Friday’s Pick
BANKNIFTY 4SEP 51500PE RS. 6,300/-(10 Lot)
Short Term Pick UPL LTD RS. 4,000/- (200 Quantity)
Nifty Technical View
The Nifty 50 stock market index had a strong start to the September trading period, reaching a new high on August 30th. This upward trend has continued for 12 days in a row. If the index needs to stay above the 25,000 level to maintain its upward momentum. If it can do this, it may reach new highs of 25,400 to 25,500.
India Vix :
The India VIX, which measures market volatility, has been falling for several days. This indicates that investors are becoming less fearful about the market. The VIX fell by 2.86% on September 2nd and by 1.18% for the week.
FII And DII Data :
On Friday, foreign institutional investors (FIIs) bought Indian stocks worth Rs 5,318.14 crore, while domestic institutional investors (DIIs) sold Indian stocks worth Rs 3,198.07 crore.
Nifty PCR Data :
The Nifty Put-Call ratio (PCR) fall from 1.42 to 1.41 on August 30th. A PCR above 1 indicates a bullish market sentiment, as traders are buying more call options than put options.
Stocks In News
Maruti Suzuki India: Total sales of the carmaker dropped 3.86 per cent to 1,81,782 units in August, compared to 1,89,082 units sold in the same period last year. That apart, domestic passenger vehicle sales fell 8.4 per cent to 1,43,075 units in the month, compared to 1,56,114 units in the year ago period. Meanwhile, total domestic sales were down 5.3 per cent at 1,55,779 units, compared to 1,64,468 units in the year ago period. Export sales were up 5.65 per cent to 26,003 units, compared to 24,614 units in the year ago period.
MOIL: The company has reduced the prices of ferro-grade manganese ores with manganese content of Mn-44 per cent and above by 20 per cent for September. It has also lowered the prices of all other ferro grades of manganese ore with manganese content below Mn-44 per cent by 15 per cent, and prices of all SMGR (Mn-30 per cent and Mn-25 per cent), fines, and chemical grades by 15 per cent.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,350, 25,400, and 25,750
Support based 25,200, 25,150, and 24,950
BankNifty :–
Resistance 51,560, 51,650, and 51,750
Support based 51,300, 51,220, and 51,100
Index Future levels
Nifty Futures Buy At 25,400 The suggested targets for this are 25,500 and 25,600 with the stop loss set at 25,300.
Bank Nifty Buy At 51,600 index is expected to upside levels of 51,800 and 52,000 and level 51,450 will act as a stop loss.
Momentum Pick: GUJARAT AMBUJA EXPORTS LTD
Buy above ₹ 147 | Target price: ₹ 190 / 210 |Stop Loss:₹ 125
Gujarat Ambuja Exports is engaged in the manufacturing of Corn Starch Derivatives, Soya Derivatives, Feed Ingredients, Cotton Yarn, and Edible Oils. Since its incorporation in 1991, GAEL strives to serve the Food, Pharmaceutical, Feed, and many other industries with a long-term growth strategy in the Agro-Processing sector.
Maize segment revenue grew by 30% between FY22 and FY24 driven by healthy demand from end industries and an increase in the maize processing capacity by 1,000 TPD in March 2023. However, EBITDA margins fell from around 15% in FY22 to about 12% in FY24 due to inventory losses from a correction in maize and soya prices.
Also Read: साप्ताहिक कमोडिटी सामाचार,
Recommended Read: Put-Call Ratio: How Does It Influence The Trader Mindset?
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