Yesterday’s Pick
BANKNIFTY 31JUL24 FUT Rs 22,500 (Per 5 Lot)
BANKNIFTY 31 JUL 51600PE PE Rs 18,750 (Per 5 Lot)
SUNPHARMA 25JUL24 1600 CE Rs 14,000 (Per 5 Lot)
HDFCLIFE FUT Rs 1,43,000 (Per 5 Lot)
Nifty Technical View
The Nifty 50 has formed a bearish candlestick pattern on the daily charts, characterized by a small upper shadow and a long lower shadow, indicating volatility. This pattern occurred with higher-than-average trading volumes. Despite this, momentum indicators RSI and MACD are still showing a negative trend.
Given the significant decrease in volatility and the index finding support at the 21-day EMA of 24,250, there is potential for the Nifty 50 to rise to 24,600, which is a critical resistance level on its path to reaching a new record high. However, if the index falls below the 24,250 support level, it could decline further to 24,100.
Indian Vix
The volatility cooled down further to nearly a three-month low, making the trend more favourable for bulls and raising the chances of a rebound in the benchmark indices. The India VIX, the fear gauge, fell 7.73 percent to 11.76, from 12.75 levels.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks worth Rs 5,130.90 crore, while domestic institutional investors (DIIs) purchased Indian stocks valued at Rs 3,137.30 crore during the same period.
Put Call Ratio:
The Nifty Put-Call ratio (PCR), which reflects market sentiment, remained steady at 0.87 on July 24, the same as the previous session. An increasing PCR, or one that is higher than 0.7 or surpasses 1, suggests that traders are selling more Put options than Call options, generally signaling a strengthening bullish sentiment in the market. Conversely, if the ratio drops below 0.7 or approaches 0.5, it indicates higher selling of Call options compared to Put options, reflecting a bearish market mood.
Stocks in the news
JSPL:
Naveen Jindal-promoted JSPL reported a standalone net profit of ₹1,457 crore for the quarterending June 30, 2024, marking a year-on-year increase of over 4 percent compared to ₹1,400 crore in the same period last year. The company’s net revenue also saw a 4.4 percent year-on-year increase to ₹12,865 crore, up from ₹12,325 crore in the corresponding period of the previous fiscal year. Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) stood at ₹2,694 crore.
L&T:
Engineering and construction major Larsen and Toubro (L&T) reported a consolidated net profit of Rs 2,786 crore for the quarter ended June 2024, up 12 percent from Rs 2,493 crore in the same quarter last year. On July 24, L&T’s shares closed 0.45 percent lower at Rs 3,522 apiece. Revenue from operations increased by 15 percent to Rs 55,120 crore in Q1FY25, compared to Rs 47,882 crore in the corresponding period last year. L&T’s net profit was slightly below market expectations, while its revenues exceeded market projections.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 24,485, 24,530, and 24,605
Support based 24,330, 24,290, and 24,210
BankNifty
Resistance 51,790, 52,065, and 52,510
Support based 50,905, 50,630, and 50,190
Index Future levels
Nifty Futures Sell below 24300 The suggested targets for this are 24,000 and 23900 with the stop loss set at 24,550.
Bank Nifty Future sell below 51,300 index is expected to see down side levels of 51000 and 50,800 and level 51,550 will act as a stop loss.
Momentum Pick: CHALET
Buy at ₹873| Target price: ₹974 |Stop Loss:₹ 811
Chalet Hotels Ltd is a prominent hospitality company in India, established in 1986 and headquartered in Mumbai. It is one of the country’s oldest hotel chains, known for its luxurious and comfortable accommodations. Chalet Hotels Ltd operates in the hotel, resort, and hospitality industry, offering a variety of services such as accommodation, food and beverage, entertainment, and leisure activities. The company boasts a portfolio of over 100 hotels across India, with popular brands including The Orchid, The Fern, and The Grand.
Chalet Hotels Ltd’s revenue increased by 22.74% compared to the same period last year, reaching ₹424.41 crore in Q4 2023-2024. On a quarterly growth basis, the company saw an 11.72% rise in revenue over the last three months. Chalet Hotels Ltd’s net profit surged by 124.57% compared to the same period last year, reaching ₹82.44 crore in Q4 2023-2024. On a quarterly growth basis, net profits increased by 16.74% over the last three months. The company’s net profit margin grew by 82.96% compared to the same period last year, reaching 19.42% in Q4 2023-2024. On a quarterly growth basis, the net profit margin increased by 4.49% over the last three months.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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