66 stocks were on the short-covering list. The stat is based on the list provide by OI percentage. The major players include L & T Technology Services, Dr. Path Labs, Hindustan Copper and Voltas.
The market achieved the pivotal barrier level of the 61.8 percent Fibonacci retracement and a bearish gap, which was formed on April 15, or the 22,400 level on the Nifty 50. On April 24, ahead of the expiration of April derivative contracts, bulls extended their upward trajectory for four days in a row. Experts stated that if the index closes above the 22,500 barrier, which is where it has been experiencing resistance, record high levels might be reached in the upcoming sessions, with support at 22,300. They said that consolidation is expected to persist until the index trades below 22,500.
BSE Sensex Report
The BSE Sensex increased 114 points to 73,853 on April 24, while the Nifty 50 gained 34 points to 22,402 and produced a modest bearish candlestick pattern with a little upper shadow. This pattern on the daily charts somewhat resembles a Doji pattern.
“This pattern usually indicates uncertainty, especially when it aligns with a bearish gap and a significant resistance level of 61.8 percent retracement. The monthly expiry day’s 22,500 level will likely continue to be a strong barrier going forward, but a persistent trade above 22,500–22,550 might lead to more higher movement, perhaps as a result of contract modifications, according to Angel One technical analyst Rajesh Bhosale.
On the other hand, he believes that the bullish gap of 22,200–22,180 represents a critical support zone, and that the immediate support levels are located around 22,300–22,250. He encouraged traders to keep a careful eye on these levels since a consolidation phase might come before a directional move on the expiry day.
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With gains of 0.8 percent and 0.4 percent, respectively, the Nifty Midcap 100 and Smallcap 100 indexes demonstrated that the broader markets were still outperforming leading indices.
In the meantime, the fear indicator, the India VIX, closed at 10.28, up 0.78 percent from the previous session’s low of over 20 percent.
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Pre-market analysis report- Stocks in the news
Kotak Mahindra Bank
Citing regulatory concerns over its technological platforms, the Reserve Bank of India prohibited Kotak Mahindra Bank from issuing new credit cards and from onboarding new clients through its online and mobile banking channels.
Hindustan Unilever
Weak topline and operating results contributed to the FMCG giant’s standalone net profit of Rs 2,406 crore for the quarter that ended in March of FY24, a decrease of 5.7% from the same period last year. Despite a 2% increase in volume, the operating revenue for the quarter decreased by 0.2 percent on an annual basis to Rs 14,857 crore.
Axis Bank
Despite increased provisions for bad loans, the private sector lender recorded standalone net profit of Rs 7,130 crore for the March FY24 quarter, up from a loss of Rs 5,728.4 crore in the same period of the previous fiscal year. For the quarter, net interest income increased by 11.5 percent on an annual basis to Rs 13,089 crore, with a net interest margin of 4.06 percent.
ITC
The FMCG business said that an electronic meeting of ordinary shareholders will be held on June 6 to discuss the proposed Scheme of Arrangement between ITC and ITC Hotels.
LTIMindtree
Due to poor topline and operating statistics, the IT services provider reported consolidated net profit of Rs 1,100.7 crore for the March FY24 quarter, a 5.9% decrease from the prior quarter. Operating revenue for the quarter was Rs 8,893 crore, a decrease of 1.4% on a sequential basis.
Ban list
Hindustan Copper is still on the F&O ban list for April 25, while Aditya Birla Fashion & Retail and SAIL have been added by the NSE. Zee Entertainment Enterprises and Vodafone Idea were taken off the aforementioned list.
Securities that are prohibited under the F&O sector comprise businesses whose derivative contracts exceed 95 percent of the maximum position limit on the market.