Yesterday’s Pick
Momentum Pick PFC CASH Rs 8000 ( 200 Quantity )
BAJAJ-AUTO 30MAY24 9000 CE Rs 8750 ( Per 2 Lots )
NIFTY 09 MAY 22800CE RS 12500 (20 Lots)
Nifty Technical View
The Nifty index in the stock market is showing a positive sign, but it’s facing a significant hurdle around the 22,800 level. The recent trading session ended with the market staying within a certain range, neither strongly bullish nor bearish. The chart pattern suggests that for the near future, we might not see a clear trend but rather sideways movement, with the index likely bouncing between 22,500 and 22,800.
Put Call Ratio:
The Nifty Put-Call ratio (PCR), a measure indicating market sentiment, increased to 1.28 on May 2 from the previous session’s 1.11. When the PCR rises, especially above 0.7 or surpasses 1, it suggests that traders are selling more Put options compared to Call options. This typically indicates a strengthening bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or approaches 0.5, it suggests that selling in Calls is higher than in Puts, reflecting a bearish mood in the market.
Indian Vix :
The India VIX, which is often referred to as the “fear gauge” because it measures market volatility and investor sentiment, increased by 4.47 percent to reach 13.45 on May 2nd. Additionally, it surged by almost 32 percent over the past six consecutive sessions. This indicates that there has been a notable increase in market volatility and uncertainty over the recent days, as reflected by the rise in the India VIX. Investors may interpret this as a sign of heightened caution or nervousness in the market.
FII and DII data :
According to provisional data from the National Stock Exchange (NSE), Foreign Institutional Investors (FIIs) net sold shares worth Rs 964.47 crore, whereas Domestic Institutional Investors (DIIs) invested Rs 1,352.44 crore. This data indicates that while foreign investors were net sellers in the market on that day, domestic institutional investors were net buyers, injecting a significant amount of funds into the market. It reflects differing sentiments and investment strategies between foreign and domestic institutions.
Nifty and Bank Nifty Support and Resistance level:
Nifty :-
Resistance 22,700, 22,750 and 22,800 levels.
Support 22,500, 22,450 and 22,400 levels.
BankNifty:
Resistance 49,450, 49,545 and 49,700
Support 49,140, 49,050 and 48,890
Index Future levels
Nifty Futures Sell near 22800.The suggested targets for this are 22,600 and 22,500, with a stop loss set at 23000.
Bank Nifty future sell below 49400 index is expected to down side levels of 49100 and 49000 and level 49650 will act as a stop loss.
Stocks in the news:
Ajanta Pharma:
The specialty pharmaceutical formulation company has reported consolidated net profit at Rs 203 crore for quarter ended March FY24, rising sharply by 66 percent over same period previous fiscal. Revenue from operations grew by 20 percent to Rs 1,054 crore during the same period.
MOIL:
The company’s manganese ore production in April 2024 increased by 22 percent year-on-year to 1.60 lakh tonnes, while sales grew by 17 percent on-year to 1.15 lakh tonnes during the month.
Todays Fundamental : NTPC Limited
BUY 375|TGT 402| Stop Loss 362
NTPC Limited, founded in 1975, stands as India’s largest electricity producer. The company’s core activity involves generating and distributing power to state utilities on a large scale. NTPC employs various energy sources like gas, liquid fuel, coal, and renewables to generate electricity. Apart from power generation, it also offers a wide range of services including consultancy, rural electrification, power trading, coal mining, project management, ash utilization, and re-gasification. The company boasts an impressive infrastructure with 51 power stations, comprising a mix of coal, gas, solar, and hydro-based units. Additionally, it has 42 subsidiary and joint venture power stations with a diverse mix of energy sources. With an installed capacity of 75,418 MW, NTPC has set a target to reach 130 GW by 2032, showcasing its commitment to growth and sustainability in the energy sector.
NTPC Limited currently holds assets worth ₹3,48,353 Crore, with a price-to-earnings (PE) ratio of 17.9 compared to the industry’s PE ratio of 24.4. During the third quarter of FY 23-24, NTPC reported a notable 10.2% quarter-on-quarter (QoQ) increase in its net consolidated profit, reaching ₹5,209 Crore. This represents a 7% year-on-year (YoY) growth from ₹4,854.36 Crore in the corresponding period of the previous year.
NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, signed a Joint Venture Agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) on 4th March 2024 at UPRVUNL’s office at Lucknow for development of Renewable Power Parks and Projects in Uttar Pradesh.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read:Crude oil falls more than 1%. Fed meeting in focus!
Recommended Read:Going ‘All In’ for ‘Made in India’: What’s the Buzz Among American Consumers ?
Want help on your trades?
Chat With Analyst