YESTERDAY’S PICK
BHARTIARTL AUG 1460PE RS.11,875/- (5 LOT)
PFC AUG FUTURE RS.11,700/- (2 LOT)
Nifty AUG FUT RS.12,500/- (5 LOT)
BANKNIFTY 7 AUG 50200PE RS.11,250/- (5 LOT)
Nifty Technical View
On August 6, the market erased all its gains in late trade, closing moderately lower despite positive movements in Asian peers. The Nifty 50 index ended just below the 24,000 mark at 23,993, down 63 points for the day. Despite the decline, it managed to stay above its 50-day exponential moving average (EMA) of 23,965, which is a critical support level.Currently, the primary trend for the index appears weak, with immediate support at 23,800. However, if the Nifty 50 maintains its position above the 50-day EMA, there is potential for a rebound. In that scenario, the index could test higher levels, potentially reaching between 24,400 and 24,500 in the near term.
Indian Vix
Volatility eased somewhat after a significant 57 percent increase in the previous sessions. Despite this cooling, it remains elevated, with the India VIX (the fear index) staying above the 15-16 range, which could continue to support a bearish trend. On August 6, the India VIX decreased by 7.98 percent, falling from 20.37 to 18.74. This drop indicates a reduction in market fear, but the elevated VIX levels suggest that caution may still be warranted for investors.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs 3,531.24 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 3,357.45 crore during the same period.
Put Call Ratio
On August 6, the Nifty Put-Call Ratio (PCR), a gauge of market sentiment, fell slightly to 0.71 from 0.72 in the previous session. This minor decline suggests a marginal shift in market sentiment, potentially indicating a slight increase in call option activity relative to put options.
Stocks added to F&O ban: NIL
Stocks in the news
State Bank of India: Challa Sreenivasulu Setty has been approved by the Government of India to chair the largest state run lender of the country for a three-year term, effective August 28. Rana Ashutosh Kumar Singh has been appointed as Managing Director of the bank.
GR Infraprojects: The infra and road company has emerged as the L1 bidder for establishing a transmission scheme for the integration of Tumkur-II REZ in Karnataka
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,450, 25,580, and 25,700
Support based 23,900, 23,800, and 23,650
BankNifty:
Resistance 50,200, 50,850, and 51,200
Support based 49,550, 49,200, and 49,000
Index Future levels
Nifty Futures Sell around 24300 The suggested targets for this are 24,200 and 24000 with the stop loss set at 24,400.
Bank Nifty Future sell around 50,500 index is expected to downside levels of 50200 and 50,000 and level 50,780 will act as a stop loss.
Momentum Pick: Hindustan Unilever Ltd
Buy at ₹ 2755| Target price: ₹2825 |Stop Loss:₹ 2700
Hindustan Unilever is in the FMCG business comprising primarily of Home Care, Beauty & Personal Care and Foods & Refreshment segments. The Company has manufacturing facilities across the country and sells primarily in India. Home Care Segment The company sells products from various categories under this segment. It benefits from a large portfolio that straddles the economic pyramid with strong presence of brands across the mass, popular and premium segments.
The company is the market leader in many product categories such as skin cleansing, skin care, hair care, fabric wash, household care, tea, health food drinks and ketchup. It is a market leader in ~90% of its businesses.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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