Yesterday’s Pick
ECLERX CASH Rs 20,600 (Quantity 200)
HINDALCO 27JUN24 685 CE Rs 21,000 ( Per 5 Lot)
SENSEX 21JUN24 77100 PE Rs 15,000 ( Per 10 Lot)
BANKNIFTY 26 JUNE 51500PE Rs 13,500 ( Per 10 Lot)
Nifty Technical View
The Nifty 50 showed a bearish candlestick pattern with a small lower shadow on the daily charts. On the weekly charts, it displayed a bearish Spinning Top pattern, which indicates a potential trend reversal. If there is continued weakness in the following week, it will confirm this bearish signal. The market is expected to remain rangebound in the near term, with support at 23,300. On the upside, if the index closes and sustains above 23,650, it could aim for the next target of 23,800.
Indian Vix
Volatility continued to decline for another session, staying within the 12-14 range. Experts believe the trend could become unfavorable for bulls if volatility rises and stays above 15. The India VIX, also known as the fear gauge, dropped by 1.24 percent, going from 13.35 to 13.18.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks worth Rs 1,790.19 crore, whereas domestic institutional investors (DIIs) bought Indian stocks totaling Rs 1,237.21 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), which reflects market sentiment, decreased to 1.04 on June 21 from 1.29 in the previous session. An increasing PCR, especially above 0.7 or surpassing 1, suggests that traders are selling more Put options than Call options, typically indicating a strengthening bullish sentiment in the market. Conversely, if the PCR falls below 0.7 or moves towards 0.5, it indicates higher selling of Call options compared to Put options, signaling a bearish sentiment.
Stocks in the news
State Bank of India : State Bank of India (SBI) plans to open 400 branches nationwide in the current financial year. Last fiscal year, the country’s largest lender opened 137 branches, including 59 new branches in rural areas
Bharat Biotech International Ltd : Bharat Biotech International Ltd (BBIL) will recognize the Indian Council of Medical Research (ICMR) as a “co-owner” of the patent for Covaxin, its Covid-19 vaccine.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 23,625, 23,690, and 23,790
Support based 23,420, 23,355, and 23,255
BankNifty
Resistance 51,880, 52,045, and 52,315
Support based 51,335, 51,170, and 50,900
Index Future levels
Nifty Futures buy above 23500. The suggested targets for this are 23700 and 23,800, with a stop loss set at 23,250.
Bank Nifty future buy above 51,600 index is expected to see upside side levels of 51900 and 52200 and level 51,200 will act as a stop loss.
Momentum Pick : APLAPOLLO
Buy at ₹1646 | Target price: ₹1853 | Stop loss: ₹1545.
APL Apollo Tubes Ltd, an Indian manufacturing company founded in 1999 and headquartered in New Delhi, specializes in steel tubes, pipes, and related products. Operating across India, the company produces a variety of steel tubes and pipes, including black and galvanized pipes, rectangular and square hollow sections, pre-galvanized pipes, and hot-rolled steel tubes. Additionally, it manufactures value-added products like roofing solutions, window sections, and cold-rolled formed sections
APL Apollo Tubes Ltd has shown strong financial performance over the last two quarters, with revenue increasing from ₹4,190 crore to ₹4,780 crore, marking an average quarterly growth of 12.4%. Foreign institutional holdings have also risen, from 29.23% to 30.67% in the March 2024 quarter. Net profit has grown from ₹165.51 crore to ₹170.44 crore, reflecting an average quarterly increase of 2.9%.However, when compared to some of its industry peers, APL Apollo Tubes Ltd has underperformed. Over the last three years, Jindal Steel & Power Ltd has delivered a 177.1% return, which is 72.4% higher than APL Apollo Tubes. Additionally, in the past year, Bharat Forge Ltd has provided a 115.0% return, outperforming APL Apollo Tubes by 96.7%.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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