Yesterday’s Pick:
NIFTY 10 APR 22700CE Rs.. 7500 ( Per 5 Lot)
ICICIBANK 25APR24 1100 CE Rs 15400 (2 Lot)
(Swing Trade )HINDALCO CASH Rs 2250 ( Lot 2 Size)
NIFTY 25APR24 FUT Rs 3000 ( Per 1 lot)
NIFTY 10APR 22750PE Rs 10000 (Per 5 Lot)
Banknifty Technical View:
The market index has recently shown a small-bodied bearish candlestick pattern on its daily chart, with upper and lower shadows reminiscent of the High Wave candlestick pattern. This suggests that there’s uncertainty among both buyers and sellers. Despite this, the index is currently trading above its 21-day moving average, which typically indicates positive sentiment in the market. Any significant dips in the index could potentially present buying opportunities for investors.
FII and DII:
Foreign Institutional Investors (FIIs) sold shares worth Rs 593.20 crore, whereas Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,257.18 crore.
Put Call Ratio:
the Nifty Put Call ratio (PCR), a measure reflecting the equity market sentiment, declined to 1.09 from the previous session’s level of 1.29. A rising PCR, especially above 0.7 or surpassing 1, suggests that traders are selling more Put options compared to Call options. This generally indicates a growing bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or moves towards 0.5, it signifies that selling in Call options is higher than in Put options, indicating a bearish sentiment prevailing in the market.
Nifty and Bank Nifty Support and Resistance level:
Nifty :- Resistance 22680, 22750 and 22800 levels.
Support 22,600, 22,510 and 22430 levels.
BankNifty: Resistance 48,780, 49000 and 49150
Support 48,600 followed by 48,511 and 48,361..
Index Future levels
Nifty Futures Sell below 22700. The suggested targets for this are 22,600 and 22500, with a stop loss set at 22,850.
Bank Nifty future Sell below 48,600 , the index is expected to see downside levels of 48,400 and 48,200, and level 49,180 will act as a stop loss.
Stocks in the news:
Exide Industries:
The automotive battery manufacturer has signed an agreement to acquire a 26 percent equity stake in Clean Max Arcadia. This company is a special purpose vehicle (SPV) established and promoted by Clean Max Enviro Energy Solutions. Clean Max Arcadia’s primary focus is on generating and supplying solar power.
Lupin:
The pharmaceutical company has introduced its inaugural generic version of Oracea (Doxycycline capsules, 40 mg) in the United States. This follows approval from the United States Food and Drug Administration (US FDA).
Todays Fundamental Pick: Multi Commodity Exchange of India Ltd
BUY 3740| TGT 4005|TGT 4050| Stop Loss 3611
The Multi Commodity Exchange of India Limited (MCX) is India’s inaugural listed exchange, specializing in commodity derivatives trading conducted online. Established in November 2003, MCX operates under the regulatory oversight of the Securities and Exchange Board of India (SEBI). Its primary function is to facilitate the trading of commodity derivatives, serving as a platform for price discovery and risk management. However, the claim regarding MCX exporting APIs and specialty chemicals to over 100 countries seems inaccurate, as its core focus is on commodity derivatives trading rather than direct export activities of such products.
During the October-December quarter of fiscal year 2023-24 (Q3FY24), the Multi Commodity Exchange of India Limited (MCX) reported a net loss of ₹5.3 crore, a significant shift from the ₹39 crore net profit in the same period last year. However, the sequential net loss narrowed by 72% to ₹19.07 crore compared to the preceding September quarter. This indicates fluctuations in performance for India’s leading exchange in the commodity derivatives market segment during this timeframe.
The Multi Commodity Exchange of India Ltd. (MCX), the largest exchange in India’s Commodity Derivatives Market segment, has signed a Memorandum of Understanding (MoU) with the Jakarta Futures Exchange (JFX) (PT. Bursa Berjangka Jakarta), Indonesia’s largest exchange in the Commodity and Derivatives market. This agreement aims to strengthen collaboration in various areas such as knowledge sharing, research, education, training, awareness creation, and other market development initiatives. Through this MoU, both exchanges seek to foster mutual growth and advancement within their respective commodity and derivatives markets.
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?
Chat with Analyst