Yesterday’s Pick
BANKNIFTY 31JUL24 FUT RS 7500 (Per5 Lot )
Nifty Technical View
The Nifty 50 has shown a Doji candlestick on its daily charts, suggesting uncertainty among traders regarding future market direction. Despite this, momentum indicators like RSI and MACD lean towards positivity. Such patterns typically hint at a potential change in trend if occurring at market tops, yet confirmation in the next session is crucial to validate this possibility.
India VIX
Volatility has risen above the 14 mark but remains lower than last week’s peak of 14.92 and the 200-day EMA of 14.6, which continues to support bullish sentiment. The India VIX, an indicator of market fear, increased by 3.37 percent from 13.73 to 14.19 levels.
Nifty PCR
The Nifty Put-Call ratio (PCR), a gauge of market sentiment, rose to 1.33 on July 15 from 1.28 in the previous session. An increasing PCR, especially above 0.7 or surpassing 1, signifies that traders are selling more Put options compared to Call options. This trend typically suggests a strengthening bullish sentiment in the market. Conversely, if the PCR falls below 0.7 or approaches 0.5, it indicates that selling in Calls exceeds that in Puts, reflecting a bearish sentiment among traders.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) bought Indian stocks valued at Rs 14,857.07 crore, while domestic institutional investors (DIIs) purchased Indian stocks worth Rs 15,033.15 crore during the same period.
Stocks in news
Hindustan Unilever (HUL): Hindustan Unilever has approved the sale of its Pureit water purification business to A O Smith India Water Products for $72 million (Rs 601 crore) on a slump sale basis.
Vedanta: Vedanta launched its Qualified Institution Placement (QIP) issue on July 15, setting a floor price of Rs 461.26 per share.
JNK India: JNK India secured an order worth up to Rs 50 crore from JNK Global, Korea, for a regeneration furnace for a refinery project in Oklahoma, USA.
Nifty and Bank Nifty Support and Resistance level
Nifty :
Resistance 24,650, 24,700, and 24,800
Support based 24,550, 24,500, and 24,450
BankNifty:
Resistance 52,670, 52,800, and 53,000
Support based 52,400, 52,250, and 51,900
Index Future levels
Nifty Futures Buy Above 24650 The suggested targets for this are 24,750 and 24,850 with the stop loss set at 24,500.
Bank Nifty future Buy Above 52,750 index is expected to see up side levels of 52,950 and 53,050 and level 52,600 will act as a stop loss.
Momentum Pick: Jio Financial Services
Buy above ₹356 | Target price: ₹375 |Stop Loss:₹ 344
Jio, a telecommunications company in India owned by Reliance Industries, had ventured into financial services through Jio Payments Bank. Jio Payments Bank offers digital banking services, including savings accounts, money transfer, and online bill payments. They aim to leverage their extensive customer base and digital infrastructure to provide convenient and accessible financial services across India.
In Q1FY25, the net profit rose 0.64 per cent to Rs 312.6 crore compared to Rs 310.6 crore. Its revenue dipped 0.07 per cent to Rs 417.8 crore from Rs 418.1 crore.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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