Yesterday’s Profit
Daily News letter Nifty Futures Rs 10000 ( PER 2 LOT )
MIDCPNIFTY 27 MAY 11350CE RS 5000 ( PER 10 LOT )
SENSEX 24 MAY 74100CE Rs 12500 ( PER 10 LOT )
Daily News letter BankNifty future Rs 18600( PER 2 LOT)
SENSEX 24 May 74600CE Rs 27000 ( PER 10 LOT )
BANKNIFTY 29 May 48600CE Rs 12000 ( PER 10 LOT )
AXISBANK 30MAY24 1140 CE Rs 8750 (Per 2 Lot )
Nifty Technical view
The technical setup appears robust as the index is trading above all key moving averages and has been making higher highs for nine consecutive sessions. We suggest that if the index can decisively close above the significant 23,100 level, the next target would be 23,500, especially with the general election results coming next month.
The 22,800 level is seen as immediate support, with 22,600 being a crucial support level. The 21-period moving average is still above the 50-period moving average, indicating that the positive moving average crossover is still in place, which bodes well for the near-term uptrend. On the daily chart, the Nifty remains above the 21-day and 50-day EMA, which is a positive sign. Additionally, the 14-day Relative Strength Index (RSI) is at 68.23 and rising, but not yet in overbought territory, which is also encouraging.
Indian Vix
Volatility has decreased further but is still above the 21 mark. Experts believe it may stay elevated until the Lok Sabha election results are announced on June 4. The India VIX, known as the fear gauge, dropped by 0.41 percent to 21.38, down from 21.47, continuing its downward trend for the second consecutive session.
FII and DII Data
Foreign institutional investors (FIIs/FPIs) persisted in buying Indian equities. On May 23, they net bought shares amounting to Rs 4,670.95 crore. In contrast, domestic institutional investors (DIIs) net purchased equities worth Rs 146.51 crore during the same period.
Put Call Ratio:
The Nifty Put-Call ratio (PCR), which reflects market sentiment, increased to 1.37 on May 23 from 1.20 in the previous session. A rising PCR, especially above 0.7 or exceeding 1, indicates that traders are selling more Put options than Call options, suggesting a strengthening bullish sentiment in the market. Conversely, if the ratio drops below 0.7 or approaches 0.5, it signals higher selling in Calls compared to Puts, indicating a bearish market mood.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 23,010, 23,105, and 23,260
Support based 22, 690, 22,590, and 22,430
BankNifty:
Resistance 48,855, 49,080, and 49,450
Support 48,125, 47,900, and 47,535
Index Future levels
Nifty Futures Sell near 23150.The suggested targets for this are 22,850 and 22,700, with a stop loss set at ,22,300.
Bank Nifty future sell near 49050 index is expected to down side levels of 48700 and 48600 and level 49300 will act as a stop loss.
Stocks in the news
IFSC :
HSBC, a leading global bank and financial services firm, has executed transaction documents through its branch in Gift City to acquire a 6.125 percent equity stake in CCIL IFSC Limited (CCIL IFSC). The investment for this transaction is valued at ₹6.125 crore. Clearing Corporation of India Ltd (CCIL), the promoter of CCIL IFSC Limited, will hold a 57.125 percent stake in this subsidiary. CCIL IFSC is being established with an authorized capital of ₹200 crore and a paid-up capital of ₹100 crore.
UNO Minda:
The company reported a consolidated net profit of ₹269 crore for the quarter ended March, excluding exceptional income, representing a 47 percent increase from the ₹183 crore reported in the same quarter last year. Revenues rose by 31 percent to ₹3,794 crore, up from ₹2,889 crore. The board is seeking shareholder approval to raise up to ₹2,000 crore through various securities, including foreign currency convertible bonds (FCCBs) or other financial instruments/securities convertible into equity shares, as well as any secured or unsecured bonds/non-convertible debentures (NCDs) through public or private placement, including Qualified Institutions Placement, in one or more tranches. Additionally, the board approved the acquisition of a 1.97 percent stake in Toyoda Gosei Minda India from Minda Investment.
Fundamental Pick : Axis Bank Ltd
Buy Axis Bank Ltd at ₹1,165 with a stoploss of ₹1,143 and a target of ₹1,200
Axis Bank Ltd, established in 1994, is one of India’s premier private sector banks, ranking as the third largest in the country. It provides an extensive range of financial products covering retail banking, corporate banking, treasury services, investment banking, mortgage loans, private banking, wealth management, credit cards, and various other financial services. Among its notable offerings are savings accounts, current accounts, fixed deposits, recurring deposits, debit cards, credit cards, home loans, personal loans, car loans, gold loans, mutual funds, and insurance products. Axis Bank is known for its distinctive brands such as Axis ASAP, Axis eDGE Rewards, Axis Bank Prime, and Axis Bank Neo. The bank is also at the forefront of digital banking, offering services like mobile banking, internet banking, and facilitating UPI payments.
Axis Bank released its January-March quarter results for fiscal year 2023-24 (Q4FY24) on Wednesday, April 24. The bank reported a net profit of ₹7,130 crore, a significant turnaround from the loss of ₹5,728.4 crore recorded in the same period last year. Moreover, the private sector lender’s net interest income (NII), which reflects the difference between interest earned and paid, increased by 11.5 percent year-on-year (YoY) to ₹13,089 crore, compared to ₹11,742 crore in the corresponding period the previous year.
In the March 2024 quarter, Mutual Funds increased their holdings in AXISBANK from 20.74% to 21.89%. The net profit has been on an upward trend for the last 5 quarters, rising from -5.36K Cr to 7.59K Cr in Indian Rupees, with an average increase of 52.2% per quarter. Additionally, revenue has shown growth for the past 8 quarters, increasing from 22.61K Cr to 37.83K Cr, with an average quarterly increase of 7.1%. Over the last month, AXISBANK stock has seen a rise of 7.9%.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read:PMI Data from US, Eurozone, and UK To Shake Things Up? Green Shoots Emerge: Nifty Closes Higher as Investor Confidence Returns
Recommended Read:Going ‘All In’ for ‘Made in India’: What’s the Buzz Among American Consumers ?
Want Help On Your Trade?
Chat With Analyst