NIFTY OUTLOOK & OPTION PUTCALL INTRADAY TIPS FOR 30 APRIL 2024

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Market Overview:

The market displayed a strong rebound today, swiftly recovering from previous session losses. The Nifty closed above the crucial level of 22,600, showcasing robust buying across sectors, except for realty. Positive global cues set a favorable tone for the day, with the market extending gains throughout the session, primarily led by the financial sector.

Key Indices:

• At close, the Sensex surged by 941 points or 1.28% to reach 74671.
• The Nifty gained 223 points or 1%, closing at 22643.
• Notably, the Nifty Bank recorded its most significant one-day gain since December 4, 2023, surging by 2.5% and touching a fresh record high of 49473.

Sectoral Performance:

• Except for realty, all other sectoral indices ended the day in the green. Notable performers included healthcare, metal, power, bank, and oil & gas sectors, which rose by 0.4-2 percent.
• The BSE midcap index rose by 0.8 percent, while the smallcap index ended flat.
• Banking stocks, especially private banks, dominated today's trade. Strong performances from ICICI and Axis Bank propelled the index higher. PSU banks later joined the rally, further bolstering the index.

Top Gainers and Losers:

• Top gainers on the Nifty included ICICI Bank, IndusInd Bank, SBI, UltraTech Cement, and Axis Bank.
• Losers included HCLTech, Apollo Hospitals, Bajaj Auto, HDFC Life, and LTIMindtree.

Individual Stock Movements:

• Several individual stocks witnessed significant volume spikes, including Apollo Hospitals, UltraTech Cement, and Trent.
• Long build-up was observed in AU Small Finance Bank, ICICI Bank, and Aditya Birla Capital, while short build-up was noted in HCL Technologies, Apollo Hospitals, and SBI Cards.

Market Outlook:

• The Nifty continues to maintain its uptrend, closing with solid gains and staying above the critical 21EMA, signaling a bullish trend continuation.
• The momentum indicator, RSI (14), indicates a bullish crossover, projecting a short-term move towards 22,800-22900, with support at 22500.
• The index has breached its immediate hurdle of 22625 and is poised to move towards its previous high of 22750, with higher support at 22450.

Sectoral Analysis:

• Banking, especially private banks, dominated today's trade, while the energy segment also performed well. Realty emerged as the major laggard.
• Focus was primarily on frontline stocks, resulting in underperformance by the broader markets.

This concludes the market report for April 29, 2024.