On Monday Indian Indices ended in the green as both the Sensex and Nifty gyrated between gains and losses on Dalal Street. The indices started the session on a positive note before paring all the gains dragged down by Tata Steel, Vedanta, Oil India, and other stocks. However, in the noon trade, the indices made a smart recovery led by Hindustan Unilever, HDFC, and HDFC Bank.
Buzzing Stock
Delta Corp:- Tanked over 9% today after ace investor Rakesh Jhunjhunwala sold over 5.7 million shares in the firm via bulk deals on Friday. Ace investor Rakesh Jhunjhunwala held 1.15 crore shares or a 4.30 percent stake in Delta Corp , according to the shareholding pattern in the March quarter of last year. Meanwhile, Rekha Jhunjhunwala separately held 3.18 percent or 85 lakh shares in the company.
What’s Next?
Positive trends in the global markets inspired the domestic market to trade positively with large caps gaining the most while mid & small caps continued to trade with cuts. Prevailing inflationary pressure and concerns over policy tightening limited the upside.
For the near term if the markets are able to sustain above the near-term support levels then we will likely see some bounce towards the upside.
Dalal Street Summary
Nifty (up 0.37%) – Open 15334.50, High 15382.50, Low 15191.10, Close 15350.15
Bank Nifty (down -0.18%) – Open 32873.40 High 32926.10, Low 32426.40, Close 32684.80
Sensex (up 0.46%) – Open 51470.03, High 51714.61, Low 51062.93, Close 51597.84
India Vix – down 1.52% to end at 22.41
FII’s: Net Sellers : ( – 1217.12 Crores )
DII’s: Net Buyers : ( + 2093.39 Crores )
Bullish Sectors – FMCG (1.80%), Financial Services (0.96%)
Bearish Sectors – Metal (-3.90%), PSU Bank (-2.49%)
Top Gainers Stocks – Hindustan Uniliver (+3.95%), HDFC (+3.84%)
Top Losers Stocks– Tata Steel (-5.03%), Indusind Bank (-2.92%)
Nifty Open Interest Put Call Ratio (PCR): 0.81
Maximum CE Open Interest Strike: 15500
Maximum PE Open Interest Strike: 15200
Bank Nifty Open Interest Put Call Ratio (PCR): 0.77
Maximum CE Open Interest Strike: 33000
Maximum PE Open Interest Strike: 32500
(The maximum CE PE open interest strike rate indicates that the market is likely to move in that particular range in the coming days)
Technical View of Dalal Street
Nifty
Nifty’s intraday charts have formed a double bottom formation which is broadly positive for the near term.
A hammer reversal candlesticks formation is seen on daily charts, indicating a strong possibility of a fresh pullback rally from the current levels.
If the index succeeds to trade above the 15300 level, then the pullback rally is likely to continue in the near future and could move up to 15500-15600 levels.
Nifty Futures Strategy for Tuesday
Nifty Future has resistance at 15400 if breaks and sustains above that level, then it will take it to 15500-15600.
Support at 15250 breaks and sustain below that level will take it towards 15150–15050 levels.
Bank Nifty
The Bank Nifty index witnessed sideways consolidation where the fight between the bulls and the bears continued.
The index is still trading in a downtrend with lower high and lower low formations intact.
Bank Nifty Futures Strategy for Tuesday
Bank Nifty Future has resistance at 32900 if breaks and sustain above that level then it will take it to 33100–33300.
Support at 32400 breaks and sustain below that level then it will take it to 32200—32000.
TOP STOCK RECOMMENDATION (21st June 2022)
APOLLO TYRE (FUTURES)
The stock has formed a double bottom pattern on the hourly time-frame charts.
Strategy – Traders are advised to buy above 171 levels for the upside target of 172.40 and then to 174 levels in the days to come.
Support and stop-loss remain at 168 on closing basis.
Trade safely with levels. More will update during the Live market.
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