Yesterday’s Pick
Short Term Pick Hindustan Uniliver Limited Rs 34,400 ( Quanity 200 )
NIFTY 06 JUNE 21900CE RS 20,375 ( PER 5LOT )
SENSEX 07 JUNE 73500 CE Rs 24000 ( PER 5 LOT)
SENSEX 07 JUNE 76200CE RS 24,000 ( PER 5 LOT)
Fundamental Pick Dabur Rs 10,000 ( PER 5 LOT)
Nifty Technical View
Technically, the index has moved above the 100-Day Exponential Moving Average (100-DEMA) and formed an inside bar candlestick pattern on the daily chart. The index is likely to find support around its recent low of 21,800, and a clear break above the 22,900 level would likely boost market confidence further.
Indian Vix
Volatility spiked significantly due to the election results, creating a challenging environment for bullish investors. However, after the election results were announced, the India VIX, also known as the fear index, dropped sharply by 23 percent, ending at 18.88.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks, resulting in a net outflow of Rs 5,656.26 crore. In contrast, domestic institutional investors (DIIs) were net buyers, purchasing Indian stocks worth Rs 4,555.08 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), which reflects market sentiment, improved slightly to 0.75 on June 4 from 0.73 in the previous session. A PCR above 0.7 or exceeding 1 typically indicates bullish sentiment, while a ratio below 0.7 or approaching 0.5 signals a bearish outlook.
Nifty and Bank Nifty Support and Resistance level
Nifty
Resistance 18,320, 20,220 and 21,050
Support based 22,115, 22,948.85, 24,015, and 25,910
BankNifty
Resistance 49,705, 52,480, and 57,070
Support based 45,115, 43,300, and 38,710
Index Future levels
Nifty Futures Buy above 22700. The suggested targets for this are 23000 and 23,100, with a stop loss set at 21,540.
Bank Nifty future buy above 48,800 index is expected to see up side levels of 49100 and 49400 and level 48480 will act as a stop loss.
Fundamental Pick : SUNTV
Buy at ₹ 750 , target ₹845, stop loss ₹705.
Sun TV Network Ltd, founded in April 1993, is an Indian mass media company and one of the country’s largest media conglomerates, with total revenue exceeding $2 billion. The company operates across various sectors, including television broadcasting, cable networks, FM radio, direct-to-home (DTH) services, newspapers, digital media, and movie production. Sun TV Network Ltd offers a range of top products, including television channels, radio stations, DTH services, digital media platforms, movies, and newspapers. Some of the company’s popular brands are Sun TV, KTV, Sun Music, Sun News, Adithya TV, Chutti TV, Sun Direct, Suryan FM, Red FM, Dinakaran, Maalai Malar, and Dina Thanthi. Their channels are available in multiple languages, including Tamil, Telugu, Kannada, and Malayalam.
Sun TV Network Ltd reported a 9.07% year-on-year increase in net profit to Rs 414.74 crore for the fourth quarter ended March 31, 2024. The company’s revenue from operations also saw a significant rise of 14.4% to Rs 961.28 crore during the same period. Additionally, Sun TV Network’s legal dispute with SpiceJet has been resolved, with the Delhi High Court division bench setting aside an order directing SpiceJet to refund over Rs 270 crore to Kalanithi Maran. As a result, experts are recommending buying the stock with a target price of Rs 760. Furthermore, the promoters’ holdings in the company remained unchanged at 75.00% of holdings in the March 2024 quarter.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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