Trade Setup For June 14: Nifty sets sights on 23,500 but Nifty Bank remains the hurdle

NSE

What Are The F&O Cues Indicating?

Strike OI Change Premium 23,400 21.62 Lakh Added 132.2 24,000 19.37 Lakh Added 6.35 23,500 16.08 Lakh Added 87.75 23,600 9.83 Lakh Added 54.8

Strike OI Change Premium 23,400 21.37 Lakh Added 148.55 23,000 14.28 Lakh Added 33.35 23,200 11.75 Lakh Added 71.5 23,300 10.41 Lakh Added 104.65

Stock Price Change OI Change Oracle Financial 10.94% 29.22% Gujarat Gas 5.38% 9.54% Dixon Tech 5.29% 7.55% Alkem Labs 0.70% 7.14% IPCA Labs 1.45% 6.48%

Stock Price Change OI Change Marico -2.94% 26.77% Ambuja Cement -0.85% 8.80% Tata Communications -0.69% 6.79% Britannia -1.01% 4.54% JK Cement -0.30% 3.54%

Stock Price Change OI Change L&T Finance 3.12% -11.23% HCLTech 0.20% -9.56% HDFC Life 2.98% -8.27% Balrampur Chini 5.44% -6.63% Shriram Finance 4.67% -6.18%

Stock Price Change OI Change Dabur -1.75% -7.26% Bharti Airtel -1.15% -4.90% Bandhan Bank -1.24% -3.45% SBI Life -0.61% -2.85% SAIL -0.60% -2.31%

Ambuja Cements / ACC: Adani Group has acquired Penna Cement at an enterprise value of ₹10,422 crore. The acquisition will be funded by internal accruals. The acquisition will add 14 MTPA to the group capacity, taking the total to 89 MTPA. Improves Adani Cement's Pan India market share by nearly 2% and South India's market share by nearly 8%. Penna Cement has 14 MTPA capacity in Andhra Pradesh, Rajasthan and Telangana.

Adani Group has acquired Penna Cement at an enterprise value of ₹10,422 crore. The acquisition will be funded by internal accruals. The acquisition will add 14 MTPA to the group capacity, taking the total to 89 MTPA. Improves Adani Cement's Pan India market share by nearly 2% and South India's market share by nearly 8%. Penna Cement has 14 MTPA capacity in Andhra Pradesh, Rajasthan and Telangana.

Vodafone Idea: To issue preferential shares worth ₹2,458 crore to Nokia and Ericsson to pare some of its debt. The issue price of ₹14.8 is a discount of 8% to Thursday's closing price for Vodafone Idea. However, the allotment price is 35% higher than the FPO issue price and comes with a lock-in of six months. Both the beneficiaries are non-promoter entities and key vendors for Vodafone Idea.

To issue preferential shares worth ₹2,458 crore to Nokia and Ericsson to pare some of its debt. The issue price of ₹14.8 is a discount of 8% to Thursday's closing price for Vodafone Idea. However, the allotment price is 35% higher than the FPO issue price and comes with a lock-in of six months. Both the beneficiaries are non-promoter entities and key vendors for Vodafone Idea.

L&T Finance: Morgan Stanley Asia buys a majority of the stake in the L&T Finance block deal, which were offload by Bain Capital's affiliates, along with BNP Paribas Financial Markets. The 3.5% equity changed hands at an average price of ₹170.6 per share. Morgan Stanley picked up shares worth ₹576 crore, while Axis Capital and Religare also bought shares worth ₹67 crore each. Parent company L&T also acquired 0.5% stake.

Morgan Stanley Asia buys a majority of the stake in the L&T Finance block deal, which were offload by Bain Capital's affiliates, along with BNP Paribas Financial Markets. The 3.5% equity changed hands at an average price of ₹170.6 per share. Morgan Stanley picked up shares worth ₹576 crore, while Axis Capital and Religare also bought shares worth ₹67 crore each. Parent company L&T also acquired 0.5% stake.

Suzlon Energy: Appoints Khaitan & Co. to conduct a review of its corporate governance practices, identify any gaps in the existing practices and ways to strengthen them.

Appoints Khaitan & Co. to conduct a review of its corporate governance practices, identify any gaps in the existing practices and ways to strengthen them.

Suven Pharma: Executed definitive agreements to acquire 100% equity in Sapala Organics Pvt. Ltd., a Hyderabad-based CDMO, focused on Oligo drugs and nucleic acid building blocks, including Phosphoramidites & Nucleosides, drug delivery compounds, Pseudouridine, amongst others. Suven will initially acquire 67.5% stake through a secondary transfer from existing shareholders, which represents 51% of the total share capital. The balance shareholding will be acquired after financial year 2027. The 67.5% stake will be acquired for a cash consideration of ₹229.5 crore, subject to customary working capital and net debt adjustments.

Executed definitive agreements to acquire 100% equity in Sapala Organics Pvt. Ltd., a Hyderabad-based CDMO, focused on Oligo drugs and nucleic acid building blocks, including Phosphoramidites & Nucleosides, drug delivery compounds, Pseudouridine, amongst others. Suven will initially acquire 67.5% stake through a secondary transfer from existing shareholders, which represents 51% of the total share capital. The balance shareholding will be acquired after financial year 2027. The 67.5% stake will be acquired for a cash consideration of ₹229.5 crore, subject to customary working capital and net debt adjustments.

NITCO: Board approves monetisation of immovable property in Mumbai and conveyance deed worth ₹232 crore with Runwal Construction.

Board approves monetisation of immovable property in Mumbai and conveyance deed worth ₹232 crore with Runwal Construction.

Wipro: Collaborates with Siemens to transform automotive software development through the integration of the PAVE360.

The Nifty is grinding higher, slowly but steadily and one hurdle after another. After closing above 23,300 on Wednesday, hopes were that the index will be boosted by the US Federal Reserve. Those hopes of an impending rate cut by the world's largest central bank did boost fortunes of the Nifty for a brief period in early trading as the index made a new record high of 23,481.At one point, it did feel like the bulls will finally prevail over the 23,500 mark on the Nifty , but expiry-related volatility caught up soon with the market and the index, like most previous instances this week, fell off the day's high. However, the fall from the highs was not as significant as has been the case during the first three sessions of the week.The Nifty has closed right on the cusp of 23,400, marking a second straight close above 23,300. It also closed above the key zone of 23,350 - 23,370. The index is up 0.5% in a week it has scaled new peaks in three out of the four sessions so far.The broader markets though, continued on their merry ways. The Midcap and Smallcap indices gained for the seventh day in a row and have gained between 12% to 15% from the June 4 drop. The Real Estate index continued to be the top performer, rising for the seventh day as well. Sugar stocks like Balrampur, Dhampur and peers also had a sweet day at the office. You can read more on that here.It may not be a surprise that Friday's session turns out to be a quiet one or one full of action, depending on how market participants intend to head into the long weekend. Yes, its been a while but a long weekend has arrived! Sensex, Nifty and the Indian markets will be shut on Monday on account of the Eid holiday.Both foreign and domestic institutions were net sellers in the cash market on Thursday but that number will be skewed due to the block deal that took place in L&T Finance earlier in the day.The Nifty may see a timewise correction, according to 5paisa.com's Ruchit Jain but just to relieve the overbought setups on the lower timeframe charts. Immediate supports are at 23,200 and 23,000 and any dips towards those supports should be used as a buying opportunity. Immediate hurdle is at 23,500, which, if crossed, can take the index to 23,900 or even 24,000.HDFC Securities' Nagaraj Shetti said that the Nifty remains sideways with a positive bias. He refers to previous such sideways movement has resulted in a downward correction from the highs. The Nifty faces resistance between 23,400 and 23,500, with support at 23,280.The Nifty appears to have entered a timewise phase correction and this consolidation may persist, according to Rajesh Bhosale of Angel One. 23,200 - 23,500 appears to be the immediate range, which may extend to 23,600 in the near-term, he added. Bhosale advises a stock specific approach and avoid carrying aggressive bets over the weekend.The Nifty Bank continues to face resistance at the 50,000 mark due to the heavy call writing seen at that strike recently. It has now declined in three out of the four trading sessions this week. The Nifty Bank again reversed over 350 points from Thursday's high of 50,186 to close in the red. For the week, the index is absolutely flat and needs to close above 49,803 for a weekly gain.Rupak De of LKP Securities said that the Nifty Bank faced rejection at the 50,200 level which is a strong resistance point and has formed a bearish candlestick pattern on the charts. It needs a decisive close above 50,200 for the momentum to return. Till then, 49,500 - 50,200 remains the range for the Nifty Bank.The contracting hourly Bollinger band on the Nifty Bank's charts indicates that a larger movement is expected in the upcoming sessions, said Om Mehra of SAMCO Securities. Immediate support is at 49,530, which, if breached, will drag the index down to levels of 49,200 - 49,100.Nifty 50's June futures shed 2.9% or 3.53 lakh shares in Open Interest on Thursday. They are now trading at a premium of 0.35 points from 32.15 points earlier. On the other hand, Nifty Bank's June futures shed 1.3% or 30,585 shares in Open Interest on Thursday. Nifty 50's Put-Call Ratio is now at 1.2 from 1.02 earlier.Sun TV has entered the F&O Ban, Balrampur Chini is out of the F&O ban.GMR Airports, Hindustan Copper, India Cements and SAIL remain in the F&O ban.On the Call side, the Nifty 50 strikes between 23,400 and 24,000 have seen Open Interest addition for next Thursday's weekly expiry.On the Put side, the Nifty 50 strikes between 23,000 and 23,400 have seen Open Interest addition for next Thursday's weekly expiry.