Green Wave Takes Over! Nifty Poised for Further Gains!

Yesterday’s Profit

SBIN 25APR24 775 CE Rs 21000 (Per 2 Lot )
BHEL 25APR24 265 CE Rs 52500 (Per 2 Lot )
Weekly Investment Pick CARBORUNIV Rs 26400 ( 200 Quantity )
NIFTY 25APR24 FUT Rs 1000 (Per 2 Lot )
(Short Term Pick ) Cash CHAMBLFERT Rs 6000 ( 200 Quantity )
SHORT TERM PICK MAZDOCK Rs 23400 ( 200 Quantity )
COCHIN SHIPYARD LTD Rs 44000 ( 200 Quantity )
NIFTY 2 MAY 22450CE Rs 9000 (Per 2 Lot )
BANKNIFTY 29MAY24 FUT Rs 7500 (Per 2 Lot )
BTST UBL Rs 4000 ( 200 Quantity )

Nifty Technical View

Finding support at the 21-day Exponential Moving Average (EMA) is often seen as a positive sign, indicating that the trend may continue upward. The formation of a strong bullish candlestick pattern that engulfs the previous two red candles is known as a bullish engulfing pattern, which is typically interpreted as a reversal signal. Additionally, the presence of higher highs and higher lows, along with a positive crossover on the Moving Average Convergence Divergence (MACD) indicator, adds further confirmation to the bullish outlook. This suggests that the momentum may be shifting in favor of the bulls, potentially leading to further upward movement in the Nifty.

FII and DII data

On April 25, according to provisional data from the National Stock Exchange (NSE), Foreign Institutional Investors (FIIs) offloaded shares worth Rs 2,823.33 crore, indicating net selling activity. In contrast, Domestic Institutional Investors (DIIs) injected Rs 6,167.56 crore into the market through share purchases, showcasing net buying activity.

Put Call Ratio:

The Nifty Put-Call ratio (PCR), a measure reflecting market sentiment, rose to 1.28 on April 25, up from the previous session’s level of 1.04. When the PCR exceeds 0.7 or surpasses 1, it suggests that traders are selling more Put options than Call options. This trend typically signals a strengthening bullish sentiment in the market, indicating an expectation of rising prices. Conversely, if the ratio drops below 0.7 or approaches 0.5, it indicates that selling activity in Calls outweighs that in Puts. This scenario reflects a bearish mood in the market, with traders anticipating a potential decline in prices. In summary, a rising PCR above 0.7 or 1 signifies bullish sentiment, while a decreasing PCR below 0.7 or towards 0.5 indicates bearish sentiment in the market.

Nifty and Bank Nifty Support and Resistance level

Nifty :-

Resistance 22630, 22770 and 22830 levels.
Support 22372, 22300 and 22160 levels.

Resistance 48630, 48850 and 49150
Support 48000, 47730 and 4,300

Index Future levels

Nifty Futures buy near 22450. The suggested targets for this are 22,650 and 22700, with a stop loss set at 22,250.

Bank Nifty future buy above 48,600 , the index is expected to see upside levels of 48,800 and 48,900, and level 48,300 will act as a stop loss.

Stocks in the news:

Bajaj Finance:

The top non-banking finance company recorded a profit of Rs 3,825 crore in the quarter ending March of fiscal year 2023-24. This marks a 21 percent increase compared to the same period last year. Additionally, their net interest income, which is the money earned from lending activities after deducting interest expenses, rose by 28 percent year-on-year to Rs 8,013 crore for the quarter. This indicates that the company’s lending operations are growing and contributing significantly to its earnings.

L&T Technology Services:

The engineering services company has recorded net profit at Rs 341.4 crore for January-March quarter of FY24, rising 1.4 percent over previous quarter due to pressure in EBIT margin. Revenue from operations increased by 4.8 percent sequentially to Rs 2,537.5 crore for the quarter.

F&O ban list today

The NSE has included Vodafone Idea in the list of stocks banned from Futures and Options trading for April 26. Meanwhile, Aditya Birla Fashion & Retail, SAIL, and Hindustan Copper have been removed from the ban list.

Todays Fundamental : Cyient Limited

BUY 2020| TGT 2165|TGT 2190| Stop Loss 1953

Cyient Limited, formerly known as Infotech Enterprises Ltd, was established in 1991. The company specializes in offering global technology services and solutions, with a focus on geospatial engineering, IT solutions, and data analytics. Headquartered in India, Cyient operates development facilities within the country and caters to a diverse international clientele. It serves clients worldwide through its subsidiaries situated in the United States, the United Kingdom, Germany, Japan, Australia, Singapore, and India.
The engineering and technology solutions company reported a combined profit of Rs 196.9 crore for the quarter ending March of fiscal year 2023-24. This represents a growth of 28.5 percent compared to the previous quarter, primarily due to a lower base in the previous quarter. The profit in the third quarter of FY24 was affected by an exceptional loss of Rs 50.3 crore. Revenue from operations increased by 2.2 percent compared to the previous quarter, reaching Rs 1,860.8 crore for the quarter.
Cyient, a global Intelligent Engineering and Technology Solutions company, is entering into a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer (OEM) based in Weßling near Munich. This collaboration will focus on the detailed design for manufacturing (DFM) of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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