Nifty Ends Lower for the Fourth Day in a Row,Eyes on Upcoming Triggers

Yesterday’s Profit

SENSEX 31MAY 74500PE Rs 22,200 ( PER 10 LOT )
BAJAJFINSV 30MAY24 1540 PE RS 18000 ( PER 2 LOT )
Weekly Equity Update
Nifty Futures Sell Rs 22500 (PER 2 LOT )
Bank Nifty Future Rs 21000 (PER 2 LOT )

Nifty Technical view

The Nifty index formed a bearish candlestick pattern with both upper and lower shadows on the daily chart. This indicates indecision in the market. The index dropped below several support levels and closed about one percent lower. During the day, it touched the 21-day EMA and the 50 percent Fibonacci retracement level of the recent rally from 21,821 to 23,111 but managed to stay above these levels by the close. We believe there is a chance the index could bounce back from these support areas, potentially reaching the resistance zone of 22,700-22,800. However, if it doesn’t hold these support levels, the next key support levels to watch are 22,400, followed by 22,300.

Indian Vix

Despite the unchanged volatility, it remained above the 24 mark, creating discomfort for the bulls. The India VIX, often referred to as the fear gauge, closed at 24.18, indicating high volatility. Market participants should remain cautious due to this elevated level of volatility.

FII And DII Data

On May 29, foreign institutional investors (FIIs/FPIs) were net sellers of Indian equities, with a total net sale amounting to Rs 3,050.15 crore. In contrast, domestic institutional investors (DIIs) were net buyers, purchasing equities worth Rs 3,432.92 crore during the same period.

Stocks in the news

Apollo Hospitals Enterprises Ltd:
Apollo Hospitals Enterprises Ltd. reported a consolidated net profit of ₹253.8 crore for the quarter ending in March, marking a 76% increase from the same period the previous year. This significant rise was driven by reduced losses in its pharmacy, health, and lifestyle segments. The company’s Q4 revenues reached ₹4,944 crore, up 15% from ₹4,302.2 crore year-over-year. These results matched Bloomberg analysts’ expectations. Earnings before interest, tax, depreciation, and amortization (Ebitda) for Q4FY24 were ₹640 crore, a 31% increase, with an Ebitda margin of 12.95%.

JSW Steel :
JSW Steel has invested ₹500 crore to establish a production capacity of nine lakh tonnes of highly corrosion-resistant speciality steel, known as JSW Magsure. This steel will be manufactured at its factories located in Vasind, Maharashtra, and Vijayanagar, Karnataka.

Nifty and Bank Nifty Support and Resistance level


Resistance 22,650, 22,715, and 22,825
Support based 22,430, 22,360, and 22,250

Resistance 48,960, 49,130, and 49,410
Support 48,400, 48,230, and 47,950

Index Future levels

Nifty Futures Buy above 22500. The suggested targets for this are 22,700 and 22,800, with a stop loss set at ,22,380.

Bank Nifty future buy above 49100 index is expected to down side levels of 49400 and 49600 and level 48800 will act as a stop loss.

Fundamental Pick : BLUEDART

Buy at ₹ 7329, target ₹8261, stop loss ₹6859.

Blue Dart Express Ltd, established in 1991, is an Indian integrated express package distribution company and the flagship of the Blue Dart Group. Headquartered in Mumbai, India, the company operates through its Aviation, Surface, and International Divisions, offering express services for both domestic and international markets. Blue Dart Express Ltd provides a range of services, including express cargo, warehousing and distribution, reverse logistics, and various value-added services. Its primary offerings encompass courier, air cargo, surface cargo, and international cargo services. The company is associated with prominent e-commerce brands such as Amazon, Flipkart, Myntra, and Jabong, among others. Additionally, Blue Dart Express Ltd serves various government, non-government, and corporate organizations.

Blue Dart Express Ltd’s revenue increased by 8.87% compared to the same period last year, reaching ₹1,333.93 crore in Q4 2023-2024. However, on a quarterly basis, the company saw a 5.21% decline in revenue over the past three months. The net profit for Q4 2023-2024 rose by 12.01% year-over-year to ₹77.78 crore. Despite this annual increase, the net profit experienced a 12.5% decline on a quarterly basis over the last three months.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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