May 21st 2024 Stock Market analysis

India's Sensex Ends Down, Nifty Up Ahead of National Poll Outcome

Indian indices were mixed on Tuesday as investors remained cautious ahead of the lower house election results. Weak global cues and the absence of fresh triggers further dampened domestic market sentiment. At close, the Sensex declined 52.63 points, or 0.1%, to 73,953.31, while the NSE Nifty 50 rose 27.05 points, or 0.1%, to 22,529.05. Hindalco Industries was the top gainer on Monday, with shares climbing 5%, followed by Coal India and Tata Steel. In contrast, Nestle India, Hero MotoCorp, and Maruti Suzuki India were the top laggards.

‍Technical Outlook on 22nd May

The Nifty is likely to find immediate support around 22,436, with further support at 22,343, and resistances at 22,622 and 22,715. Currently, the Nifty is expected to trade positively within a range.

Similarly, the Bank Nifty is anticipated to have immediate support near 47,882, with additional support at 47,716, and resistances at 48,214 and 48,380. The Bank Nifty is also projected to trade within a range.‍

Derivative Outlook on 22nd May‍

PCR Analysis: Nifty PCR-OI has decreased with nifty has positive which shows CALL BUYING.

Open Interest Analysis: Nifty future MAY contract OI has decreased with positive close which shows Short Covering.

Cost of Carry Analysis: Nifty MAY month contract has ended in high compare with JUNE contract and high range compare with previous session which indicates a positive bias.

India VIX Analysis: India VIX has closed at 21.81 vs 20.39 (DoD) basis which shows increase in volatility.

‍BHEL Q4 Net Profit Drops 25% to Rs 484 Crore; Declares Dividend‍

State-owned Bharat Heavy Electricals Limited (BHEL) reported a 25 percent decline in net profit to Rs 484.36 crore for the quarter ended March 31, 2024, due to higher expenses. This is down from Rs 645.13 crore in the same period last year. However, sequentially, net profit soared multi-fold from Rs 46.31 crore in the December quarter.

BHEL’s revenue from operations for Q4FY24 saw a slight increase to Rs 8,260.25 crore, compared to Rs 8,227.99 crore in the year-ago period.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) for the fourth quarter stood at Rs 892.78 crore, down from Rs 1,160.6 crore last year.

BHEL declared a final dividend of 25 paise per equity share with a face value of Rs 2 for FY24.

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