Yesterday’s Pick
NIFTY 22 AUG 24600 CE RS.10,000/- ( 10 Lot )
Weekly Top Pick Cash L&T TECHNOLOGY SER. LTD. RS.12,500/- (50 Quantity)
Nifty Technical View
The Indian stock market had a positive day on August 22, closing higher for the sixth day in a row. The market was less volatile than before, and it continued to show signs of upward momentum. This upward trend is supported by technical indicators like RSI and MACD. If the market can stay above 24,800, it might reach higher levels between 24,950 and 25,000. However, if it falls below 24,800, it could drop to 24,600 or even 24,500, which is considered a very important support level.
India vix :
The India VIX, which measures market volatility, fell by 2.49% on August 22. This marks its lowest closing level since August 1. This decline in volatility has been ongoing for six consecutive sessions, which is positive for investors who are bullish on the market.
Put-Call Ratio :
The Nifty Put-Call ratio (PCR) rose to 1.4 on August 22, which suggests that traders are becoming more bullish on the market. A PCR above 1 indicates that more Put options are being sold than Call options, which is generally seen as a positive sign for the market. If the PCR falls below 0.7, it could indicate a bearish sentiment.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) Buy Indian stocks valued at Rs 1371.79 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 2971.80 crore during the same period.
Stocks In News
Nykaa
Harindarpal Singh and Associates is set to sell up to 1.4% of its stake in the beauty and wellness e-commerce platform. The sale, facilitated by JPMorgan Chase & Co and Goldman Sachs, will see the shares offered at a floor price of ₹198 each.
Wipro
IT services company said it was selected by the John Lewis Partnership to lead a comprehensive transformation and modernisation of the UK retailer’s IT infrastructure. The partnership aims to enhance JLP’s industry leadership and equip the company with a future-proof technology framework designed to support sustainable growth.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,880, 24,980, and 25,050
Support based 24,800, 24,750, and 24,650
BankNifty :–
Resistance 51,090, 51,190, and 51,330
Support based 50,800, 50,750, and 50,590
Index Future levels
Nifty Futures Buy At 24,800 The suggested targets for this are 24,900 and 25,000 with the stop loss set at 24,650.
Bank Nifty Buy At 50,900 index is expected to upside levels of 51,200 and 51,500 and level 50,700 will act as a stop loss.
Momentum Pick: ENDURANCE
Buy at ₹ 2600 | Target price: ₹ 2800 |Stop Loss:₹ 2500
Endurance Technologies is engaged in the business of manufacturing and selling of aluminium die casting (including alloy wheel), suspension, transmission and braking products with operations spread across India.The company was started by Anurag Jain with the help of his uncle Rahul Bajaj (The chairman of Bajaj group of companies) in 1985. Initially the company did only Aluminum die casting work for Bajaj Auto and Bajaj auto was their sole client till 2004 and the company ventured into various segments only after 2004.The Co. is the largest 2W and 3W auto component manufacturer and the largest aluminium die-casting company in India.
The company has booked orders of Rs. 4 bn in last 3 yrs and is expected to peak in FY27. It has received LOI from Hero Electric of Rs. 0.7bn, RE for Rs 0.3 Bn, Govecs for Rs. 0.13bn. Expected SOP from Q1 FY25.Commenced commercial production of Battery Management Systems for Maxwell at Surface Mounting Technology line at Waluj in Feb-24. The company also established new assembly line for scooter suspensions in Waluj, for Japanese OEM. It is expanding Vallam/Waluj plants to cater to machined aluminium casting needs of EV scooters for a Japanese/Indian OEM respectively. New machining and assembly lines at Chivasso, Italy to produce transmission housings for an European OEM. Production to commence by Q1 and peak in Q4FY25.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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