Religare - Daily Market Outlook, Futures & Technicals & Anand Rathi Technical Note & Strategist

Religare - Daily Market Outlook, Futures & Technicals - Apr 24


Nifty and Sensex have exhibited a narrow candlestick with a longer upper shadow.

Technically, one may use the level of 3995 (Nifty) and 13675 (Sensex) as the stop loss level.

Nifty faces resistance at 4125 and Sensex at 14050.

BSE Smallcap exhibited a bearish candlestick and BSE Midcap exhibited a narrow candlestick.

CNX IT has lost ground.

In the Punter's zone we have a BUY in G.E.Shipping & SELL in Tata Steel and Suzlon.

In the Technical call section, we have a BUY in Exide Industries , D.C.B. & Lyka Labs.

Anand Rathi - Daily Technical Note - Apr 24


The NIFTY futures saw a rise in OI to the tune 1.53% with prices coming down and closed almost flat indicating selling pressure emerging at higher levels indicating short positions being built up at higher levels. The FIIs sold index futures to the tune of 66.45 crs and buyers in index options to the tune of 129.74 crs indicating hedged positions built by them. The PCR has come up from 1.24 to 1.28 indicates that some buying support may emerge in the market. The volatility has come up from 23.20 to 28.50 levels indicating volatile trading sessions ahead.

Among the Big guns, ONGC saw 0.60% rise in OI with prices coming up 1.57% indicating that the counter saw buying support emerging at lower levels indicating strength in the counter. Whereas RELIANCE saw 4.74% drop in OI with prices rising marginally indicating that both bulls and bears liquidated their positions as market showed selling pressure at higher levels.

In the TECH front, INOFSYSTCH, WIPRO & SATYAMCOMP saw liquidation of positions by both bulls and bears indicating uncertainty expected by participants of market movement .TCS saw built up in OI to the tune of 1.42 % with fall in prices to the tune of 0.79% indicating short positions being built up in the counter indicating weakness in the counter.

In the BANKING counters, SBIN saw drop in OI to the tune of 5.59% with drop in prices to the tune of 1.28% indicating lack of confidence in the participants as both bulls and bears liquidated their positions whereas ICICIBANK saw RISE in OI to the tune of 6.46% with prices almost flat indicating buying emerging at lower levels in the counter indicating further strength in the counter .HDFCBANK saw rise in OI to the tune of 5.77% with price negative indicating short positions being built up in the counter indicating weakness in the counter.

In the metal pack TATASTEEL saw drop in OI to the tune of 3.10% with price up significantly indicating heavy short covering in the counter as counter crossed its resistance levels which may result in further strength in the counter whereas SAIL saw marginal OI with rise in prices indicating short covering seen in the counter and built up of fresh long positions indicating further strength in the counter.HINDALCO saw drop in OI with prices rising indicating short covering seen in the counter whereas STER saw liquidation of positions by both bulls and bears.

Considering the overall scenario and the markets behavior, market showing volatility as selling pressure emerging at higher levels and profit booking seen in the market. If market doesn't sustains after credit policy announcement we may see liquidation of long positions and bears building fresh short positions. Traders are advised not to go aggressively short on the market unless important support level of 3990 is breached and any position taken should be with strict stop losses to be adhered too.

Anand Rathi - Daily Strategist - Apr 24