Nifty Up Two Days in a Row: Can the Momentum Sustain?

Yesterday’s Profit

TRIVENI CASH   Rs 3200 (200 Quantity)

SIEMENS 25APR24 5600 CE  Rs 22500 ( Per 2 Lot )

Weekly Equity  newsletter Bank Nifty Future sell near 47900 to 47610, Rs 8700 ( per 2 Lot)

Nifty Technical View:

The Doji candlestick on the daily chart suggests uncertainty among investors, with neither the bulls nor the bears clearly in control. Despite this, the fact that the closing price is above the 21 Exponential Moving Average indicates that bullish momentum may continue for now. However, it’s important to note that the MACD is showing a bearish divergence, signaling a potential shift in the market sentiment. For the Nifty index, it’s crucial to keep an eye on key levels around 22,400 – 22,500, where there’s a bearish gap and the 61.8 percent retracement level. Conversely, there’s expected to be support around the 22,200 – 22,150 range due to a bullish gap. To put it simply, while the market currently leans bullish, the divergence on the MACD and the resistance levels suggest a need for caution, and traders should stay vigilant for any signs of a change in direction.

Indian Vix

The significant decrease in volatility has eased concerns for the bulls. The India VIX, which measures fear in the market, dropped by 5.62 percent to reach a level of 12.70. This decline comes after five consecutive days of increase. Additionally, the market breadth was positive, with nearly three stocks advancing for every one declining stock on the NSE (National Stock Exchange).

Put Call Ratio:

The Nifty Put Call Ratio (PCR), a measure reflecting the sentiment of the equity market, rose to 1.14 on April 22, up from 1.03 in the previous session. When the PCR climbs above 0.7 or exceeds 1, it suggests that traders are selling more Put options than Call options. This typically signifies a growing bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or approaches 0.5, it indicates that selling in Calls is higher than selling in Puts, signaling a bearish sentiment in the market.

 Nifty and Bank Nifty Support and Resistance level:

Nifty :-

Resistance   22,353, 22,413and 22,481 levels.

Support      22,236, 22,194 and 22,126 levels.


Resistance  47,972 , 48,220 and 48,418

Support  47702, 47580 and 47,382.

Index Future levels

Nifty Futures buy above  22400. The suggested targets for this are 22,600  and 22800, with a stop loss set at 22,200.

Bank Nifty future buy above  48,100 , the index is expected to see upside levels of 48,400 and 48,600, and level 47,850 will act as a stop loss.

Stocks in the news:

Hero MotoCorp:

Arun Jaura has resigned as Chief Technology Officer (CTO) of the world’s largest two-wheeler maker, with effect from April 30.

Tejas Networks:

The wireline and wireless networking products maker has recorded consolidated net profit at Rs 146.8 crore for quarter ended March FY24, driven by healthy topline. The net loss in year-ago period was Rs 11.5 crore. Revenue from operations increased sharply by 343.3 percent on-year to Rs 1,326.88 crore in Q4FY24.

Todays Fundamental : Reliance Industries

BUY 2977| TGT 3185|TGT 3200| Stop Loss 2846

Reliance Industries stands out as a major player in India’s green hydrogen manufacturing sector. Their green hydrogen is not only utilized domestically but is also exported globally, playing a crucial role in curbing carbon emissions. What’s noteworthy is their innovative approach of using green hydrogen and CO2 as building blocks for developing new green chemicals, fertilizers, and e-fuels. Looking ahead, Reliance Industries is strategically leveraging its solar and wind energy capabilities to facilitate large-scale production of green hydrogen. The company has earmarked a substantial investment of ₹75,000 crore for green hydrogen production over the next few years. As part of this initiative, they are in the process of setting up a 1 GW green hydrogen facility in Jamnagar, Gujarat, with plans to make it operational by 2025. This move aligns with their commitment to sustainable practices and contributing to a greener future.

Reliance Industries Limited (RIL) saw its total revenue go up by 11% compared to last year, reaching Rs 2.40 lakh crore for the quarter ending March 31, 2024. However, its net profit slightly decreased from the previous fiscal year, coming in at Rs 18,951 crore for the same period. RIL continues to be a dominant force in the Indian market, showcasing resilience and stability amidst changing economic conditions.

Reliance Industries has revealed its intentions to make substantial investments in renewable energy and green hydrogen projects in Tamil Nadu.

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?

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