YESTERDAY’S PICKS
FINNIFTY 30JUL24 FUT RS.16000/-(PER 5LOT)
NIFTY TECHNICAL VIEW
The Nifty 50 ended the day almost unchanged, despite starting low. It recovered over 100 points but still closed slightly negative. On the bright side, it stayed above 24,300 at the close and even touched 24,100 during the day.If the Nifty can hold these levels, it could potentially rise to 24,500 in the coming days. On the other hand, if it falls, there’s support around 24,000 which could prevent a bigger drop. Notably, the Nifty managed to defend a key technical level (10-day EMA) for another day, indicating some underlying strength.
Nifty PCR
When the PCR (Put-Call Ratio) rises above 0.7 or exceeds 1, it suggests that traders are selling more Put options compared to Call options. This typically signals a strengthening bullish sentiment in the market. Conversely, if the ratio drops below 0.7 or approaches 0.5, it indicates that more Call options are being sold relative to Put options, reflecting a bearish sentiment prevailing in the market.
 India VIX
The volatility ended a three-day period of gains and consistently remained below the 200-day Exponential Moving Average (EMA) of 14.6, which is still seen as favorable for bullish sentiment. The India VIX closed at 14, marking a decrease of 3.03% from its previous level of 14.43.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) bought Indian stocks valued at Rs 15,359.94 crore, while domestic institutional investors (DIIs) purchased Indian stocks worth Rs 15,835.30 crore during the same period.
Stocks in news
Tata Consultancy Services (TCS) began the first quarter of FY25 with a notable 8.8% increase in year-on-year profits, reaching ₹12,105 crore. This is an improvement from the ₹11,120 crore profit reported during the same period last year. However, compared to the previous quarter, profits saw a slight decline of 3.1%, down from ₹12,502 crore.
Larsen & Toubro International FZE, a wholly owned subsidiary of the Indian multinational Larsen & Toubro, has announced the establishment of a new company in Uzbekistan.
Nifty and Bank Nifty Support and Resistance level
Nifty :
Resistance 24,380, 24,430, and 24,510
Support based 24,250, 24,180, and 24,100
BankNifty:
Resistance 52,400, 52,550, and 52,800
Support based 51,900, 51,750, and 51,500
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 52,200 index is expected to see down side levels of 51980 and 51,850 and level 52,650 will act as a stop loss.
Momentum Pick: Balrampur Chini Mills
Buy at ₹445 | Target price: ₹468 |Stop Loss:₹ 436
Balrampur Chini Mills Ltd, established in 1975, is a top integrated sugar manufacturing company in India and a member of the Balrampur Group. It operates five sugar factories located in Uttar Pradesh and Maharashtra, two distilleries, and one paper mill. The company specializes in the production and sale of sugar, industrial alcohol, ethanol, and paper. With a daily production capacity of around 75,000 tonnes, Balrampur Chini Mills Ltd stands as the second-largest sugar producer in India.
Revenue for Balrampur Chini Mills Ltd has increased over the last two quarters, rising from ₹1.29K crore to ₹1.44K crore, with an average quarterly growth rate of 10.8%. In the March 2024 quarter, retail investors have slightly increased their holdings from 24.97% to 25.07%, while foreign institutions have boosted their holdings from 10.49% to 11.27%. Additionally, over the past 7 days, the BALRAMCHIN stock has seen a 2.1% increase.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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