Nifty Rebuffed at Resistance, Falls Back Within Range

Friday’s Pick:

Investment Pick HINDALCO Rs 4000 ( 100 Quantity )
Investment Pick Cash NATIONALUM BUY Rs 1100( 100 Quantity )
Daily newsletter Fundamental Zensar Technologies Ltd Rs 5200 ( 100 Quantity )
SWING TRADE TATA POWER Rs 1600 ( 100 Quantity )
BANKNIFTY 30 APR 48600PE Rs 5250 (Per 5 Lot )
Momentum Pick CONCOR Rs 4700 ( 100 Quantity )

Nifty Technical View:

The Nifty index showed a bearish reversal signal called the Dark Cloud Cover on its daily chart. It suggests a shift from an upward trend to a potentially downward one. The index might find support around 22,300 and 22,000 if it continues to drop. However, if there’s a bounce, watch out for resistance around 22,500-22,600; breaking above this could push the index toward 22,800.

Nifty and Bank Nifty Support and Resistance level:

Nifty: – 

Resistance   22,500, 22600 and 22800 levels.

Support      22,300, 22200 and 22000 levels.

Bank Nifty: 

Resistance 48250, 48,690 and 48,900

Support  48310 followed by 47950 and 47700.

Index Future levels

Nifty Futures buy near 22500. The suggested targets for this are 22,700 and 22,800, with a stop loss set at 22,350.

Bank Nifty future buy above  48,400 , the index is expected to see up side levels of 48,600 and 48,700, and level 48,150 will act as a stop loss.

Indian Vix

The market’s volatility has been rising for the third day in a row, but it’s still significantly lower than the critical levels of 12-13. This means that there isn’t a major cause for concern among bullish investors just yet. The India VIX, which is a measure of market fear or volatility, increased by 1.82% to 10.93 from its previous level of 10.73.

Stocks in the news:

Maruti Suzuki India: 

The country’s largest car maker has recorded standalone net profit at Rs 3,878 crore for quarter ended March FY24, growing 47.8 percent over a year-ago period partly driven by strong operating numbers and higher other income, but overall numbers below analysts’ expectations. Revenue from operations grew by 19.3 percent on-year to Rs 38,235 crore during the same period.

Vodafone Idea:

ATC Telecom Infrastructure has exited the telecom operator by selling its entire shareholding of 144 crore equity shares (equivalent to 2.87 percent of paid-up equity) at an average price of Rs 12.78 per share via open market transactions, which valued at Rs 1,840.3 crore.

Fundamental Pick Bharat Electronics Ltd

BUY 245| Target 263| Target 268| Stop loss 236

Bharat Electronics, a prominent Indian defence electronics firm operating under the Ministry of Defence, is renowned for its expertise in designing, manufacturing, and supplying sophisticated electronics systems. These systems encompass a wide array of technologies, including radars, sonars, communication equipment, and weapon systems. BEL’s contributions are instrumental in bolstering India’s defence capabilities and fostering self-reliance in electronics technology. This semiconductor stock exhibits a volatility level 2.47 times higher than the Nifty index, showcasing its dynamic market behaviour. With a market capitalization of 1,70,647 Crore, the company holds the 58th position in terms of market ranking. Given its robust performance and strategic significance, BEL stands out as one of the premier semiconductor companies listed in India.          

In terms of financial performance, Bharat Electronics Ltd witnessed a 2.8% increase in revenue, reaching ₹4,329.58 Crore in Q3 2023-2024 compared to the same period last year. Quarterly growth also showed a promising 4.42% rise in revenue over the past three months. The net profit of Bharat Electronics Ltd saw a substantial 40.22% surge, amounting to ₹859.58 Crore in Q3 2023-2024 compared to the previous year. On a quarterly basis, there was an 8.9% increase in net profits over the last three months. These figures reflect the company’s strong financial performance and growth trajectory.

Bharat Electronics boasts a Market Capitalization of ₹1,70,647 Crore with a Price-to-Earnings (PE) ratio of 47.8, significantly lower than the industry PE of 71.2, making it a relatively attractive investment. Moreover, the company operates with zero debt, further enhancing its financial stability.

Navaratna DPSU Bharat Electronics Limited (BEL) has signed a contract for a value of Rs.2,167.47 Crs plus taxes with Indian Navy on 131h Feb 2024 for the supply of state of the art indigenously designed and developed EW suite for use on-board warship. This EW suite is a big leap towards the Aatmanirbhar Bharat initiative of BEL.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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