)
JUBLFOOD 27JUN24 540 CE 12500 (Per Lot 5)
Investment Pick HDFCBANK Rs 16,200 (Quantity 200)
Short Term Pick ESCORTS 67,200 (Quantity 200)
Wipro Cash Rs 2,600 (Quantity 200)
Nifty Technical View
The Nifty 50 experienced another trading session where a Doji candlestick pattern appeared, signaling uncertainty among buyers and sellers. Despite this indecision, the momentum indicators, RSI and MACD, remained positive. The market stayed in the positive zone and continued to make higher highs for the fourth consecutive day, reaching a new all-time closing high.
Indian Vix
Volatility stayed below the 13 mark, providing reassurance to bullish investors, even though it rose for the first time in the last six sessions. The India VIX, known as the fear index, went up by 1.11 percent, climbing to 12.97 from 12.82.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) bought Indian stocks worth Rs 2,569.40 crore. Similarly, domestic institutional investors (DIIs) made net purchases of Indian stocks totaling Rs 1,555.73 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), which reflects market sentiment, dropped to 1.26 on June 18 from 1.30 in the previous session. An increasing PCR, or a ratio higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, typically signaling a strengthening bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or moves towards 0.5, it indicates higher selling of Calls compared to Puts, reflecting a bearish mood in the market.
Stocks in the news
Adani Group :
The Adani Group has set aside $2-2.5 billion for acquisitions in the defense sector over the next 2-3 years. They have identified a few drone technology companies in Bengaluru and Hyderabad as potential acquisition targets, aiming to leverage their technology for reconnaissance in hostile environments, according to sources familiar with the developments.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 23,575, 23,595, and 23,625
Support based 23,515, 23,500, and 23,465
BankNifty
Resistance 50,555, 50,710, and 50,965
Support based 50,050, 49,890, and 49,640
Index Future levels
Nifty Futures buy above 23600. The suggested targets for this are 23800 and 23,900, with a stop loss set at 23,350.
Bank Nifty future buy above 50,450 index is expected to see upside side levels of 50800 and 50900 and level 50,100 will act as a stop loss.
Momentum Pick : GNFC
Buy at ₹704, target ₹740, stop loss ₹686.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) is a leading Indian chemical and fertilizer company, established in 1976 and headquartered in Bharuch, Gujarat. It operates as a public sector undertaking of the Government of India, with a presence in over 20 countries worldwide. GNFC’s core business areas include chemicals, fertilizers, and petrochemicals. Its key products are urea, ammonium nitrate, NPK fertilizers, and various industrial chemicals. The company is known for its popular brands such as Neem, a range of neem-based products, and Nutraplus, a line of micronutrient fertilizers. Additionally, GNFC offers a range of services including customized fertilizers, technical advice, and soil testing.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) has seen a 0.41% increase in revenue over the past three months. During the same period, its net profits have surged by 34.02%, and its net profit margins have grown by 33.48%. Mutual fund holdings in the company rose from 6.07% to 7.62% in the March 2024 quarter. Net profit has been on the rise for the last two quarters, increasing from ₹97.0 crore to ₹130.0 crore, with an average quarterly increase of 25.4%. Promoter holdings remained steady at 41.30% during the March 2024 quarter.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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