Yesterday’s Pick
Weekly Top pick Gulf Oil RS. 20,000/- ( 200 QUANTITY)
INOX WIND RS. 6,000/-( 200 QUANTITY)
NIFTY 14 AUG 24300 PE RS. 2,500/-( 5 LOT )
JSW STEEL FUTURE 6,075/- ( 1 LOT )
SBI 800 PE RS. 7,500/- ( 2 LOT )
Nifty Technical View
On August 13, bearish trends took over Dalal Street, causing the main stock indices to drop by almost 0.9%. The Nifty 50 index found a floor at 24,100, falling by 208 points to end the day at 24,139 . As long as the index stays above 24,000, it might remain in a consolidation phase and fluctuate within a range, with resistance at 24,500. The index’s next move will likely be determined by a breakout above 24,500 or a fall below 24,000.
India Vix :
Volatility continued to rise, surpassing the 16 level and making the trend more favorable for bears. Bulls should exercise caution as long as the India VIX remains above 15. The index climbed 1.89% to 16.17, up from 15.87.
Nifty PCR :
On August 13, the Nifty Put-Call Ratio (PCR), a measure of market sentiment, declined to 0.78 from 1.03 in the previous session.
A rising PCR, particularly above 0.7 or surpassing 1, suggests that traders are selling more Put options relative to Call options, which typically signals strengthening bullish sentiment. Conversely, if the ratio drops below 0.7 or approaches 0.5, it indicates that more Call options are being sold compared to Puts, reflecting a bearish outlook in the market.
FII And DII Data :
Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs Rs 2,107.17 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 1,239.96 crore during the same period.
Stocks In News :
Vedanta:
Anil Agarwal-led Vedanta is expected to offload a 2.6 per cent stake in Hindustan Zinc through an offer for sale via stock exchanges.
Manappuram Finance:
The company’s consolidated net profit attributable to owners rose about 12 per cent to Rs 555 crore for the quarter under review, helped by strong gold-loan growth.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,350, 24,480, and 24,680
Support based 24,080, 24,000 and 23,900
BankNifty:
Resistance 50,550, 50,700, and 50,850
Support based 49,630 49,480, and 49,150
Index Future levels
Nifty Futures Sell around 24,200 The suggested targets for this are 24,000 and 23,900 with the stop loss set at 24,400.
Bank Nifty Buy Around 50,300 index is expected to downside levels of 50,000 and 50,900 and level 50,500 will act as a stop loss.
Momentum Pick: Blue Star Ltd
Buy at ₹ 1730| Target price: ₹1665 |Stop Loss:₹ 1800
Blue star manufacturers air purifiers, air coolers, water purifiers, cold storage and speciality products. The Company offers turnkey solutions in MEP (Mechanical, Electrical, Plumbing, and Fire-fighting) Projects. It is the largest after-sales service provider for air conditioning and commercial refrigeration products in the country.Blue Star has a global footprint and exports HVACR products and solutions to 18 countries across the Middle East, Africa, SAARC, and ASEAN regions. Through JVs in Qatar and Malaysia, it also undertakes MEP projects for Residential, Commercial, and Infrastructure sectors. In FY23, Blue Star incorporated WOSs in the USA, Europe, and Japan as part of its plans to expand its global footprint.
Company innovation centre in Thane in FY23. The company has received a grant of ₹ 100 crores spread over 5yrs by Mr Ashok M Advani, Chairman Emeritus & Promoter of Blue Star Limited, for the same. The company has a presence in more than 3,900 towns, and is expanding their after-sales service network in non-metro cities and towns. As of FY24, Company has 4,120 Channel Partners and 1,251 Service Associates.The company in May 2023 decided to issue Equity Bonus Shares in the proportion of 1:1
equity share.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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