Nifty Rallies: Can the Bulls Maintain Control?

Wednesday’s pick

Cipla 1400PE FROM 10 TO 23


NIFTY 18 APR 22700CE FROM 160 TO 179

Petronet 295 to 305

MCX from 3740 to 3985

Cipla 1400pe 10 to 13

Concer 945 to 970

BANKNIFTY Future 48940 to 49000

Nifty Technical Outlook

The market bounced back strongly and ended just above the upward trendline that it has been following. It also kept making higher highs and higher lows on the daily charts for the third day in a row on April 10th. If the index continues to stay above this trendline and breaks through the 22,800 level convincingly, everyone will be watching closely for it to reach the psychologically significant level of 23,000 in the near future. On the downside, the immediate support is expected around 22,600, followed by 22,500.


Foreign institutional investors (FIIs) net bought shares worth Rs 2,778. Crore, while domestic institutional investors (DIIs) purchased Rs 163. Crore worth of stocks on April 10, provisional data from the NSE showed.

Put Call Ratio

The Nifty Put Call ratio (PCR), which indicates the mood of the equity market, jumped to 1.32 on April 10, from 1.09 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   22750, 22800 and 23000 levels.

             Support      22,690, 22,620 and 22500 levels.

Bank Nifty: Resistance 49050, 49150 and 49300

           Support 48600, 48500 and 48361.

Index Future levels:

Nifty Futures Sell below 22750. The suggested targets for this are 22,600 and 22500, with a stop loss set at 22,860.

Bank Nifty future Sell below   48,750, the index is expected to see downside levels of 48,600 and 48,400 and level 49,100 will act as a stop loss.

Stocks in the news:

Bharti Hexacom: The subsidiary of telecom operator Bharti Airtel is set to debut on the bourses on April 12. The final issue price has fixed at Rs 570 per share.

Metropolis Healthcare: The Company experienced around a 10 percent YoY increase in overall revenue for quarter ended March FY24. The core business revenue grew by 15 percent YoY driven by volume growth approximately 8 percent and RPP growth at 7 percent YoY for the quarter.

Today’s Top Pick: Multi Commodity Exchange of India Ltd:

BUY ABOVE : 9550, STOPLOSS : 9380, TARGET :9750

Bharat Rasayan Ltd., incorporated in the year 1989, is a Mid Cap company (having a market cap of Rs 3,914.53 Crore) operating in Pesticides/Agro Chemicals sector.

Bharat Rasayan Ltd. key Products/Revenue Segments include Pesticides & Intermediates, Duty Drawback for the year ending 31-Mar-2023.

For the quarter ended 31-12-2023, the company has reported a Consolidated Total Income of Rs 236.49 Crore, down 11.38 % from last quarter Total Income of Rs 266.87 Crore and down 24.98 % from last year, same quarter Total Income of Rs 315.25 Crore. Company has reported net profit after tax of Rs 17.28 Crore in latest quarter.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read: Is IndusInd Bank’s Consolidation the Key to Dominating the Market?

Want help on your trades?