Nifty Index opened on a negative note and witnessed highly volatile swings. The session turned into a roller-coaster ride with sharp and fast moves on both sides during the first half. In the latter half, the index gradually drifted lower in a slow and steady manner, eventually closing with losses of around 170 points, near the 24820 mark. On the daily chart, Nifty formed a bearish candle with wicks on both ends, indicating selling pressure at higher levels, while buying interest remains intact near the lower zones. Now it has to cross and hold above 24900 zones for an up move towards 25100 then 25200 zones else weakness could be seen towards 24700 then 24600 zones.
On option front, Maximum Call OI is at 25000 then 25500 strike while Maximum Put OI is at 24500 then 25000 strike. Call writing is seen at 24800 then 24900 strike while Put writing is seen at 24400 then 24800 strike. Option data suggests a broader trading range in between 24300 to 25300 zones while an immediate range between 24600 to 25000 levels.
S&P BSE Sensex opened on a negative note and remained highly volatile throughout the session. The index faced resistance near the 82400 level, leading to sharp profit booking, while finding support around the 81100 zone. In the final hour, a recovery from lower levels helped the index close above the 81500 mark, though it ended the day with a loss of around 620 points. On the daily chart, a bearish candle with both upper and lower shadows was formed, indicating a volatile and range bound trading session with indecisive market sentiment. Now it has to cross and hold above 81800 zones for an up move towards 82100 then 82400 zones else weakness could be seen towards 81300 then 81000 zones.
Bank Nifty Index opened on a negative note and it drifted lower in the initial hour as it tested 55000 zone. However from the lows the index witnessed a very sharp recovery as it tested 55800 zone, but again it failed to sustain at higher levels. The index got stuck in band of 1000-1200 points with huge intraday swings. It formed a high wave candle on the daily scale as support base buying is visible at lower levels but momentum is missing at higher zones. Now it has to hold above 55250 zones for an up move towards 55750 then 56000 levels while on the downside support is seen at 55250 then 55000 zones.
Nifty future closed neagtive with losses of 0.70% at 24860 levels. Positive setup seen in Supreme Industries, Concor, Jio Financial Services, RBL Bank, PI Industries, Tata Chemicals, IDFC First Bank, IEX, Bandhan Bank, Granules, Inox Wind and Astral while weakness in Ultratech Cement, Naukri, ITC, Indigo, JSW Energy, JSW Steel, Axis Bank, M&M, Tata Motors, Grasim and NTPC.
GAIL - TECHNICAL CALL OF THE DAY
Stock is trading comfortably above its key 40/100/ and 200-EMA levels on the daily chart which itself indicates that the stock is in uptrend. The stock has been making higher highs and higher lows which indicates bullish implications. This is supported by positive RSI divergence as well as positive supertrend indicator.
BUY GAIL CMP 193.98 SL 186.73 TGT 201.71
Top 5 stocks to watch out for 28th May
HBL Engineering
The company has informed exchanges that IRCON International Limited has issued a letter of acceptance to HBL for provision of the Kavach in Bangalore and Mysore divisions of South Western Railway, across 85 stations covering 778 Kms and 2 locomotives. The said contract has to be completed in 18 months and the total value of the contract is Rs 101.55 crore inclusive of 18% GST.
Jupiter Wagons
Jupiter Electric Mobility (JEM), the electric vehicle arm of Jupiter Wagons signed an MOU with Pickkup, a fast-growing Delhi-based logistics platform specialising in sustainable intra-city and intercity deliveries. The tie-up signifies a strategic leap towards promoting electric vehicle usage in the logistics industry. The partnership aims to deploy 300 units of JEM TEZ, JEM's top-of-the-line electric light commercial vehicle, in Pickkup's growing EV fleet by the end of this year.
Sonata Software
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JK Lakshmi Cement
As a part of Company's ongoing efforts to enhance Shareholders' Value, the Board had approved fhe Composite Scheme of Arrangement which provides for the Merger of its Subsidiaries viz Udaipur Cement Works Ltd (UCWL), Hansdeep Industries & Trading Company Limited and Hidrive. Developers & Industries Limited into itself subject to various Regulatory Approvals. The Appointment Date for the Merger is 1st April 2024. The company has already approached the Regulatory Authorities for their consents.
The Company is expanding its Cement Grinding capacity at its Surat Grinding Unit from 1.35 Million Tonnes to 2.7 Million Tonnes. The Project is likely to cost Rs 225 crore to be funded through Term Loans from Bank of Rs 150 crore & the balance from Internal Accruals. JK Lakhsmi is also putting up a Railway Siding at its Durg Cement Plant at a Cost of Rs 325 crore to be funded through a Debt ofRs 225 crore & the balance through Internal Accruals.
