Yesterday’s Pick
NIFTY 25JUL24 FUT Rs 20,000 (Per 10 Lot)
Nifty Technical View
The Nifty 50 managed to hold above 24,500. However, it still closed below the support trendline as traders awaited the upcoming Union Budget. We believe that 24,000 will be a crucial support level, while 24,850 is expected to be a key resistance level in the near future. On the daily chart, the Nifty 50 formed a bullish candlestick pattern with both upper and lower shadows, suggesting volatile movement. Additionally, there was a pattern of lower highs and lower lows. The momentum indicators RSI and MACD indicated a negative trend, suggesting some weakness in the short term.
Indian Vix
Volatility continued to increase, extending its upward trend for the fifth straight session and rising above all key moving averages. If it decisively surpasses the 16 mark, then bulls need to be more cautious. The India VIX climbed 4.13 percent to reach the 15.44 level.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) purchased Indian stocks worth Rs 3,444.06 crore, while domestic institutional investors (DIIs) sold Indian stocks valued at Rs 1,652.34 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), which reflects the market sentiment, decreased to 1.02 on July 22 from 1.11 in the previous session. An increasing PCR or a value higher than 0.7, especially surpassing 1, means traders are selling more Put options than Call options, typically indicating a strengthening bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or moves towards 0.5, it indicates higher selling in Call options than in Put options, reflecting a bearish sentiment in the market.
Stock In News
Cholamandalam Investment:
Board meeting on July 26 to consider the issuance of non-convertible debentures (secured and unsecured)
Federal Bank:
RBI approved appointment of Krishnan Venkat Subramanian as MD & CEO of the bank
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 24,530, 24,635, and 24,720
Support based 24,400, 24,345, and 24,255
BankNifty
Resistance 52,330, 52,535, and 52,745
Support based 51,985, 51,850, and 51,640
Index Future levels
Nifty Futures Sell below 24500 The suggested targets for this are 24,300 and 25200 with the stop loss set at 24,750.
Bank Nifty Future Sell near 52,100 index is expected to see down side levels of 51800 and 51,700 and level 52,350 will act as a stop loss.
Momentum Pick: ASHOKA
Buy at ₹237| Target price: ₹267 |Stop Loss:₹ 220
Ashoka Buildcon Ltd, an Indian infrastructure development and construction company, is publicly traded on the Indian Stock Exchange. The company has extensive experience in executing and managing projects in key infrastructure sectors such as roads, bridges, highways, irrigation, water supply, power transmission, railway infrastructure, airports, and urban infrastructure. Utilizing advanced technology, Ashoka Buildcon Ltd ensures projects are completed safely, on schedule, and within budget, delivering top-quality work and ensuring customer satisfaction. The company emphasizes innovation, safety, and sustainability, aiming to achieve excellence in all its projects. Renowned for consistently surpassing expectations in performance, quality, and cost-efficiency, Ashoka Buildcon Ltd ensures stakeholders receive maximum value for their investments.
Revenue for the last 4 quarters has grown from ₹1.97K Cr to ₹3.24K Cr, averaging a 15.2% increase per quarter. Mutual funds increased their holdings from 16.49% to 18.08%, and foreign institutions raised theirs from 7.24% to 7.63% in the June 2024 quarter. Net profit has also surged over the last 2 quarters, rising from ₹96.24 Cr to ₹249.63 Cr, with an average increase of 61.5% per quarter. Promoter holdings remained unchanged at 54.48% in the June 2024 quarter.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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