Nifty and Bank Nifty closed April in positive territory, with Bank Nifty reaching a new all-time high.

Yesterday’s Profits

LALPATHLAB 30MAY24 2400 CE Rs 4500 (Per 1 Lot )
HINDPETRO 30MAY24 500 CE Rs 10800 (Per 1 Lot )
AXISBANK 30MAY24 1140 CE Rs 10625 (Per 2 Lot )
Momentum Pick CONCOR Rs 8700 ( 100 Quantity )
NIFTY 2 MAY 22650CE Rs 3750 ( 5 Lot)
SHORT TERM PICK SCHNEIDER Rs 3400 ( 100 Quantity )

Nifty Technical View

The formation of a long bullish candlestick on the daily charts suggests that the buyers are gaining control, especially since it’s reversing a previously bearish pattern like the Dark Cloud Cover. This indicates a shift in sentiment towards optimism and could mean more upward movement in the upcoming trading sessions. Furthermore, if the overall bullish trend of higher highs and higher lows remains intact, it strengthens the case for further upward movement. In such scenarios, traders typically see price dips as opportunities to buy, anticipating that the uptrend will persist.

FII and DII data

On April 29, according to provisional data from the NSE, Foreign Institutional Investors (FIIs) net purchased shares worth Rs 169.09 crore, while Domestic Institutional Investors (DIIs) injected Rs 692.05 crore into the market. This data suggests that both FIIs and DIIs were net buyers in the market on that day.

Put Call Ratio:

The Nifty Put-Call ratio (PCR) surged to 1.23 on April 29, up from 0.96 in the preceding session. A rising PCR, especially when it’s above 0.7 or exceeds 1, signifies that traders are selling more Put options than Call options. This typically suggests a strengthening bullish sentiment in the market. Conversely, if the PCR drops below 0.7 or approaches 0.5, it implies that selling activity in Calls is outpacing Puts, indicating a bearish sentiment among traders. Therefore, the PCR serves as a gauge of market sentiment, helping traders assess the prevailing mood and potential market direction.

Nifty and Bank Nifty Support and Resistance level

Nifty :-

Resistance 22,660, 22,720 and 22,800 levels.
Support 22,500, 22,460 and 22,370 levels.


Resistance 49,510, 49,800 and 50000
Support 48,650 48380 and 47950.

Index Future levels

Nifty Futures buy near 22700.The suggested targets for this are 22,900 and 23000, with a stop loss set at ,22580

Bank Nifty future buy above 49600 , the index is expected to see upside levels of 49600 and 50100, and level 49300 will act as a stop loss.

Stocks in the news:

Poonawalla Fincorp:

The non-banking finance company has reported standalone net profit at Rs 331.7 crore for March FY24 quarter, growing sharply by 83.6 percent over corresponding period of previous fiscal. Net interest income grew by 57 percent on-year to Rs 641 crore for the quarter.

KEC International:

The global infrastructure EPC major has won new orders of Rs 1,036 crore across its various businesses, including transmission & distribution projects in Middle East and Americas.

Todays Fundamental : Hindalco Industries Ltd

BUY 662|TGT 712| Stop Loss 638

Hindalco Industries Ltd, established in 1958, is a prominent Indian metals and mining company under the Aditya Birla Group, headquartered in Mumbai, India. The company focuses on aluminium and copper operations and holds the distinction of being the world’s largest aluminium rolling company. Hindalco’s core products encompass aluminium and copper derivatives like ingots, billets, wire rods, rolled products, and extrusions, alongside rolled and extruded products. They also market a range of well-known brands including Birla Copper, Birla Aluminium, Birla Gold, Birla Steel, Birla Power, and Birla Carbon. With a leading position in the metals and mining sector, Hindalco’s products find applications across various industries such as automotive, construction, electrical, and consumer goods.
Hindalco Industries Ltd has witnessed a significant surge in net profit, with a remarkable 71.15% increase since the same period last year, amounting to ₹2,331 Crore in Q3 2023-2024. On a quarterly basis, the company achieved a 6.15% growth in net profits over the past three months. Additionally, Hindalco Industries Ltd’s net profit margin experienced a substantial rise of 72.53% since the same period last year, reaching 4.39% in Q3 2023-2024. On a quarterly basis, the company recorded a 9.3% increase in net profit margins over the last three months. These figures highlight the company’s strong financial performance and improved profitability.

The company boasts a Market Capitalization of ₹1,36,822 Crore, with a Stock Price-to-Earnings (PE) ratio of 14.6, which is notably lower than the industry PE of 23.7. Its debt-to-equity ratio stands at 0.59, indicating a balanced financial structure with a moderate level of debt.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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