Weekly Market Analysis for April 29- May 03, 2024
What happened last week?
Nifty closed 1% higher last week at 22419 powered by DIIs.
PSU Banks and the Realty sector emerged as the top performers.
Railways and Aviation Industry stocks made a comeback last week. Indigo, IRFC & RVNL shot up 10-13%.
Kotak Mahindra Bank tanked 10% after the Reserve Bank of India (RBI) barred the Bank from taking new digital clients and issuing credit cards.
Q4 FY24 results season is underway. So far, the results from Index Heavyweights have not been exceptional.
India's business activity expanded robustly in April, marking its fastest pace in nearly 14 years, driven by strong demand. The HSBC's flash India Composite PMI increased to 62.2 from March's 61.8.
Let us now dive deeper into FII DII Data.
FII DII Positions Analysis
FIIs sold 14703 Crores and DIIs bought 20796 Crores in the cash market.
FIIs carry heavy shorts on the Index but have increased longs in Stock Derivatives. Overall FIIs are Bearish.
DIIs have both shorted Futures and bought PUTs. They have increased their index hedges significantly. God knows why.
Only Retail Traders are long on the Index. FII, Prop and DIIs are all short on the Index.
Nifty Analysis
Nifty Max Pain shot up from 22300 to 22500 last week. Price has also shot up. As per the current sentiment and momentum data, there is no reason to short Nifty as yet. We will always move in the direction of the black and blue line. If the black line and blue line are both up, we will go bullish. If the black line and blue line are down, we go Bearish. On the last trading day, the black line fell and the blue line was flat. So, we will wait for further confirmation.
Stocks Coverage
Key Upcoming Events
April 29 (Monday)
Eurozone Economic Sentiment April Numbers
May 1 (Wednesday)
Market Holiday
Auto Sales Data
Fed Interest Rate Decision
India Infrastructure Output March Numbers
May 2 (Thursday)
India Manufacturing PMI Final April Data
Bank of Japan Meeting Minutes
May 3 (Friday)
Bank Loan & Deposit Growth Data
Key Stock Announcements Last week
Please check Dalal Street Breakfast (Daily Pre-Market Report) for all stock-related updates from the past week. You can also use the Search on the top right to see stock-specific updates.
FINVEZTO.COM | Useful & Actionable Stock Market Tools