Nifty Technical view
On the weekly chart, the Nifty index has formed a “Doji” candlestick pattern, suggesting uncertainty among traders. The first major resistance for the Nifty is around 23,500, a level that has previously been challenging to overcome. If this level is breached, the Nifty could potentially climb to the 23,900-24,000 range, which corresponds to the retracement zone of the recent decline. On the downside, there are support levels at 23,300, followed by a broader support zone between 23,000 and 23,900. Any pullbacks to these support areas should be seen as opportunities to buy. Traders are encouraged to seek out specific stocks with potential and to maintain an optimistic trading outlook.
Indian Vix
Volatility is steadily decreasing, with the VIX (often referred to as the “fear index”) dropping by 4.93% during intraday trading on Friday, finishing at 12.82.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) purchased Indian stocks worth Rs 2,175.86 crore. Domestic institutional investors (DIIs) also bought Indian stocks, with net purchases amounting to Rs 655.76 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), which reflects market sentiment, improved significantly to 1.3 from 1.02 on June 11. Typically, a PCR above 0.7 or surpassing 1 indicates bullish sentiment, suggesting that investors are optimistic about the market. Conversely, a PCR below 0.7 or approaching 0.5 signals a bearish outlook, indicating a more pessimistic market mood.
Stocks in the news
Vodafone
According to a Reuters report on June 14, Vodafone Group might sell its entire stake in Indus Towers, valued at $2.3 billion, through block deals next week. Vodafone holds a 21.5% stake in Indus Towers via various group entities. However, the final deal might involve selling less than the entire stake if there is insufficient demand.
Zomato Ltd
Food delivery aggregator Zomato Ltd has confirmed to the exchanges that it is in discussions with Paytm to acquire its movies and ticketing business.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 23,370, 23,485, and 23,670
Support based 23,185, 23,115, and 22,930
BankNifty
Resistance 50,150, 50,515, and 51,145
Support based 49,520, 49,255, and 48,625
Index Future levels
Nifty Futures buy above 23500. The suggested targets for this are 23800 and 23,900, with a stop loss set at 23,350.
Bank Nifty future buy above 50,000 index is expected to see upside side levels of 50300 and 50500 and level 49,700 will act as a stop loss.
Momentum Pick : SUVENPHAR
Buy at ₹720, target ₹810, stop loss ₹676.
Suven Pharmaceuticals Limited (SPL) is a biopharmaceutical company focused on developing and manufacturing New Chemical Entity (NCE) based intermediates, Active Pharmaceutical Ingredients (APIs), specialty chemicals, and formulated drugs. In 2019, Suven Life Sciences Ltd. transferred its Contract Research and Manufacturing Services (CRAMS) business to SPL, and SPL’s equity shares began trading in March 2020. In August 2020, the Board approved a 1:1 bonus share issue, doubling the number of shares from 127,282,478 to 254,564,956. In 2021, Suven invested Rs. 120 crore in various investments and announced a capital expenditure plan of Rs. 320 crore. By 2022, the company had filed 17 Abbreviated New Drug Applications (ANDAs), of which 9 were approved, and 8 products were launched. Additionally, Suven acquired a 100% stake in Casper Pharma Private Limited, making it a wholly-owned subsidiary. Through these strategic actions, Suven Pharmaceuticals Limited aims to become a leading biopharmaceutical company in global markets.
The board of Suven Pharmaceuticals Limited approved an equity investment of 26% in a Special Purpose Vehicle (SPV) engaged in solar power generation for captive consumption of plant operations. Additionally, Suven Pharmaceuticals acquired a 51% stake in Sapala Organics for Rs. 229.5 crore, with plans to acquire the remaining shares later. This acquisition is expected to bring in differentiated technology and create potential synergies. Following this announcement, the company’s shares rose by 5%. Retail investors increased their holdings in Suven Pharmaceuticals from 13.91% to 23.10% in the March 2024 quarter. The company has also reported revenue growth for the last two quarters, from Rs. 234.16 crore to Rs. 269.98 crore, averaging an increase of 13.3% per quarter. Mutual fund holdings in the company rose from 13.40% to 15.26% in the same quarter. Net profit has also increased over the last two quarters, from Rs. 46.75 crore to Rs. 53.37 crore, with an average increase of 12.4% per quarter.
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Commodity Samachar
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