Commenting on the Bank Nifty outlook Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said the BankNifty index exhibited continued bullish strength as it witnessed follow-up buying from lower levels. Currently, it is approaching a crucial resistance level around 48000, marked by the highest open interest on the call side.

Shah also said a decisive break above this level is anticipated to trigger further short covering moves. Meanwhile, immediate support lies at 47600-47500 levels, suggesting that any dip towards this support zone could present a buying opportunity.

Following the news that KRDCL-RVNL JV emerged as the lowest bidder (L1) from Southern Railway for the redevelopment of Thiruvananthapuram Central Railway Station on engineering, procurement, and construction (EPC) mode, the stock of RVNL surged by 2.63% on the NSE, reaching Rs 284.65.

Commenting on the Derivaties outlook Anand James, Chief Market Strategist, Geojit Financial Services said Nifty weekly contract has highest open interest at 23000 for Calls and 22000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 22000 for Puts. Highest new OI addition was seen at 22400 for Calls and 22100 for Puts in weekly and at 22400 for Calls and 22100 for Puts in monthly contracts.

James also added that FIIs increased their future index long position holdings by 2.43%, increased future index shorts by 1.27% and in index options by 5.27% in Call longs, 3.24% in Call short, 15.36% in Put longs and -0.72% in Put shorts.

Cipla, JSW Steel, Tata Steel, Hindalco, Power Grid Corp are the top gainers on NSE Nifty 50 index whereas top laggards include Tata Consumers, Titan Company, Tech Mahindra, Grasim, SBI Life Insurance.

Shares of the Bombay Stock Exchange (BSE) concluded Tuesday’s session with a notable gain of over 10%, reaching a new record high of Rs 3,264.70 on April 23, 2024. This marked the stock’s second consecutive day of ascent.

BSE shares have exhibited favorable returns across various time frames. In the past month alone, the stock has delivered an admirable return of 33.11%, underscoring its stability and growth potential. Furthermore, the preceding six months have witnessed even more impressive performance, with a substantial increase of 72%, signaling a robust upward trajectory.

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Shares of Vodafone Idea fell 8% to an intraday low of Rs 13.25, compared to its previous close of Rs 14.40. The company touched its 52-week low of Rs 6.25 on April 24, 2023. It hit its 52-week high of Rs 18.40 on February 23.

JSW Steel, Tata Steel, Cipla, Hindalco, and Power Grid Corporation were the top gainers in the Nifty 50. While Tata Consumer Products, Infosys, HUL, Tech Mahindra, and Titan were the major losers in the Nifty 50 on April 24.

Tata Elxis’ shares fell over 3% after it reported its Q4 FY24 results. The company has reported a 4.6% drop in net profit sequentially compared to the previous quarter. In Q4FY24, Tata Elxsi witnessed a 4.6% decline in net profit to Rs 197 crore from Rs 206.4 crore in Q3FY24. Year-on-year, the net profit also saw a 2.3% decrease. The operational revenue for the quarter dipped by 1% to Rs 906 crore from Rs 914.2 crore in the December quarter, yet showed an 8.1% increase compared to the same period last year.

Read the full story here: Tata Elxsi slides over 3% despite Rs 70/share dividend announcement- Find out what’s triggering the selling?

The NSE Nifty 50 was up 88.50 or 0.40% at 22,456.50, while the BSE Sensex was up 303.81 points or 0.41% at 74,042.26.

Courtesy: NSE

The stock of Tata Consumer Product slumped 6% to an intraday low of Rs 1,106, compared to its previous close of Rs 1,173.35. The fall in the stock price came a day after it released its Q4 results. The FMCG major reported a fall of 19% in its net profit standing at Rs 217 crore, compared to Rs 269 crore in the same period a year ago.

Shares of Multi Commodity Exchange fell 7.6% to an intraday low of Rs 3,713.30 after the company reported its Q4 earnings for FY24. The stock touched its 52-week low of Rs 1,285.05 on May 22, 2023. It has hit its 52-week high of Rs 4,072.60 on April 12, 2024. Come from Sports betting site VPbet

Despite announcing a dividend of Rs 70 per equity share, Tata Elxsi witnessed a decline of over 3% in its share price. The dip comes in the wake of the company’s Q4 results, where it reported a 4.6% decrease in net profit compared to the previous quarter.

Courtesy: BSE

Courtesy: NSE

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty remained sideways throughout the session as it failed to provide any directional breakout. However, the overall trend remains positive as the index closed above the critical moving average. The Relative Strength Index (RSI) is showing a bullish crossover with a reading below 60. On the higher end, the range of 22350-22400 is likely to act as a resistance zone; a decisive breakout above 22400 might trigger a rally in the market. On the lower end, support is positioned at 22250; a breach below this level might weaken the bullish sentiment.

Cipla, JSW Steel, Nestle India, Hindalco, Tata Steel are the top gainers on NSE Nifty 50 index whereas the top laggards include Tata Consumers, HDFC Life Insurance, Titan Company, Hindustan Unilever, and Infosys.

The NSE Nifty 50 opened 0.22% higher at 22,416.40, while the BSE Sensex opened 0.27% higher at 73,934.36.

“Overnight surge in US markets and subsequent gains in Asian equities are pointing towards a firm opening for both Sensex & Nifty. A fall in global crude oil prices towards $83 a barrel raises hopes of easing tensions in the Middle East. Investors are also hoping for an easing of geopolitical tensions, and are also expecting the continuation of the current regime in the general elections, which has helped markets reverse the falling trend over the past few sessions. This is despite FII  selling and also uninspiring Q4 results from Reliance and frontline technology companies. The technical landscape suggests Nifty’s major support at 22200 mark, with interweek support at 22000 and then at 21710 mark,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“As far as the Bank Nifty is concerned it opened the gap up however witnessed consolidation during the day and managed to close marginally in the green. In case of a dip towards the support one of 47700 – 47620, it should be used as a buying opportunity. Once this consolidation is over we can expect the next leg of the upmove to resume for a target of 48500 – 48700,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

On Tuesday, the Nifty opened the gap up and consolidated for the day to close with gains of around 32 points. 

“On the daily charts, we can observe that the Nifty is consolidating around the 22400 mark which coincides with the 61.82% Fibonacci retracement level of the previous fall from 22776 to 21777 and also the lower end of the gap area formed on the 15th of April. A brief consolidation is likely considering the sharp run-up and the hourly momentum indicator turning negative suggesting that there could be a few range-bound days of price action ahead. On the upside we expect Nifty to target levels of 22560 from a short-term perspective,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

Hindustan Copper, Vodafone Idea, and Zee Entertainment Enterprise were in the F&O Ban list on April 24.

Foreign institutional investors (FII) sold shares net worth Rs 3,044.54 crore. However, domestic institutional investors (DII) bought shares net worth Rs 2,918.94 crore on April 23, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $83.34 down by 0.16%, while Brent crude prices were trading at $88.36 up by 0.11%, on Wednesday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.03% at 105.64.

The Wall Street or US market rose higher for the second consecutive session buoyed by strong earnings. The S&P 500 advanced 1.2% to settle the session at 5,070.55. While the Dow Jones Industrial Average finished trading 263.71 points or 0.69% higher at 38,503.69. The tech-heavy index Nasdaq Composite gained 1.59% to settle at 15,696.64. 

Asian markets were trading higher following the US market’s overnight gains on strong earnings. Japan’s Nikkei 225 jumped 2.02% to trade at 38,309.47. The Asia Dow was trading 1.88% higher at 3,291.68. Hang Seng was up 1.92% at 16,828.93. The benchmark Chinese index Shanghai Composite was trading flat.