Nifty Bulls Unstoppable! Market Paints Green for Four Days in a Row

Yesterday’s Pick

WOCKPHARMA Rs 5,800 (Quantity 200)
GRASIM Rs 20,000 (Quantity 200)
BANKNIFTY 03JUL 53100 CE Rs 6,375 ( Per 5 Lot)
Wipro Rs 6,200 (Quantity 200)

Nifty Technical View

The Nifty 50 index has been showing strong upward movement, forming long green candlesticks for four consecutive sessions. For three days in a row, it has been making higher highs and higher lows with trading volumes above the average. The momentum indicators, RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence), are also indicating a positive trend. If the index continues to stay above the 23,800 to 24,000 range, it is likely to reach 24,500 during the July series.

Put Call Ratio

The Nifty Put-Call ratio (PCR), which reflects market sentiment, rose to 1.49 on June 27 from 1.31 in the previous session. A higher PCR, typically above 0.7 or surpassing 1, indicates that traders are selling more Put options than Call options, suggesting a strengthening bullish sentiment in the market. Conversely, if the PCR drops below 0.7 or moves towards 0.5, it indicates that there is more selling of Call options than Put options, signaling a bearish market sentiment.

Indian Vix

The market’s volatility stayed around the 14 mark by the end of the trading day, although it approached the 200-day Exponential Moving Average (EMA) during the day, which kept bullish investors feeling confident. The India VIX, which measures market fear, increased slightly by 0.77 percent to 14.15 from 14.05 levels.

FII And DII Data

Foreign institutional investors (FIIs/FPIs) purchased Indian stocks valued at Rs 7,658.77 crore, whereas domestic institutional investors (DIIs) sold Indian stocks totaling Rs 3,605.93 crore during the same period.

Stocks in the news

India Cements Ltd : The Ultratech board has approved a financial investment to buy up to 7.06 crore equity shares of The India Cements Ltd at a price of up to ₹267 per share. This non-controlling financial investment represents about 23 percent of the equity share capital of India Cements Ltd (ICL) and is valued at approximately ₹1,885 crore.

Ather: Ather Energy is planning to establish its third manufacturing facility in Aurangabad Industrial City, Maharashtra, with an investment exceeding ₹2,000 crore. This new plant will have the capacity to produce up to one million units of vehicles and battery packs.

Nifty and Bank Nifty Support and Resistance level

Resistance 24,090, 24,155, and 24,260
Support based 23,870, 23,805, and 23,700

Resistance 53,085, 53,210, and 53,420
Support based 52,670, 52,540, and 52,335

Index Future levels

Nifty Futures buy above 24000. The suggested targets for this are 24300 and 24,400, with a stop loss set at 23,850.

Bank Nifty future sell near 52,700 index is expected to see down side levels of 52400 and 52300 and level 53,000 will act as a stop loss.

Momentum Pick : JSW Energy

Buy at ₹736 | Target price: ₹827 | Stop loss: ₹687.

JSW Energy Ltd, a leading Indian power company listed on the National Stock Exchange of India, is a wholly-owned subsidiary of the JSW Group. The company focuses on generating and selling electricity and is involved in power generation, transmission, and trading. It also engages in domestic and overseas acquisitions and the construction of new power assets. JSW Energy utilizes a diverse range of fuel sources, including coal, hydro, lignite, and renewable sources, and operates a portfolio of power plants both in India and internationally. Additionally, the company offers engineering, procurement, and construction (EPC) services and provides innovative financing solutions. Committed to delivering reliable and affordable energy, JSW Energy also emphasizes sustainability, environmental protection, and corporate social responsibility, earning recognition for its efforts in these areas.

JSW Energy Ltd experienced a 2.87% increase in revenue, reaching ₹2,886.20 crore in Q4 2023-2024 compared to the same period last year. On a quarterly basis, the company’s revenue grew by 8.38% over the past three months. The net profit for JSW Energy Ltd rose by 29.15% year-on-year to ₹351.34 crore in Q4 2023-2024. Quarter-on-quarter, the net profit saw a significant increase of 51.88%. Furthermore, the net profit margin improved by 25.54% year-on-year to 12.17% in Q4 2023-2024, and on a quarterly basis, the net profit margin jumped by 40.13%.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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