Nifty Surrenders to Selling Pressure, Bears Mauling Markets

Yesterday’s Pick

NESTLEIND FUT Rs 5,800 (Per 1 Lot)
NIFTY 11 JUL 24450PE Rs 4,375 (Per 5 Lot)
TCS 25JUL24 4000 PE Rs 19,250 (Per 5 Lot)
BANKNIFTY 31JUL24 FUT Rs 12,750 (Per 5 Lot)
SHOPERSTOP Rs 22,200 (Quantity 200)

Nifty Technical View

The Nifty 50 has formed a bearish candlestick pattern on the daily charts, characterized by a long lower shadow. This pattern is similar to a Bearish Engulfing pattern, though not the classical type. This development suggests a negative outlook and signals caution for bullish traders. The recent decline in Nifty is attributed to profit-taking. Any significant upward movement is likely only if the index surpasses 24,460. Until then, the market may continue to consolidate, with key support levels at 24,200 and 24,000.

Indian Vix

Volatility has continued to rise for the third session in a row but couldn’t maintain its position above the 200-day EMA of 14.63. This level is critical for bullish traders, as a decisive close above it could create discomfort for them. The India VIX, which measures market fear, increased by 1.07 percent, moving from 14.28 to 14.43.

FII And DII Data

Foreign institutional investors (FIIs/FPIs) bought Indian stocks valued at Rs 583.96 crore, while domestic institutional investors (DIIs) purchased Indian stocks worth Rs 1,082.40 crore during the same period.

Stocks in the news

Vedanta Group : Anil Agarwal, Chairman of Vedanta Group, anticipates that imports of minerals, metals, and energy will triple from the current $350 billion as the economy expands rapidly. He believes that the investment opportunity in these sectors could grow to $1 trillion.

Angel One: Angel One announced on Wednesday that it had resolved a data breach that occurred in April of the previous year. The breach was promptly reported to the relevant authorities at the time and primarily involved sample data, including details related to companies that were delisted in 2021.

Nifty and Bank Nifty Support and Resistance level

Nifty :
Resistance 24,430, 24,505, and 24,630
Support based 24,190, 24,110, and 23,990
Resistance 52,440, 52,545, and 52,720
Support based 52,090, 51,985, and 51,810

Index Future levels

Nifty Futures Sell below 24300 The suggested targets for this are 24,100 and 24000 with the stop loss set at 24,550.

Bank Nifty future Sell below 52,300 index is expected to see down side levels of 52000 and 51,800 and level 52,650 will act as a stop loss.

Fundamental Pick: RVNL

Buy at ₹610 | Target price: ₹688 |Stop Loss:₹574

Rail Vikas Nigam Ltd (RVNL) is an Indian railway public sector undertaking that was incorporated in 2003. It holds the status of a Miniratna Category-I PSU and operates under the administrative control of the Ministry of Railways. RVNL specializes in railway infrastructure development and related activities. Its operations include the construction and development of railway lines, bridges, tunnels, and other railway infrastructure. Additionally, RVNL offers consultancy services for railway projects.

Rail Vikas Nigam Ltd’s revenue increased by 17.41% year-over-year to ₹7,037.38 crore in Q4 2023-2024. On a quarterly basis, the company’s revenue rose by 39.44% over the last three months. Additionally, Rail Vikas Nigam Ltd’s net profit surged by 33.17% year-over-year to ₹478.40 crore in Q4 2023-2024. On a quarterly basis, the company’s net profit increased by 33.42% over the past three months.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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