Yesterday’s Pick
Short Term Pick STLTECH Rs 8,000 (Quantity 1000)
BEL 27JUN24 305 CE Rs 18,525 ( Per 5 Lot)
GPPL CASH Rs 9,000 ( Quantity 1000 )
BANKNIFTY 26 JUNE 51500 CE Rs 13,125 ( Per 5 Lot)
CUMMINSIND CASH Rs 68,000 (Quantity 200)
Short Term JUBLFOOD Rs 5,400 (Quantity 200)
Nifty Technical View
The Nifty 50 index displayed a bullish candlestick pattern on the daily charts, similar to a Bullish Piercing Line pattern. Momentum indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are showing a positive trend. The index maintained the 23,400 level at the close of another session, indicating strong immediate support. If the index can sustain the 22,400-22,300 range during any consolidation, it may move towards its all-time high of 23,677 in the coming sessions.
Indian Vix
Volatility bounced back after a two-day decline, rising above 14 for the first time since June 12. The India VIX, often called the fear index, increased by 6.66 percent, going from 13.18 to 14.06.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks worth Rs 653.97 crore, whereas domestic institutional investors (DIIs) also sold Indian stocks totaling Rs 820.47crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), which reflects market sentiment, increased to 1.14 on June 24 from 1.04 in the previous session.An increasing PCR, especially when it is higher than 0.7 or surpasses 1, means traders are selling more Put options than Call options, indicating a strengthening bullish sentiment in the market. Conversely, if the PCR falls below 0.7 or approaches 0.5, it suggests more selling in Call options than in Put options, reflecting a bearish mood in the market.
Stocks in the news
Sun Pharmaceutical Industries : Sun Pharmaceutical Industries has finalized the merger with Israel’s Taro Pharmaceutical Industries, concluding a prolonged conflict between the two companies that spanned multiple regions.
Inox Green Energy : The clean energy company’s board of directors announced that they will consider raising funds. On June 21, the management stated in an exchange filing that they will schedule a board meeting to discuss a proposal for raising funds.
Nifty and Bank Nifty Support and Resistance level
Nifty :
Resistance 23,560, 23,610, and 23,690
Support based 23,400, 23,355, and 23,275
BankNifty:
Resistance 51,790, 51,940, and 52,190
Support based 51,300, 51,145, and 50,900
Index Future levels
Nifty Futures buy above 23600. The suggested targets for this are 23800 and 23,900, with a stop loss set at 23,350.
Bank Nifty future buy above 51,800 index is expected to see upside side levels of 52100 and 52300 and level 51,450 will act as a stop loss.
Momentum Pick : INDHOTEL
Buy at ₹648 | Target price: ₹731 | Stop loss: ₹608.
Indian Hotels Company Limited (IHCL) is a leading hospitality company in India, established in 1902 and headquartered in Mumbai. As part of the Tata Group, IHCL operates 171 hotels in India and 17 international hotels across the Middle East, South Asia, Europe, North America, and Africa. IHCL offers a wide range of hospitality services, including hotel management, luxury resorts, spas, and food and beverage services. The company’s portfolio includes 9 brands: Taj, Vivanta by Taj, SeleQtions, The Gateway Hotels & Resorts, Ginger, Taj Safaris, Taj Exotica Resorts & Spa, Taj Value Hotels, and Taj Holidays. IHCL’s top products encompass luxury accommodation, fine dining, wellness services, conference and banquet facilities, and leisure activities.
Indian Hotels Company (IHCL) anticipates double-digit top-line growth, sustained margins, and continued portfolio expansion. They plan to open 25 hotels in FY25, with new businesses expected to grow by over 30%. The contribution of new businesses to consolidated revenue is projected to increase from 12% to 20%, driving margin expansion. IHCL has announced a greenfield project for a 150-key Taj hotel in Panchkula, Haryana, which will bring their total number of hotels in Haryana to six across various brands. The company’s revenue for Q4 2023-2024 increased by 17.95% year-over-year to ₹1,951.46 crore. However, on a quarterly basis, IHCL’s revenue fell by 2.6% over the last three months. The net profit for Q4 2023-2024 jumped 27.26% year-over-year to ₹417.76 crore, although there was a quarterly decline of 7.56% in net profits over the last three months.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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