Market Snapshot:
- Volatility Index (VIX): 14.62 (Low)
- Low: Below 15 | Medium: Between 15-20 | High: Above 20
- A low VIX indicates relatively calm market conditions.
Index Performance:
- Nifty: Recovered briefly, testing the 24,600 level before bears pushed it back into negative territory.
- Bank Nifty: Experienced a mixed session with initial buying interest but eventually gave up gains.
Positional Trends:
| Index | Current Price (CMP) | Trend | Support | Resistance | PCR |
|---|---|---|---|---|---|
| Nifty | 24,435.00 | Bearish | 24,300-24,200 | 24,600-24,700 | 0.79 |
| Bank Nifty | 51,239.00 | Bearish | 51,000-50,700 | 51,600-51,800 | 0.85 |
| Sensex | 80,082.00 | Bearish | Not Specified | Not Specified | Not Provided |
Key Insights:
- The 89-day Exponential Moving Average (DEMA) at 24,600 is now a strong resistance for Nifty.
- 24,600 is a critical resistance level, with any breakout beyond 25,000 required to shift momentum to the bullish side.
- Put Call Ratio (PCR):
- Nifty at 0.79, indicating oversold conditions.
- Call writers are building positions at the 24,500-24,700 strikes, with decent put support at 24,400-24,200.
FII/DII Activity:
- Foreign Institutional Investors (FII): Net outflow of Rs 5,684.63 crore
- Domestic Institutional Investors (DII): Net inflow of Rs 6,039.90 crore
Actionable Trading Ideas:
- Caution is advised for long positions until there is a clear bullish reversal. The market remains in a bearish phase, especially around the 24,600 resistance.
Option Chain & Expiry Watch:
- Fresh call writing at 24,500-24,700 indicates resistance, while 24,400 and 24,200 put options show strong support.
- F&O Expiry: Keep a watch on potential volatility near expiry, especially if support levels are broken.
Company News:
- Bajaj Finserv: Reported an 8% YoY rise in net profit to Rs 2,087 crore, driven by increased interest and insurance premium income.
- TVS Motors: Shares dropped 3% despite a 23% YoY profit increase to Rs 663 crore, missing market expectations.
- Hyundai Motor India: Shares surged 6% during market debut but closed down 7%.
- Dr Lal PathLabs: Beat estimates with an 18% YoY profit rise to Rs 130.80 crore.
- SBI Life: Q2 net profit rose 39.3% to Rs 529 crore, falling short of the Rs 730 crore analyst estimate.
Summary:
The market is currently in a bearish zone, with Nifty facing strong resistance at 24,600 and call writers actively building positions at higher levels. Bank Nifty also remains weak, though both indices have key support levels nearby. Until a decisive breakout occurs, it’s best to stay cautious, especially with long positions.