Nifty Banknifty Stumbles: Will It Recover or Fall Further?

Yesterday’s Pick:

TECHM 25APR24 1220 PE Rs.. 3600  ( Per 2 Lot)

NIFTY 25APR24 FUT SELL Rs 5000  (2 Lot)

NIFTY 18 APR 22450PE Rs  4500 ( Lot 2 Size)

Nifty Technical View:

The recent performance of the Nifty 50 index suggests a potential downturn, as several indicators point towards weakening market momentum and a possible reversal in direction.Firstly, there’s the formation of a rising wedge pattern, which typically indicates a slowing down of the market’s upward momentum.

Additionally, the appearance of a shooting star pattern further supports this notion, as it often signifies a potential reversal in the market’s direction from bullish to bearish. Moreover, the presence of a bearish candlestick pattern on the daily charts, coupled with the Relative Strength Index (RSI) displaying a negative crossover on both the daily and weekly scales, indicates that sellers are gaining control of the market. This suggests that the market is likely to continue its downward trend, with prices fluctuating within a narrow range. Overall, these signals point towards a scenario where bearish sentiment prevails, and investors should anticipate the market to either remain flat or decline in the near future, with sellers maintaining dominance.

Put Call Ratio:

Nifty PCRNifty Max PainBanknifty PCR Banknifty Max Pain

if the Nifty Put Call ratio (PCR) fell to 0.82 on April 15 from 0.87 levels in the previous session, it suggests a shift towards a more bearish sentiment in the market. This decrease indicates that traders were selling more Call options compared to Put options, which often reflects a cautious or pessimistic outlook on the market’s direction. It’s an important metric for investors to gauge market sentiment and potential shifts in market direction.

 Nifty and Bank Nifty Support and Resistance level:

  • Nifty :- Resistance   22,300 , 22,440 and 22,520 levels.

             Support      22,250,  22,200 and 22,148 levels.

  • BankNifty: Resistance  47,850, 48,250 and 48,457 levels.

                   Support  47,700 , 47,600 and 47,380 levels.

Index Future levels

Nifty Futures Sell below  22100. The suggested targets for this are 22,000  and 21900, with a stop loss set at 22,300.

Bank Nifty future Sell below   47,800 , the index is expected to see downside levels of 47,600 and 47,400, and level 48,100 will act as a stop loss.

Stocks in the news:


Pankaj Chugh as well as Gregory Dietrich have resigned as Executive Vice President – Global Sales of the company, with effect from April 15.

Gujarat Gas:

The company has signed a non-binding Memorandum of Understanding (MOU) with Indian Oil Corporation, to broaden the scope and accessibility of energy solutions for consumers.

Todays Fundamental PICK: Cipla

BUY 1400| TGT 1510|TGT 1580| Stop Loss 1340

Cipla Limited is a prominent Indian multinational pharmaceutical company with its headquarters located in Mumbai. The company has established itself as a key player in the pharmaceutical industry, with a primary focus on developing medications to address a wide range of medical conditions. Cipla’s core areas of expertise include respiratory diseases, cardiovascular diseases, arthritis, diabetes, depression, and various other therapeutic areas. Through its research and development efforts, Cipla strives to innovate and provide effective treatment options for patients worldwide. With a commitment to improving global health and enhancing access to affordable medications, Cipla has emerged as a leader in the pharmaceutical sector, catering to the diverse healthcare needs of individuals across different geographies.

Pharmaceutical giant Cipla has announced a consolidated net profit of Rs 526 crore for the quarter ended March, marking a significant increase of 45% compared to Rs 362 crore reported in the same period last year. Additionally, revenue from operations surged by 9% year-on-year to reach Rs 5,739 crore during the quarter. These financial results reflect Cipla’s continued growth and resilience in the pharmaceutical industry. The increase in net profit highlights the company’s efficiency and effectiveness in managing its operations, while the rise in revenue underscores its ability to capture market opportunities and meet the healthcare needs of patients. Overall, these figures demonstrate Cipla’s strong performance and strategic positioning in the pharmaceutical sector, reaffirming its commitment to delivering value to shareholders and stakeholders alike.

Cipla Health, which is a fully-owned subsidiary of Cipla, has entered into a business transfer agreement. This agreement involves the acquisition of the distribution and marketing business operations related to cosmetics and personal care products from Ivia Beaute, India. This transaction is structured as a slump sale arrangement, meaning that the transfer occurs as a going concern, encompassing all aspects of the business.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease.

Also Read :“GUJARAT GAS Breaks Out of Descending Channel, Fueling Bullish Sentiment”

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