Friday’s Pick
NIFTY 29AUG24 FUT RS.18750/- (5 Lot )
TRENT FUT RS. 16000/- ( 1Lot )
Nifty Technical View
After a five-day winning streak, the Nifty 50 index fell below the crucial 25,000 point mark, closing at 24,718. This decline was influenced by negative trends in the global market. Market might continue to decline, with potential support levels at 24,600 and 24,500. However, if the market recovers, it will likely face resistance at 24,800.
Indian Vix
The India VIX climbing to 14.32 and the potential for it to exceed 16 suggests that market conditions might be getting more turbulent. If the VIX continues to rise and holds above the 16 level, it could signal that volatility is likely to persist, making it more challenging for bullish positions to thrive.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs 3,310.00 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 2,965.94 crore during the same period.
Put Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, declined from from 1.29 to 0.91.
Stocks in the news
NTPC: India’s largest power generator expects to begin construction of a nuclear power plant in Rajasthan by March along with its joint venture partner Nuclear Power Corp of India Ltd, spending about ₹50,400 crore.
Ambuja Cement: The Adani Group company has announced plans to invest around ₹1,600 crore in Bihar to establish a cement grinding unit in Warisaliganj, located in the Nawada district. This 6 million tonnes per annum grinding unit marks ACL’s first venture in Bihar.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,700, 25,850, and 25,100
Support based 24,200, 24,050, and 23,900
BankNifty:
Resistance 51,100, 51,330, and 52,550
Support based 50,450, 50,250, and 50,050
Index Future levels
Nifty Futures Sell below 24150 The suggested targets for this are 24,000 and 23900 with the stop loss set at 25,250.
Bank Nifty Future sell below 50,600 index is expected to downside levels of 5500 and 50,400 and level 51,000 will act as a stop loss.
Momentum Pick: Infibeam Avenues Ltd
Buy at ₹ 31| Target price: ₹34 |Stop Loss:₹ 29
IAL is a Financial Technology company that offers integrated & scalable digital platforms consisting of Digital Payment Solution and Enterprise Software solutions. It operates an online payment system with technology platform solutions across industry verticals and as a payment processor for online merchants, websites and commercial users. It helps to simplify business operations and transaction processing for B2B customers viz. merchants, banks,enterprises, governments, etc.
In Q2FY24, company forayed into offline payments in UAE by offering QR code for payments at merchant outlets. They onboarded multiple merchants including renowned establishments in Dubai like Prime Association Management, a renowned homeowners’ association, and the esteemed Jaffer Bhai’s The Biryani King of Bombay, which operates in Dubai. This is to be followed by the launch of TapPay (mobile SoftPoS) in UAE by FY24.
Happy Trading!
Commodity Samachar
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