Yesterday’s Pick
Lupin SEP Futures BTST RS. 8,500/- ( Per Lot)
Investment Pick (Hold) NBCC RS. 7,200/-( 400 Quantity)
BANKNIFTY AUG 51000CE RS. 3,750/- ( Per 5 Lot)
NIFTY AUG 25000CE RS. 3,125/- ( Per 5 Lot)
HERO OR ZERO BANKNIFTY AUG 51200CE RS. 2,025/- ( Per 5 Lot)
Nifty Technical View
The Nifty has been steadily rising for ten days, reaching a new all-time high yesterday. Even though the market has been consolidating recently, Nifty will continue to rise gradually. The Nifty 50 index will reach between 25,200 and 25,300 in the near future. However, if the market falls, it is likely to find support at 24,950 or 24,800.
India Vix :
The market’s volatility decreased after two days of rising prices, remaining below the 14 level, which is considered bullish. The India VIX, which measures market fear, quiite increased by 2.33 percent to 13.95 from 13.63, staying below all key moving averages.
FII And DII Data :
Foreign institutional investors (FIIs/FPIs) Buy Indian stocks valued at Rs 1347.53 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 439.35 crore during the same period.
Nifty PCR Data :
The Nifty Put-Call ratio (PCR) decreased to 1.21 on August 28 from 1.22 on August 27. A PCR greater than 1 suggests that traders are buying more call options than put options, which generally indicates a bullish market sentiment. Conversely, a PCR below 0.7 suggests a bearish market sentiment.
Stocks in news
Reliance Industries
Reliance Industries and The Walt Disney Company have received approval from the Competition Commission of India for the Rs 70,350 crore merger of their Indian media assets. Additionally, the 47th Annual General Meeting (post-IPO) of the company’s members will be held on August 29 at 2:00 PM (IST).
PB Fintech
Tencent Cloud Europe is likely to sell a 2.1% stake (or 9.7 million shares) in the company via block deals, reports CNBC-TV18, quoting sources. The floor price for the deal is seen at Rs 1,660.2 per share.
InterGlobe Aviation
Co-founder and promoter Rakesh Gangwal may sell a stake worth up to $850 million in IndiGo via block deals, reports CNBC-TV18, quoting sources. The indicative price for the deal is seen at Rs 4,593 per share.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,150, 25,220, and 25,300
Support based 24,950, 24,850, and 24,700
BankNifty :–
Resistance 51,250, 51,350, and 51,450
Support based 51,050, 50,900, and 50,750
Index Future levels
Nifty Futures SEP Buy Above 25,250 The suggested targets for this are 25,500 and 25,600 with the stop loss set at 25,000.
Bank Nifty SEP Buy At 51,550 index is expected to upside levels of 51,800 and 52,000 and level 51,250 will act as a stop loss.
Momentum Pick: HUDCO
Buy above ₹ 300 | Target price: ₹ 340 |Stop Loss:₹ 275
Housing & Urban Development Corporation Ltd is primarily engaged in the business of financing housing and urban development activities in the country.The company is a public financial institution and primarily finances social housing and urban infrastructure projects. It also provides consultancy services for major projects and government programs.As of Sept 2023, their loans are significantly concentrated in 2 states i.e. Telangana and Andhra Pradesh. The advances to these states account for 155% of the company’s net worth.
The company is one of the major financiers of urban infra and housing projects, thus remaining strategically important for Govt. objective of housing for all. The GoI holds ~75% stake in the company. It also has well-established relations with different state governments, making it a preferred lender for their urban infra and housing projects.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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