Morning News

Global Market
US market
Wall Street will be closed on Monday, May 27, in observance of Memorial Day, providing
investors with an extended weekend.
European stocks
European stocks were muted on Monday, with several major markets closed and investors
cautious ahead of key inflation data from the United States and Europe later this week.
The pan-European STOXX 600 index was up 0.1% at 08:04 GMT. Trading activity was generally
light as U.S. and British markets were closed on Monday.
Investors are awaiting euro zone consumer price data for May later this week to gauge the
direction of interest rates from the European Central Bank (ECB) ahead of next week's policy
meeting.
indian market
Indian stocks ended lower on Monday as financial stocks continued to rise on the central bank's
record dividend payment last week, but losses in energy stocks offset the gains and market jitters
over the election results continued to keep market volatility high. India
The National Stock Exchange Nifty 50 index closed 0.11% lower while the S&P BSEsensex ended
0.03% lower at 75,390.50 points. Both benchmarks were up about 0.7% and hit record highs
earlier in the session.
Sensex daily chart
Daily chart of Nifty

Review
Nifty remained volatile for most of the day as India awaits the final stretch of general elections.
The short-term outlook remains positive, with the index remaining above key moving averages.
Support is found at 22,900, below which the index could fall towards 22,800. On the high end,
bears are active around 23,000-23,050. A decisive break above 23,050 could trigger a stronger
rally towards higher levels.
From a technical perspective, the benchmark index has retreated from the upper band of the
'ascending channel', indicating Nifty's strong resilience in the near term. Additionally, a rise-to-fall
ratio that favors the bears suggests that the bulls are exhausted. At the current juncture, the
upper rail of the channel located near 23,15023,200 may be considered an intermediate obstacle.
On the other hand, a breakout of the neckline near 22,800-22,750 is expected to provide cushion
to the benchmark index. Currently, the index is likely to hover within the above range with a
bullish bias and investors need to act accordingly and engage in proper risk management.
Stocks showing bullish bias

The momentum indicator Moving Average Convergence Divergence (MACD) shows bullish trading
in stocks of companies like Blue Dart Express, MarutiSuzuki, Sobha, Anand RathiWealth, Aegis
Logistics and Axis Bank. MACD
Known for signaling trend reversals in trading securities or indices. When the MACD crosses the
signal line, it sends a bullish signal that the price of the security is likely to rise, and vice versa.
Stock market predicts weakness ahead
MACD showed bearish signs on stocks of companies like InterGlobe Aviation, Lakshmi Machine
Works, SW RenewableEnergy and Blue star. A bearish crossover on the MACD of these stocks
suggests they are just starting to fall.
Stocks with the most active value
In terms of value, HDFC Bank (Rs 2,253 crore), ICICI Bank (Rs 1,318 crore), Axis Bank (Rs 1,238
crore), Divis Labs (Rs 1,008 crore), SBI (Rs 1,024 crore), RIL (Rs 975 crore) and L&T (Rs 939 crore)
were the most active stocks on the NSE. From a value perspective, the more active a stock is, the
more helpful it is in identifying the stocks with the highest trading volume for the day.
Most actively traded stocks
Tata Steel (Volume: Rs 3 Crore), NTPC (Volume: Rs 2.2 Crore) Wipro (Volume: Rs 2 Crore), HDFC
Bank (Volume: Rs 1.4 Crore) ONGC (Volume: Rs 1.4 Crore) 1.3 Crore), Power Grid (Volume: Rs 1.3
Crore) and SBI (Volume: Rs 1.2 Crore) were the most traded stocks during the NSE trading
session.
Stocks showing buying interest
Shares of companies such as Divi's Labs, Axis Bank, Adani Ports, Tata Steel, Bharti Airtel and NTPC
hit 52-week highs and received strong buying interest from market participants, indicating bullish
market sentiment.
Stocks under selling pressure
No major stocks hit 52-week lows on Monday.
Sentiment indicators bullish for bears
Overall, market breadth favored the bears, with 2,252 stocks closing in the red, while 1,709
stocks ended in gains.
company news
LC
India's largest life insurance company Life Insurance Corporation of India on Monday reported a
net profit of Rs 13,782 crore for the quarter ended March 31, 2024, up 4.5 per cent from Rs
13,191 crore in the same period last fiscal. The company's board of directors declared a final
dividend of Rs 6 per share.
Vedl
Vedanta Ltd., owned by Indian commodities tycoon Anil Agarwal, is considering a stake sale in the
coming weeks that could raise up to 85 billion rupees ($1 billion). People familiar with the matter
said. The mining giant is working with advisers including Axis Capital, a unit of Axis Bank, and
Citigroup on the issuance. The company has begun gauging interest from potential investors,
including Middle East funds, according to people familiar with the matter, who asked not to be
identified because the information is confidential.
NALCO
State-owned Nalco on Monday reported that Lidu's consolidated profit doubled to Rs 996.74
crore in March on lower expenses. National Aluminum Corporation of India (Nalco) reported a
consolidated profit of Rs 495 crore in the March quarter of FY23, it said in a filing with the
Bombay Stock Exchange. However, total consolidated revenue for the quarter fell to Rs 3,663.09
crore from Rs 3,726.76 crore in the same period last year.
Adani EnergySolutions
Adani Energy Solutions on Monday said its board of directors has approved raising up to Rs
12,500 crore through qualified institutional placement (QIP) or any other permitted route. The
company said in a filing to the exchanges that the fund-raising exercise is required to be
completed in 2024. The necessary approvals were obtained at the Annual General Meeting
(AGM) on June 25.
Timken India Timken Company India

Timken India's foreign promoters may sell 6.6 per cent stake in the company in a block deal on
Tuesday, according to a term sheet issued by BofA Securities India. The term sheet shows that the
floor price has been set at Rs 3,550 per share, a 10.2% discount to Monday's closing price of Rs
3,956. A sale at the floor price could fetch Timken's parent company about 1,775 crore rupees or
$213 million.
CMS information system
The stock will be in focus as Tuesday will be the ex-dividend and record date for the company's
dividend, which has been declared at Rs 3.25 per share.

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Global Market

Daily chart of Nifty

Stocks showing bullish bias

Timken India Timken Company India

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