Yesterday’s Pick
CASH Pick VENKYS (Positional ) RS.12,000/- (100 Quantity)
Nifty Futures RS.6,875/- (5 Lot)
Nifty’s Technical View
The Nifty 50 faced a minor setback on September 4, ending the day slightly below 25,200. After a 14-day streak of gains, profit-taking pulled the index down. However, the overall upward trend remains strong. If the Nifty can maintain support above 25,200, it could potentially climb to levels between 25,300 and 25,350. The immediate support level is at 25,100.
FII And DII Data :
On September 4, foreign institutional investors (FIIs) were net buyers of Indian equities, acquiring shares worth Rs 975.46 crore. In contrast, domestic institutional investors (DIIs) also emerged as net buyers, purchasing shares worth Rs 97.35 crore.
Nifty PCR Data :
The Nifty Put-Call Ratio (PCR) dropped to 1.08 on September 4 from 1.2 previously. A rising PCR, above 1, suggests a bullish market sentiment with more Puts being sold than Calls. Conversely, a PCR below 0.7 indicates a bearish trend with more Calls being sold.
India Vix :
Market volatility increased slightly after Monday’s pullback but remains at a relatively low level. The India VIX rose by 3.86% to 14.38. While this is above the 14 mark, it’s still below 15, which is considered a comfortable level for investors who are bullish on the market.
Stocks In News
Raymond Lifestyle: The demerged retail and lifestyle division of Raymond Ltd, is poised to make its market debut on today, September 5. It is the first step in the scheme of arrangement announced by Raymond.
Reliance Industries: The company board of directors will meet on September 5 to consider the issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company. Besides this, Reliance won the award to build a 10 GWh battery storage project under the government’s Production-Linked Incentive Scheme.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,250, 25,350, and 25,650
Support based 25,200, 25,080, and 25,000
BankNifty :–
Resistance 51,760, 51,850, and 52,000
Support based 51,295, 51,237, and 51,144
Index Future levels
Nifty Futures Buy At 25,250 The suggested targets for this are 25,360 and 25,440 with the stop loss set at 25,100.
Bank Nifty Buy At 51,600 index is expected to upside levels of 51,700 and 51,900 and level 51,350 will act as a stop loss.
Momentum Pick: Indian Hotels Co Ltd
Buy above ₹ 665 | Target price: ₹ 690/725 |Stop Loss:₹ 640
Indian Hotels Company Ltd opened their first hotel Taj Mahal Palace & Tower in Mumbai. In India, the Taj is recognized for their premier hospitality, excellence in dining, business facilities, interiors and world-class personalized service. In cuisine, Taj was the first to introduce Sichuan, Thai, Italian, Mexican, and Californian cuisine into the country. IHCL has also created hotel chains under different brand such as Taj hotels, Taj Safari, Taj Exotica, The Gateway Hotel and Ginger. The company also owns three personal jets under the name Taj Air.
Indian Hotels Company Ltd reported a 10.25 per cent growth in consolidated net profit to Rs 260.19 crore in the June 2024 quarter, on higher revenue from operations. Indian Hotels Company Limited (IHCL), the country’s largest hospitality company, which owns the ‘Taj’ brand of luxury hotels, had a profit of Rs 236.01 crore in the year-ago period, according to a regulatory filing.
Happy trading!
Commodity Samachar Securities
We Decode the language of the market
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