Wednesday’s Pick
BANKNIFTY 14 AUG 49800 CE RS. 5,250/- ( 5 LOT)
HINDALCO AUG FUTURE RS. 5,600/- ( 1 LOT)
HERO/ ZERO BANKNIFTY 14 AUG 49800 CE RS. 1500/- ( 5 LOT)
Nifty Technical View
On August 14, the market ended the day with modest gains following a day of fluctuations. The Nifty 50 remained above the 24,100 level, and as long as it maintains this position, it could advance towards the next resistance range of 24,200 to 24,300. Conversely, if the index drops below 24,100, the immediate support to keep an eye on is at 24,000.
India Vix :
After a recent uptrend, market volatility has eased, yet the bulls may remain uneasy unless the India VIX falls below the 15 mark. The fear index, India VIX, decreased by 4.53% to 15.44 from its previous level of 16.17.
Nifty PCR :
On August 14, the Nifty Put-Call Ratio (PCR), a gauge of market sentiment, surged to 1.14 from the previous session’s 0.78.
An increasing PCR, particularly when it rises above 0.7 or surpasses 1, suggests that traders are favoring the sale of Put options over Call options, typically signaling a strengthening bullish sentiment. Conversely, if the ratio drops below 0.7 or approaches 0.5, it indicates a higher volume of Call option selling compared to Put options, which generally points to a bearish outlook in the market.
FII And DII Data :
Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs Rs 2,595.27 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 2,236.21 crore during the same period.
Stocks In News :
SBI, PNB: The Karnataka government has decided to sever all its ties with India’s largest public sector lender State Bank of India (SBI) and the Punjab National Bank (PNB) over financial frauds that led to embezzlement of public money. The move announced through a circular dated August 12, 2024, follows allegations of fund misappropriation involving employees of these lenders.
Tata Steel: The Tata Group owned metal player has acquired 115.92 crore ordinary equity shares of its subsidiary, T Steel Holdings, for $182 million (Rs 1,528.24 crore). Post this acquisition, T Steel Holdings will continue to be a wholly owned subsidiary of the company.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,400, 24,550, and 24,700
Support based 24,200, 24,000 and 23,900
BankNifty:
Resistance 50,180, 50,400, and 50,550
Support based 49,900 49,700, and 49,150
Index Future levels
Nifty Futures Buy Above 24,450 The suggested targets for this are 24,550 and 24,700 with the stop loss set at 24,250.
Bank Nifty Buy Above 50,400 index is expected to upside levels of 50,700 and 50,900 and level 50,300 will act as a stop loss.
Momentum Pick: MAZDOCK
Buy at ₹ 5095| Target price: ₹5500 |Stop Loss:₹ 4800
Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines, cargo/passenger ships, and offshore platforms.The company has an Infrastructure with a Capacity of 11 Submarines & 10 War Ships concurrently. The company has set up a dedicated “Make in India” Department for Indigenization. 75% content is warships in that. The company is able to reduce considerable construction cost due to indigenous content.
It primarily manufactures for the defence sector and has built 802 vessels including 28 warships ranging from advanced destroyers to missile boats and 7 submarines. It received orders worth Rs. 6,000 crs.+ in 9MFY24.delivered 5 submarines during 2017 – 2022. It Received Kalvari Class Submarines Project – delivered 5 submarines during 2017 – 2022, It received the status of Mini-Ratna -I in 2022 by the Dept. of Public Enterprises.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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