23rd April, 2024

Market Update

Nifty : 22,368.00 31.60 (0.14%) Sensex : 73,738.45 89.83 (0.12%)

• Equity benchmark Index headed for a third consecutive day of rally as sentiments got a boost on account of a surge in the global markets,
easing geo-political tensions, falling India Vix, and domestic business growth near a 14-year high. Nifty gained marginally by 31 points or
0.2% to close at 22368 while touching an intra-day high of 22447. The India VIX Index, a measure of volatility, fell 20% to the 10 level, its
lowest level at 10 since Nov. 24.
• Action shifted to small-cap stocks. Nifty small cap Index surged nearly 1.5% and the Nifty 500 stocks advance-decline ratio was 1.5:1.
Telecom, realty, rail, auto, and exchange stocks were major gainers today.
• Among the global market, Asia, Europe, and the US market gained day as sentiment toward China continued to improve, with easing fears
of a wider Middle East conflict offering additional support.
• Telecom equipment major Tejas Network locked 20% upper circuit after the company reported impressive Q4 results. Both Tata
Teleservices and ITI rose 8% and 6% respectively
• Exchanged related stocks posted solid gains in the hope of good quarterly results. BSE surged 12% to close a record high of Rs3199 amid a
hefty volume of 40 lakh shares traded on NSE. CDSL advanced 4% to close at Rs2106.
Technical Outlook:
• Nifty index opened positive but remained in a narrow range of 90 points throughout the day. It moved in a lacklustre manner and managed
to close above 22350 zones along with sector specific action across the street. It has formed a small bodied Bearish candle on daily frame
and has been forming higher highs - higher lows from the last two sessions. Now it has to hold above 22350 for an up move towards 22500
then 22600 zones whereas supports are placed at 22222 then 22100 zones.
Derivative Outlook:
• Nifty future closed negative with marginal losses of 0.01% at 22354 levels. Positive setup seen in IDEA, ABFRL, AB Capital, MCX, Grasim,
Indhotel, Bhartiartl, Ambujacem, IEX, Chamblfert, Torntpharma, RBL Bank, SRF, Tatamotors, Cumminsind, Maruti, Eicher Motor, Colpal, Poly
Cab, Escorts, SBIN, IDFC and Voltas while weakness in M&MFin, Sunpharma, OFSS, Abbot India, Lupin and Can Fin Homes.
• India VIX was down by 19.72% from 12.70 to 10.20 levels. Volatility dropped to record low levels as geopolitical tension eases and the
market discount in no fear.
• On Option front, Maximum Call OI is at 22400 then 22600 strike while Maximum Put OI is at 22100 then 22300 strike. Minor Call writing is
seen at 22400 then 22500 strike while Put writing is seen at 22100 then 22200 strike. Option data suggests a broader trading range in
between 22000 to 22600 zones while an immediate trading range in between 22200 to 22500 zones.
 Today’s News

NEWS:
• NBCC – Company secured orders worth over Rs 23,500 crore in FY24 on a consolidated level, up over 250% YoY. Commercial real estate
inventory sale at World Trade Centre, New Delhi, at over Rs 6,480cr. On a standalone basis, new works for the year ended March 31 came
in at Rs18400cr vs Rs4225cr (YoY) – positive
• JSW, Amara Raja, Reliance submit bids to make batteries in India - Reliance Industries, JSW Neo Energy and Amara Raja Advanced Cell
Tech are among seven companies vying to establish a battery manufacturing giga-factory in India, as confirmed by the government. These
companies have submitted bids to set up units for manufacturing advanced chemistry cells with a total capacity of 10GWh under the
government's production-linked incentive scheme. India is incentivising private firms to enhance local production, with a maximum outlay
of Rs3620cr for the battery manufacturing scheme.
• Business growth at near 14-year high, to be fastest growing major economy this year - Domestic business activity has surged to its highest
level in nearly 14 years this month, keeping afloat by robust demand. The report, which also indicates easing input inflation and positive
job growth, positions India favorably to maintain its status as the fastest-growing major economy this year, following a trend of strong
expansion over recent quarters. Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and HSBC, climbed to 62.2 in April,
surpassing March’s final reading of 61.8. HSBC Manufacturing PMI during the month of April flat at 59.1 vs 59.1 in the previous month
HSBC Service PMI during the month of April reported 10-month high at 61.7 vs 61.2 in the previous month
• Zydus Life – Company’s wholly-owned China-based subsidiary gets new drug application of Desidustat accepted in China – Positive
• Tata Power – Company partner with Indian Bank on Solar Rooftop adoption – positive
• RPP Infra – Company’s JV wins new orders worth Rs413cr – positive
Global Market Update
• European Market - European stocks rose for a second day after strong earnings from some of the region’s biggest companies, while
positive economic data helped boost sentiment. UK, France and Germany index gained 0.5% each
• Asian Market – Asian stocks rose for a second day as sentiment toward China continued to improve, with easing fears of a wider Middle
East conflict offering additional support. Hong Kong’s benchmark Hang Seng Index jumped nearly 2% while Japan, Taiwan Index, Australia
and Singapore Index gained between 0.5% to 1%.
 Pivot Table

Pivot Table
Co. Name Close Low S2 S1 PP R1 R2 High Co. Name Close Low S2 S1 PP R1 R2 High
NIFTY 22,368 22,349 22,290 22,329 22,388 22,427 22,486 22,448 INDUSINDBK 1,474 1,471 1,462 1,468 1,477 1,483 1,492 1,486
ADANIENT 3,058 3,043 3,016 3,037 3,064 3,085 3,112 3,091 INFY 1,439 1,433 1,426 1,433 1,440 1,447 1,454 1,447
ADANIPORTS 1,321 1,319 1,307 1,314 1,326 1,333 1,346 1,339 ITC 429 425 423 426 428 431 434 431
APOLLOHOSP 6,185 6,181 6,100 6,143 6,223 6,266 6,346 6,304 JSWSTEEL 851 849 838 845 855 861 871 865
ASIANPAINT 2,874 2,844 2,831 2,853 2,865 2,887 2,899 2,878 KOTAKBANK 1,810 1,803 1,788 1,799 1,814 1,825 1,840 1,829
AXISBANK 1,055 1,049 1,043 1,049 1,055 1,061 1,066 1,060 LT 3,606 3,588 3,564 3,585 3,609 3,630 3,654 3,633
BAJAJ-AUTO 8,788 8,761 8,703 8,746 8,804 8,846 8,904 8,862 LTIM 4,720 4,680 4,653 4,686 4,714 4,748 4,775 4,741
BAJAJFINSV 1,621 1,616 1,594 1,608 1,630 1,644 1,666 1,652 M&M 2,070 2,057 2,023 2,046 2,080 2,104 2,137 2,114
BAJFINANCE 7,241 7,237 7,169 7,205 7,273 7,308 7,376 7,340 MARUTI 12,975 12,776 12,677 12,826 12,925 13,074 13,173 13,025
BHARTIARTL 1,347 1,302 1,285 1,316 1,333 1,365 1,382 1,351 NESTLEIND 2,499 2,426 2,394 2,447 2,478 2,531 2,563 2,510
BPCL 594 592 581 587 598 605 616 610 NTPC 347 344 342 344 347 349 351 349
BRITANNIA 4,790 4,723 4,686 4,738 4,775 4,827 4,864 4,812 ONGC 277 276 274 275 277 278 280 279
CIPLA 1,349 1,345 1,329 1,339 1,354 1,364 1,380 1,370 POWERGRID 285 281 278 281 284 288 291 287
COALINDIA 442 439 436 439 442 445 449 446 RELIANCE 2,920 2,911 2,863 2,891 2,939 2,967 3,015 2,987
DIVISLAB 3,770 3,730 3,710 3,740 3,760 3,790 3,810 3,780 SBILIFE 1,467 1,464 1,448 1,458 1,473 1,483 1,498 1,489
DRREDDY 5,945 5,934 5,850 5,898 5,981 6,029 6,112 6,065 SBIN 773 766 760 766 772 779 784 778
EICHERMOT 4,531 4,445 4,414 4,472 4,504 4,562 4,594 4,535 SHRIRAMFIN 2,426 2,417 2,394 2,410 2,433 2,449 2,473 2,456
GRASIM 2,370 2,278 2,244 2,307 2,341 2,404 2,439 2,376 SUNPHARMA 1,485 1,478 1,424 1,455 1,508 1,539 1,593 1,562
HCLTECH 1,486 1,471 1,456 1,471 1,486 1,501 1,516 1,501 TATACONSUM 1,172 1,152 1,140 1,156 1,168 1,184 1,196 1,180
HDFCBANK 1,508 1,503 1,489 1,498 1,512 1,522 1,536 1,527 TATAMOTORS 988 974 965 976 985 997 1,006 995
HDFCLIFE 601 598 592 596 603 607 614 609 TATASTEEL 161 161 159 160 162 163 165 164
HEROMOTOCO 4,349 4,287 4,253 4,301 4,335 4,383 4,417 4,369 TCS 3,875 3,861 3,842 3,859 3,877 3,893 3,911 3,895
HINDALCO 612 610 605 609 614 617 622 619 TECHM 1,200 1,199 1,186 1,193 1,206 1,212 1,225 1,218
HINDUNILVR 2,263 2,249 2,237 2,250 2,262 2,275 2,287 2,274 TITAN 3,635 3,605 3,587 3,611 3,629 3,654 3,672 3,648
ICICIBANK 1,089 1,083 1,073 1,081 1,091 1,099 1,108 1,100 ULTRACEMCO 9,525 9,522 9,454 9,490 9,557 9,593 9,660 9,625
WIPRO 462 460 456 459 463 465 469 467
Siddhartha Khemka Chandan Taparia, CMT, CFTe
Head - Retail Research Derivatives & Technical Analyst
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