Nifty Technical View:
The Nifty index is showing a small pause in its downward movement on daily charts, indicated by a specific candlestick pattern. It’s currently at a critical support level around 21,900. While there could be a temporary bounce upward, there’s no clear sign yet of a strong reversal to higher levels. If the support around 21,900 holds, we might see a small upward move, but if it breaks, the index could decline further to around 22,700-22,600 levels in the short term. Monitoring these support and resistance levels is key to understanding the market’s next moves. Immediate resistance is at 22,300 levels.
Nifty and Bank Nifty Support and Resistance level:
Nifty: – Resistance 22,070, 22,160 and 22,230 levels.
Support 21,980, 21,930 and 21,870 levels.
Bank Nifty: Resistance 47,472, 47,878and 48,090
Support 47,320 followed by 47,190and 46,980.
Index Future levels
Nifty Futures Buy above 22200. The suggested targets for this are 22,400 and 22,300, with a stop loss set at 22,000
Bank Nifty Future Buy near 47,300, the index is expected to see up side levels of 47,600 and 47,900, and level 47,000 will act as a stop loss.
Indian Vix
The high volatility is favouring the bears over the bulls in the market. The India VIX, which measures fear or volatility, has surged by 81% over the last 12 consecutive sessions, reaching a level of 18.47. This is the highest closing level since October 13, indicating a significant increase in market uncertainty and nervousness among investors.
PCR
The Nifty Put-Call ratio (PCR) rose slightly to 0.91 on May 10, up from the previous session’s level of 0.90. This ratio is a gauge of market sentiment: when it’s above 0.7 or exceeds 1, it suggests that traders are selling more Put options than Call options, signalling a strengthening bullish sentiment. Conversely, if the ratio drops below 0.7 or moves toward 0.5, it indicates that selling in Call options is higher than in Put options, reflecting a bearish mood in the market.
Stocks in the news:
ICICI Bank: Bijith Bhaskar has stepped down from his role as the Head of Cards, Payment Solutions, E-Commerce Ecosystem, Merchant Ecosystem, and Consumer Finance at the bank. He held a position within the Senior Management Personnel Group.
Zydus Lifesciences: The pharmaceutical company has been granted final approval by the United States Food and Drug Administration (USFDA) to sell Dexamethasone tablets in the US market. Dexamethasone is utilized in treating various conditions including arthritis, blood/hormone disorders, allergic reactions, skin diseases, eye problems, breathing difficulties, bowel disorders, cancer, and immune system disorders.
Fundamental Pick : BHARTIARTL
Buy at ₹1301 | Target Price: ₹1392/1420 | Stop Loss: ₹1249
Bharti Airtel Ltd. is a prominent telecommunications company operating in 18 countries across Asia and Africa. Established in 1995 and headquartered in New Delhi, India, the company offers a range of services including mobile, fixed line, broadband, enterprise solutions, and digital television. Its mobile services are especially popular, serving over 400 million customers globally with voice, data, and digital offerings. Airtel’s well-known brands include Airtel, Airtel Xstream, and Airtel Money. Airtel Xstream is a digital platform offering access to a vast library of content including movies, shows, music, and live TV. On the other hand, Airtel Money functions as a digital wallet allowing customers to pay bills, shop online, and transfer funds seamlessly.
Bharti Airtel Ltd saw a significant increase in revenue and net profit in the third quarter of the fiscal year 2023-2024. Compared to the same period last year, the company’s revenue surged by 8.26% to ₹39,042.50 crore. On a quarterly basis, there was a 2.85% growth in revenue over the last three months. Similarly, Bharti Airtel Ltd’s net profit also showed impressive growth, rising by 53.77% compared to the same quarter last year, reaching ₹2,442.20 crores. On a quarterly basis, the net profit increased by an impressive 82.16% over the last three months. These figures indicate a strong performance by Bharti Airtel Ltd in terms of both revenue generation and profitability during the specified period.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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