🚀Yesterday’s Pick💸
Short Term JUBLFOOD Rs 9,400 (Quantity 200)
NIFTY 27 JUNE 23550CE Rs 5,000 ( Per 5 Lot)
BANKNIFTY 26 JUNE 52100CE Rs 36,000 ( Per 5 Lot)
WOCKPHARMA Rs 10,000 (Quantity 200)
INFY 27JUN24 1520 CE Rs 5,000 ( Per 5 Lot)
GULFOILLUB Rs 18,800 (Quantity 200)
NILKAMAL Rs 15,000 (Quantity 200)
Daily News Letter Bank Nifty future Rs 10,500 ( Per 1 Lot)
Weekly Equity Update Bank Nifty Future Rs 9,000 ( Per 1 Lot)
Weekly Equity Update Nifty Futures Rs 10,000 ( Per 1 Lot)
Nifty Technical View
The Nifty 50 index has created a strong upward candlestick pattern on the daily charts. Momentum indicators like the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are showing positive trends, suggesting that buyers are in control. However, despite this, the overall market participation was weak. The positive momentum is likely to push the index towards 24,000, with support at around 23,500 in the upcoming sessions.
Indian Vix
Volatility continued to increase for another session, reaching close to 14.5. The India VIX, often referred to as the fear gauge, rose by 1.81 percent to 14.31 from 14.06. Despite this rise, it remains below all key moving averages.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) purchased Indian stocks worth Rs 1,175.91 crore, while domestic institutional investors (DIIs) sold Indian stocks totaling Rs 149.45 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), an indicator of market sentiment, rose to 1.38 on June 25, up from 1.14 in the previous session. An increasing PCR, especially when it surpasses 0.7 or reaches 1 or higher, suggests that traders are selling more Put options than Call options, which generally indicates a strengthening bullish sentiment in the market. Conversely, if the ratio drops below 0.7 or approaches 0.5, it suggests higher selling in Calls than in Puts, reflecting a bearish sentiment in the market.
Stock in the news
Adani Green Energy Ltd (AGEL) : Adani Green Energy Ltd (AGEL) plans to invest approximately ₹2 lakh crore over the next seven years to expand its renewable energy capacity, according to Sagar Adani, Executive Director of AGEL. This investment will primarily be used to increase their renewable energy capacity from 10.9 GW (Gigawatt) to 50 GW by 2030. Of this total capacity, 80 percent will be solar energy, with the remaining 20 percent dedicated to wind energy. Adani shared these details during a media briefing at Adani Shantigram near Ahmedabad.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 23,755, 23,800, and 23,870
Support based 23,605, 23,560, and 23,490
BankNifty
Resistance 52,750, 52,990, and 53,365
Support based 51,985, 51,750, and 51,370
Index Future levels
Nifty Futures buy above 23700. The suggested targets for this are 23900 and 24,000, with a stop loss set at 23,450.
Bank Nifty future sell near 53,000 index is expected to see down side levels of 52700 and 52500 and level 53,300 will act as a stop loss.
Momentum Pick : WIPRO
Buy at ₹496 | Target price: ₹556 | Stop loss: ₹467.
Wipro Ltd, a prominent global company in information technology, consulting, and business process services, was founded in 1945 and is headquartered in Bengaluru, India. With a workforce of over 160,000 employees worldwide, Wipro operates in three main areas: IT Services, Business Process Services, and Products & Platforms. IT Services cover consulting, systems integration, and application development and maintenance. Business Process Services include analytics, automation, and customer service, while Products & Platforms focus on cloud computing, analytics, artificial intelligence, and the Internet of Things.
Wipro Ltd has seen a 0.26% increase in revenue over the past three months. On a quarterly basis, the company’s net profits have risen by 5.21% in the same period. Wipro has also secured a major IT outsourcing contract from Standard Chartered Plc, which is expected to generate over $50 million annually. Additionally, Saugat Sindhu, Wipro’s Global Head of Strategy & Risk Practice, has highlighted the industry’s shortage of cybersecurity talent and shared how Wipro is addressing this challenge.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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