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Nifty Seeks Bullish Upturn, Is Nifty Ready to Roar Back?


Yesterday’s Picks

TATAMOTORS CASH RS14,400/- (200 Quantity)
BANKNIFTY 31 JUL 50900PE RS 12,000/- (10 Lot)
APLLTD CASH RS12,000/- (200 Quantity)
Short Term LICI RS 7,000/- (200 Quantity)


Nifty Technical view

Nifty 50 index had a volatile day on July 25th, the day when many financial contracts expire. After a steep decline at the start, the market recovered significantly but still ended slightly lower. Nifty 50 could rise to between 24,500 and 24,600 points if it manages to stay above its 20-day average (currently at 24,373 points). However, if it falls below this average, it might drop to 24,200 or even 24,000 points.

Indian Vix

Volatility experienced a resurgence after a steep decline over the past two trading days. However, it remains subdued compared to key trend indicators. Consequently, market optimists maintain a dominant stance. The India VIX, a barometer of market fear, climbed 7.27% to 12.62 from 11.76.

FII And DII Data

Foreign institutional investors (FIIs/FPIs) sold Indian stocks worth Rs 2,605.49 crore, while domestic institutional investors (DIIs) Buy Indian stocks valued at Rs 2,431.69 crore during the same period.

Put Call Ratio

A measure of market sentiment, the Nifty Put-Call Ratio (PCR) has surged  jumped to 1.21 on July 25, from 0.87 levels in the previous session. This indicates that more investors are betting on the market going up (buying call options) than on it going down (buying put options). Generally, a higher PCR suggests a bullish outlook.

Stocks in the news

Mankind Pharma: The company will buy Bharat Serums and Vaccines for Rs 13,630 crore. The transaction is expected to close within 3–4 months.

SJVN: The company has received a huge order worth Rs 13,497 crore from the Government of Mizoram to complete a pumped storage project.

Nifty and Bank Nifty Support and Resistance level

Nifty

Resistance 24,450, 24,550, and 24,610
Support based 24,250, 24,200, and 24,150

BankNifty

Resistance 51,090, 51300, and 52,010
Support based 50,550, 50,380, and 50,190

Index Future levels

Nifty Futures Buy above 24550 The suggested targets for this are 24,700 and 24,850 with the stop loss set at 24,250.

Bank Nifty Future Buy above 51,150 is expected to see up side levels of 51500 and 51,800 and level 50,550 will act as a stop loss.

Momentum Pick Indigo

Buy at ₹4455| Target price: ₹4600 |Stop Loss:₹ 4330

Interglobe Aviation Ltd (Indigo) is India’s largest passenger airline operating as a low-cost carrier. Serving 86 destinations including 24 international destinations, it provides passengers with a simple, unbundled product, fulfilling its singular brand promise of providing “low fares, on-time flights, and a courteous and hassle-free service” to its customers. IndiGo commenced operations in August 2006 with a single aircraft and has grown its fleet to 262 aircrafts.

As of FY24, IndiGo has a market share of 62% in the Indian aviation segment, with the share growing consistently since 2007. It has a market share of 18% in the international passenger segment. It has become the 7th largest airline in the world measured by daily departures and the first Indian airline.In FY24, the company’s EBITDA margin improved to 25% compared to 13% in FY23 due to moderation in fuel costs, high passenger load factors, and firm yields.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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