Yesterday’s Picks
Short term INDIACEM Rs 5,400 (Quantity 200)
BAJAJFINSV 25JUL24 1600 CE Rs 10,000 (Per 5 Lot)
Nifty Technical view
The Nifty 50 index has shown a strong upward movement on the daily charts, forming a long bullish candlestick pattern. This follows two consecutive sessions of indecision, indicated by Doji patterns. The recent trading session had higher-than-average volumes, coinciding with the weekly futures and options (F&O) expiry. Key momentum indicators, the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence), are signaling a positive trend. Given this momentum and the upcoming major event, the index is expected to reach 25,000 soon, with strong support levels at 24,600-24,500.
Indian Vix
Volatility has continued to rise for the third consecutive session, surpassing the 14.5 mark and nearing the 200-day Exponential Moving Average (EMA) at 14.6. Bulls should be cautious if volatility continues to rise and stays above this level. The India VIX, often referred to as the fear gauge, closed at 14.51, up 2.02 percent from its previous level of 14.22.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) bought Indian stocks valued at Rs 5,483.63 crore, while domestic institutional investors (DIIs) sold Indian stocks worth Rs 2,904.25 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), a key indicator of market sentiment, rose to 1.41 on July 18 from 1.25 in the previous session. An increasing PCR, especially when it is above 0.7 or surpasses 1, suggests that traders are selling more Put options than Call options, typically indicating a strengthening bullish sentiment in the market. Conversely, if the ratio drops below 0.7 or approaches 0.5, it implies higher selling in Calls compared to Puts, reflecting a bearish market sentiment.
Stocks in the news
Dalmia Bharat: Dalmia Bharat, one of India’s leading cement manufacturers, reported a 1 percent increase in net profit for the April-June quarter of the fiscal year 2024-25 (Q1FY25), reaching ₹145 crore compared to ₹144 crore in the same period last fiscal year. The company’s revenue from operations remained almost unchanged at ₹3,621 crore, slightly down from ₹3,627 crore in the previous year. Notably, cement sales volumes grew by 6 percent year-on-year, rising to 7.4 million tonnes (mt) from 7 mt in the corresponding period last year.
JSW Infrastructure: JSW Infrastructure reported a 9 percent decline in net profit for the first quarter of FY25, primarily due to increased expenses, despite a 15 percent rise in revenue driven by higher volumes from recently acquired assets. The company posted a net profit of ₹292 crore on revenue of ₹1,010 crore. It handled 27.8 million tonnes (mt) of cargo, marking a 9 percent year-on-year increase, supported by assets such as PNP and the liquid terminal in the UAE, and increased utilization at the Paradip coal terminal and in iron ore handling. The revenue growth was also bolstered by increased cargo volume and a change in the realization mix. EBITDA increased by 25 percent to ₹609 crores.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 24,840, 24,920, and 25,050
Support based 24,590, 24,510, and 24,380
BankNifty
Resistance 52,760, 52,905, and 53,140
Support based 52,290, 52,145, and 51,910
Index Future levels
Nifty Futures buy near 24850 The suggested targets for this are 25,100 and 25200 with the stop loss set at 24,650.
Bank Nifty Future buy 52,850 index is expected to see up side levels of 53100 and 53,300 and level 52,550 will act as a stop loss.
Momentum Pick: MCX
Buy at ₹4070 | Target price: ₹4560 |Stop Loss:₹ 3822
In 2022, MCX established multiple strategic partnerships, including with Dalian Commodity Exchange, Taiwan Futures Exchange, Zhengzhou Commodity Exchange, European Energy Exchange AG, and Chittagong Stock Exchange. It also launched various futures contracts, including the MCX iCOMDEX Bullion Index (BULLDEX) and Base Metal Index (METLDEX), and expanded its trading portfolio with new commodities such as Rubber. As of FY 2022, MCX had 592 members and 50,254 Authorized Persons, with coverage extending across 1,018 cities and towns in India.
In Q4 2023-2024, Multi Commodity Exchange of India Ltd (MCX) experienced a 30.89% increase in revenue compared to the same period last year, reaching ₹201.35 crore. However, on a quarterly basis, revenue fell by 3.78% over the last three months. The company’s net profit surged by an impressive 1512.29% year-on-year, reaching ₹87.87 crore for the quarter. On a quarterly basis, net profit skyrocketed by 1742.43% over the past three months. MCX’s net profit margin also saw a significant jump, increasing by 1131.78% year-on-year to 43.64% in Q4 2023-2024. On a quarterly basis, the net profit margin increased by 1806.95% over the last three months.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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