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Market Optimism Grows: Nifty Up for Third Straight Day


Yesterday’s Pick

Short Term Westlife Development Ltd Rs 5,600 (Quantity 200)
APOLLOTYRE Cash Rs 6,200 (Quantity 200)
Momentum Cash GRASIM Rs 14,600 (Quantity 200)
Short Term Pick Astral Ltd Rs 14,600 (Quantity 200)
BRITANNIA 27JUN24 5350 CE Rs 12,000 ( Per 5 Lot)

Nifty Technical View

The Nifty 50 index maintained its upward momentum, consistently reaching new highs and lows for another session. Important momentum indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are exhibiting a positive trend across all major timeframes. The index has displayed a bullish candlestick pattern for three consecutive days. Consequently, we expect the Nifty to soon hit the 24,000 mark, with the possibility of advancing to 24,200 in the following sessions.

Indian Vix

Volatility eased after a few days of upward movement, even though it briefly touched the 10-day Exponential Moving Average (EMA) on June 26. As long as it remains below 15, aligning with the 200-day EMA, the bulls might remain confident. The India VIX, also known as the fear index, decreased by 1.87 percent, dropping from 14.31 to 14.05.

FII And DII Data

Foreign institutional investors (FIIs/FPIs) sold Indian stocks worth Rs 3,535.43 crore, while domestic institutional investors (DIIs) purchased Indian stocks amounting to Rs 5,103.67 crore during the same period.

Put Call Ratio

The Nifty Put-Call ratio (PCR), a gauge of market sentiment, dropped to 1.31 on June 26 from 1.38 in the previous session. An increasing PCR, or a ratio higher than 0.7 or exceeding 1, 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 falls below 0.7 or approaches 0.5, it suggests that selling in Call options is higher than in Puts, reflecting a bearish sentiment in the market.

Stocks in the news

CSB Bank :
FIH Mauritius Investments Ltd, which holds a 49.72% stake in CSB Bank, a private lender based in Thrissur, Kerala, is reportedly planning to sell a 9.72% stake through a block deal, according to sources cited by CNBC-Awaaz on June 26. FIH Mauritius Investments is expected to raise Rs 595 crore through the block deal at a floor price of Rs 352.4 per share, which represents a 1 percent discount from the current market price. The promoter will sell 1.68 crore shares through this block deal, with IIFL acting as the broker, as reported by the channel.

Inox Green Energy Services (IGESL) :
Inox Green Energy Services (IGESL), a company under the INOX GFL group, announced on Wednesday that it plans to raise up to ₹1,050 crore through a preferential issue. The funds will be used for both organic and inorganic expansion.

Nifty and Bank Nifty Support and Resistance level

Nifty
Resistance 23,895, 23,945, and 24,030
Support based 23,725, 23,675, and 23,590

BankNifty
Resistance 52,980, 53,125, and 53,360
Support based 52,510, 52,365, and 52,130

Index Future levels

Nifty Futures buy above 23900. The suggested targets for this are 24200 and 24,300, with a stop loss set at 23,750.

Bank Nifty future sell near 52,800 index is expected to see down side levels of 52500 and 52300 and level 53,100 will act a stop loss.

Momentum Pick : Biocon

Buy at ₹353 | Target price: ₹373 | Stop loss: ₹343.

Biocon Ltd, established in 1978 by Kiran Mazumdar-Shaw and headquartered in Bangalore, India, is a prominent global biopharmaceutical company. It operates in four key areas: biopharmaceuticals, focusing on biologics and biosimilars; biologics, dedicated to the discovery, development, and commercialization of novel biologics; research services, offering contract research and manufacturing; and clinical research, specializing in clinical trials and data management.

In the March 2024 quarter, retail investors boosted their ownership from 17.96% to 19.73%, while promoters maintained their stake at 60.64%. Biocon Ltd’s subsidiary, Biocon Biologics, secured approval from the EMA to produce the biosimilar Bevacizumab at a newly established facility. Kiran Mazumdar-Shaw conveyed enthusiasm about Biocon’s expanding market presence in the US for its biosimilar products.

Happy Trading!

Commodity Samachar

Learn and Trade with Ease

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