Yesterday’s Pick
BANKNIFTY 21 AUG 50200 CE RS. 6,750/- ( 5Lot)
VEDL AUG FUTURE RS. 5,750/- (Per Lot)
Nifty Technical View
The Nifty 50 continued to rise for the fourth day in a row, closing the gap that opened on August 5. The index gained 126 points to 24,699 on August 20. The momentum indicator, RSI, was also positive. If the index can stay above 24,650 and consolidate around that level, it may rise further to 24,800-24,900 in the next few days. The support level is at 24,500.
Put-Call Ratio
The Nifty Put-Call ratio (PCR) rose to 1.27 on August 20 from 1.17 on August 19. A PCR above 0.7 or 1 means that traders are buying more Put options than Call options, which is generally a sign of a bullish market. A PCR below 0.7 or 0.5 means that traders are buying more Call options than Put options, which is generally a sign of a bearish market.
India VIX
Volatility extended its downtrend for the fourth consecutive session, falling below the 14 mark and maintaining a trend favourable for bulls. The India VIX, the fear index, fell 3.46 percent to 13.82 from 14.32 levels, sustaining below all key moving averages.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs Rs 1,457.96 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 2,252.10 crore during the same period.
Stocks In News :
PNB Housing Finance
General Atlantic Singapore Fund FII Pte is likely to sell 5.1% equity in PNB Housing Finance at Rs 775 per share, which is at a 4.4% discount to the current market price, according to reports.
L&T
Bombay High Court has quashed and set aside GST show cause notice of Rs 2,237 crore sent to L&T.
NHPC
NHPC informed about the landslide at Teesta-V power station (510 MW) in Sikkim. The landslide has affected the Tail Race Tunnel (TRT) gate hoist structure and part of the GIS building.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,750, 24,850, and 24,950
Support based 24,600, 24,500 and 24,400
BankNifty :–
Resistance 50,150, 51,250, and 51,600
Support based 50,503, 50,300, and 50,100
Index Future levels
Nifty Futures Buy At 24,600 The suggested targets for this are 24,700 and 24,800 with the stop loss set at 24,450.
Bank Nifty Buy Above 51,100 index is expected to upside levels of 51,300 and 51,500 and level 50,750 will act as a stop loss.
Momentum Pick: Cyient Ltd
Buy at ₹ 1935| Target price: ₹2150 |Stop Loss:₹ 1820
Cyient (formerly Infotech Enterprises Limited) is an Indian multinational technology company that is focused on engineering, manufacturing, data analytics, and networks and operations. Infotech Enterprises Ltd. was established in 1991 in Hyderabad.World’s Leading Outsourcing company Cyient is one among the world’s top 30 outsourcing companies and operates through eight strategic business units: Aerospace & Defense; Transportation; Industrial, energy and natural resources; Semiconductor, Internet of things and Analytics; Medical and Healthcare; Utilities & Geospatial; Communications and Design-led-manufacturing (Cyient DLM).
The company has more than 300+ customers across the globe, including 29 Fortune 500 companies, across multiple industries. However, its top 5 customers contribute about 28% to its revenues during fiscal 2023 for services. Cyient signed an MoU today with the Centre of Excellence in Maritime and Shipbuilding (CEMS)to collaborate on skill enhancement training for the student community. As of FY23, the company has 40 wholly owned subsidiaries and 1 proportionate subsidiary. In FY23, the company recognised Rs. 941.9 crore as goodwill.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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