Nifty Falters After All-Time High: Correction or Reversal?

Friday’s Pick :

NIFTY 18 APR 22700PE From 154 to 200, PROFIT =2300/- IN 1 LOT

DALBHARAT 24 APR 1960 PE From 50 to 56, PROFIT = 1500/- IN 1 LOT

NIFTY FUT SELL From 22680 TO 22600, PROFIT =4000/- IN 1 LOT


Nifty Technical View:

The Nifty is showing signs of a bearish trend today. The recent strong downward candlestick, along with breaking below the lows of the last three trading sessions, indicates weakness. Additionally, the MACD indicator shows a divergence, supporting the bearish outlook. The next important support level to watch is at 22370. On the upside, there are hurdles around 22620-22650 in the short term.

Foreign institutional investors (FIIs) net sell shares worth Rs 8,027. Crore, while domestic institutional investors (DIIs) purchased Rs 6,342. Crore worth of stocks on April 12, provisional data from the NSE showed

Nifty PCRBank Nifty PCRNifty Max PainBank Nifty Max Pain

Put Call Ratio :

The Nifty Put Call ratio (PCR), which indicates the mood of the equity market, fell to 0.87 on April 12, from 1.32 levels in the previous session.

The increasing PCR or higher than 0.7 or surpassing 1 means the traders are selling more Put options than Calls options, which generally indicates increasing bullish sentiment in the market, whereas the ratio falling below 0.7 or moving down towards 0.5 means that selling in Calls is higher than selling Puts, indicating the bearish sentiment in the market.

Nifty and Bank Nifty Support and Resistance level:

Nifty: – Resistance   22,620, 22690 and 22770 levels.
Support  22450, 22,350 and 22280 levels.

Bank Nifty: Resistance 48,650, 48,800 and 48,960 LEVELS.
Support  48,470 , 48,260 and 48,130 LEVELS.

Index Future levels :

Nifty Futures Sell bellow 22600. The suggested targets for this are 22,400 and 22,300, with a stop loss set at 22,800.

Bank Nifty future Sell below 48,600, the index is expected to see downside levels of 48,300 and 48200, and level 48,900 will act as a stop loss.

Stocks Ban in F&O –

Balrampur Chini Mills, GNFC, Hindustan Copper, Idea, India Cements, Metropolis Healthcare, National Aluminium, Piramal Enterprises, and ZEEL are the 9 stocks that are part of the F&O ban list by the stock market exchange for April 15.

Stocks in the news:

Tata Consultancy Services:
The country’s largest IT services company has recorded a 9.1 percent on-year growth in net profit at Rs 12,434 crore for the quarter ended March FY24, beating analysts’ estimates. Revenue from operations grew by 3.5 percent YoY to Rs 61,237 crore driven by India, UK and manufacturing segment, while the constant currency revenue grew at 2.2 percent.

The IT solutions provider has signed a multi-year global strategic collaboration agreement (SCA) with Amazon Web Services (AWS). The collaboration will enable the launch of Gen AI Foundry, led by Mphasis.AI, for the financial services industry.


Metropolis Healthcare Limited :

BUY 1832| Target 2144| Target 2160| Stop loss 1822

Metropolis Healthcare Limited is indeed a prominent Indian diagnostics company known for its chain of diagnostic centres across India, South Asia, Africa, and the Middle East. They provide a wide range of diagnostic services and are recognized for their quality and reliability in the healthcare sector.

Metropolis Healthcare had a strong performance in the fourth quarter of FY24, showing an 8 percent increase in sales volumes and a 7 percent growth in Revenue Per Patient (RPP) compared to the previous year. This growth was driven by the speciality tests and premium wellness segments, as well as successful price adjustments. Furthermore, they saw a significant 18 percent rise in Business-to-Consumer (B2C) revenues, reflecting steady demand from individual patients. The most significant achievement for Metropolis Healthcare in the quarter was becoming debt-free by completely repaying all its debts by March 31, 2024. This accomplishment stands out as a major milestone for the company.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease.

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