April 29th 2024 Stock Market analysis

Gains in Financial, Banking Stocks Lift Indian Equities to End Higher on Monday

Indian indices surged on Monday, driven by robust performances in the financial and banking sectors. Both the BSE Sensex and NSE Nifty closed higher as major players in these sectors reported strong quarterly earnings. The Sensex soared by 941.12 points, or 1.3%, to reach 74,671.28, while the Nifty climbed 223.40 points, or 1%, closing at 22,643.40. Leading the gainers was ICICI Bank, with its shares jumping 4%, followed closely by State Bank of India and IndusInd Bank. Conversely, HCL Technologies, Apollo Hospitals Enterprise, and Bajaj Auto experienced declines.

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‍Technical Outlook on 30th April

Nifty may expect an immediate support near 22537 then 22431 and resistances are 22750 then 22856. Now the nifty is looking at a mild profit booking.

Bank Nifty may expect an immediate support near 49142 then 48860 and resistances are  49706 then 49988. Now the bank nifty is looking at a mild profit booking.

Derivative Outlook on 30th April

PCR Analysis: Nifty PCR-OI has increased with nifty has positive which shows PUT WRITING.

Open Interest Analysis: Nifty future MAY contract OI has increased with positive close which shows Long Buildup.

Cost of Carry Analysis: Nifty MAY month contract has ended in low compare with JUNE contract and low range compare with previous session which indicates a mild profit booking.

India VIX Analysis: India VIX has closed at 12.24 vs 10.93 (DoD) basis which shows increase in volatility.

Techno Electric & Engineering Shares Surge 10% Following Acquisition of Rs 4,000-Crore Order

Shares of Techno Electric & Engineering Company surged 10 percent to Rs 1,067 in afternoon trading on April 29, following the company's announcement of securing orders worth Rs 4,000 crore. The orders were received from prominent entities including Power Grid Corporation of India, Adani Transmission, Millenium Challenge Account (MCA) Nepal, IndiGrid Trust, Damodar Valley Corporation, and REC Power Distribution Company for various engineering, procurement, and construction projects. Earlier in January, the company had disclosed new orders valued at Rs 1,750 crore for transmission and advance metering infrastructure. Despite initial gains post the order win, the shares were trading at Rs 1,021, up 5.4 percent from the previous close on the NSE at 2:55 pm. Over the past year, the shares have surged by a substantial 175 percent, contributing to the company's market capitalization of over Rs 10,000 crore. Renowned as one of India's leading power-infrastructure companies, Techno Electric & Engineering specializes in engineering, procurement, and construction (EPC), asset ownership, and operations and maintenance services across the generation, transmission, and distribution segments.