Nifty Up Three Days in a Row: Can the Rally Continue?

Yesterday’s Pick:

SBIN 25APR24 770 CE Rs 9000 (Per 2 Lot )
Sobha Ltd Short term Pick Rs 9000 ( 200 Quantity )
SHORT TERM PICK FORTIS BUY Rs 4400 ( 200 Quantity )
HCLTECH 25APR24 1480 CE Rs 9800 (Per 2 Lot )
COCHIN SHIPYARD LTD Short term Pick Rs 16000 ( 200 Quantity )
BTST SWSOLAR Rs 13600 ( 200 Quantity )

Nifty Technical View:

Bearish candlestick pattern on the daily charts of the Nifty index, suggesting a potential downward movement in the market. However, a minor resistance at the 61.8 percent Fibonacci retracement level around 22,400, indicating a possible obstacle for further downward movement. Despite this resistance, we anticipate a rally towards 22,500-22,600 levels once this resistance is overcome. This bullish sentiment seems to be supported by the relative strength index (RSI) holding strongly above the 50 level, indicating potential upward momentum. We also note that immediate support levels are at 22,250, suggesting that any short-term retracement may be viewed as a buying opportunity.

Indian Vix :
The India VIX, which measures domestic volatility, has dropped by 19.72 percent to 10.2. This marks its lowest level in almost nine months, offering reassurance to bullish traders.

Put Call Ratio:

The Nifty Put Call ratio (PCR), a key indicator of market sentiment, decreased to 1.06 on April 23, down from the previous session’s level of 1.14. When the PCR rises above 0.7 or exceeds 1, it suggests that traders are selling more Put options than Call options. This typically reflects a growing bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or approaches 0.5, it indicates that selling in Call options outweighs that in Put options, signaling a bearish sentiment in the market.

Nifty and Bank Nifty Support and Resistance level:

Nifty :-

Resistance 22,426, 22,449 and 22,487 levels.
Support 22351, 22328 and 22290 levels.


Resistance 48,212, 48,307 and 48,461
Support 47903, 47808 and 47,654

Index Future levels

Nifty Futures buy near 22300. The suggested targets for this are 22,500 and 22600, with a stop loss set at 22,100.

Bank Nifty future buy above 48,000 , the index is expected to see upside levels of 48,300 and 48,500, and level 47,650 will act as a stop loss.

Stocks in the news:

Tata Consumer Products:

The FMCG company has recorded consolidated net profit at Rs 268 crore for quarter ended March FY24, declining sharply by 23 percent compared to same period last fiscal despite healthy operating numbers, and topline, impacted by exceptional loss of Rs 216 crore. Revenue from operations grew by 9 percent on-year to Rs 3,927 crore for the quarter.

Tata Elxsi:

The Tata Group company has reported a 4.6 percent on-year decline in net profit at Rs 196.9 crore for quarter ended March FY24 on lower topline and weak operating numbers. Revenue from operations fell 0.9 percent year-on-year to Rs 905.9 crore during the quarter.

Todays Fundamental : Zensar Technologies Ltd

BUY 590| TGT 636|TGT 650| Stop Loss 570

Zensar Technologies Ltd., established on March 26, 1963, is a key player in digital solutions and technology services. It specializes in aiding global organizations across different sectors in their Digital Transformation journeys. The company’s beginnings included partnerships with renowned international firms like ICL UK, Fujitsu Japan, and Northern Telecom Canada.

Zensar Technologies Ltd saw a 1.86% increase in revenue compared to the same period last year, reaching ₹1,246.20 Crore in Q3 2023-2024. On the other hand, the company’s net profit surged by 111.37% year-on-year, amounting to ₹161.70 Crore in the same quarter. This impressive performance also resulted in a significant rise of 107.52% in the net profit margin, reaching 12.98% in Q3 2023-2024.In terms of market capitalization, Zensar Technologies Ltd has a Market Cap of ₹13,396 Crore, with a Stock Price-to-Earnings (P/E) ratio of 21.9. This is notably lower than the industry PE ratio of 36.7. Furthermore, the company has a healthy debt-to-equity ratio of 0.07, indicating a balanced financial structure with low reliance on debt financing.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read: Economic Data: Fed Chair’s Speech and Chinese Data’s Influence on Market Sentiment?Nifty Banknifty Stumbles: Will It Recover or Fall Further?

Recommended Read: RBI MPC Meeting 2024: What’s On the RBI’s Radar?

Want help on your trades?

Chat With Analyst