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Global Cues Muted Gift Nift : Nifty Likely to Open Flat


Yesterday’s Pick

HSCL CASH Rs 4000 (Quantity 200)
Investment Pick HDFCBANK Rs 31,200 ( Quantity 200)
Short Term Pick “CUB Rs 8,000 (Quantity 1000)
Momentum Pick NOCIL CASH Rs 2,000 ( Quantity 200)
MGL 27JUN24 1460 CE Rs 2,000 ( Per 5 Lot)
GSFC CASH Rs 2,600 ( Quantity 200)

Nifty Technical View

The Nifty 50 formed a small-bodied bearish candlestick pattern with a long lower shadow on the daily charts, indicating buying support at lower levels. Momentum indicators such as RSI and MACD show a positive trend. The index is expected to remain range-bound, facing resistance in the 23,600-23,650 range. If it closes decisively above this range, a strong uptrend is likely, with support at 23,400.

Indian Vix

Volatility decreased after rising for the previous two sessions, providing some reassurance to bullish investors. The India VIX, also known as the fear index, dropped by 2.68 percent to 13.35 from 13.71, staying below all key moving averages.

FII And DII Data

Foreign institutional investors (FIIs/FPIs) purchased Indian stocks valued at Rs 415.30 crore, while domestic institutional investors (DIIs) sold Indian stocks totaling Rs 325.81 crore during the same period.

Put Call Ratio

The Nifty Put-Call ratio (PCR), which reflects market sentiment, rose to 1.29 on June 20 from 1.10 in the previous session. An increasing PCR, or a ratio higher than 0.7 and surpassing 1, indicates that traders are selling more Put options than Call options, generally suggesting a strengthening bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or moves towards 0.5, it indicates that selling in Call options is higher than in Puts, reflecting a bearish sentiment in the market.

Stocks in the news

Amara Raja : The Slovak company specializes in developing custom-designed batteries for various sectors, including automotive, commercial vehicles, motorsport, and aerospace. Battery manufacturer Amara Raja Energy & Mobility (ARE&M) has invested 20 million euros in InoBat AS, which includes a subscription for an additional 4.5% equity stake in the company.


NACL: NACL has engaged Ernst & Young to conduct a forensic audit to investigate certain irregularities flagged by the statutory auditors regarding receivables. In a BSE filing, the company stated, “After receiving their report, the company will reassess the situation to determine if further adjustments and disclosures are necessary.”

Nifty and Bank Nifty Support and Resistance level

Nifty
Resistance 23,615, 23,660, and 23,725
Support based 23,475, 23,430, and 23,365


BankNifty
Resistance 51,850, 51,980, and 52,195
Support based 51,420, 51,290, and 51,075

Index Future levels

Nifty Futures buy above 23600. The suggested targets for this are 23800 and 23,900, with a stop loss set at 23,450.

Bank Nifty future buy above 51,800 index is expected to see upside side levels of 52100 and 52500 and level 51,550 will act as a stop loss.

Momentum Pick : ROSSARI

Buy at ₹812 | Target price: ₹914 | Stop loss: ₹761.

Rossari Biotech Limited, established in 2003 as a partnership firm, specializes in the manufacture, sale, and distribution of specialty chemicals. The company operates two state-of-the-art facilities located in Dahej, Gujarat, and Silvassa, Dadra Nagar Haveli. Rossari Biotech serves global FMCG brands, with its products being utilized in a variety of applications, including consumer and home care products, textiles, animal health and nutrition, and cosmetics.Over the last two quarters, Rossari Biotech Ltd’s revenue has increased from ₹467.29 crore to ₹473.29 crore, reflecting an average growth of 1.3% per quarter. Retail investors have also increased their holdings from 9.46% to 9.90% in the March 2024 quarter.

n the past three years, Fine Organic Industries Ltd has delivered a 66.4% return, outperforming Rossari Biotech Ltd by 105.0%.For Q4 2023-2024, Rossari Biotech Ltd reported a revenue of ₹473.29 crore, a 15.58% increase compared to the same period last year. On a quarterly basis, the company’s revenue grew by 1.28% over the last three months.Net profit for Rossari Biotech Ltd in Q4 2023-2024 rose by 17.77% year-on-year to ₹34.13 crore. However, on a quarterly basis, net profit decreased by 0.76% over the last three months.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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