Yesterday’s Pick
SHORT TERM PICK SBI CARD RS.6000/- ( 200 Quantity)
Vijaya Diagnostic ltd CASH RS.14,000/- ( 200 Quantity)
NIFTY’S TECHNICAL VIEW
The Nifty 50 index experienced a moderate decline for the second day in a row, unable to maintain its recent upward momentum. Despite this, it remains above all significant moving averages, indicating a positive overall trend. The index is expected to trade within a limited range in the near term, with support at 25,080 and resistance at 25,300-25,350.
India Vix :
The India VIX retreated 1.18% to 14.2 on 5 September, indicating a decrease in market volatility. This decline may provide some comfort to bullish investors.
FII And DII Data :
Foreign institutional investors sold Indian stocks worth Rs 688.69 crore on September 5th, while domestic institutional investors bought stocks worth Rs 2,970.74 crore.
Nifty PCR Data :
The Nifty Put-Call ratio (PCR) rose to 1.33 on September 5th from 1.08 the day before, suggesting a growing bullish sentiment among traders. A PCR above 1 indicates that more Put options are being sold than Call options, which is generally seen as a positive sign for the market.
Stocks In News
Adani Enterprises: On Thursday, Adani Enterprises announced the early closure of its ₹800 crore redeemable non-convertible debentures (NCDs) issue. The company had originally planned to close the public issue on September 17, but a resolution passed on September 5 approved an early closure for September 6. This decision complies with Regulation 33A of SEBI’s (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
Max Financial Services: Max Ventures Investment Holdings, the promoter entity of Max Financial Services, sold a 3.18% stake in the company for ₹1,218 crore through an open market transaction. This sale involved 1,10,00,000 shares, as reported in bulk deal data on the National Stock Exchange (NSE). Max Financial Services is the holding company for Max Life Insurance.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,200, 25,240, and 25,350
Support based 25,080, 25,000, and 24,900
BankNifty :–
Resistance 51,500, 51,610, and 51,750
Support based 51,300, 51,250, and 51,150
Index Future levels
Nifty Futures Buy At 25,000 The suggested targets for this are 25,300 and 25,400 with the stop loss set at 24,850.
Bank Nifty Buy At 51,200 index is expected to upside levels of 51,500 and 51,600 and level 50,900 will act as a stop loss.
Momentum Pick: ASAHI INDIA GLASS LTD
Buy above ₹ 690 | Target price: ₹ 730/750 |Stop Loss:₹ 650
Asahi India Glass Ltd. (AIS) is India’s leading value-added and integrated glass solutions company and a dominant player both in the automotive and architectural glass segments. Established in 1984, It was formed as a Joint Venture between The Labroo Family, Asahi Glass Co. of Japan and Maruti Udyog Ltd (now Maruti Suzuki India Ltd).
As of Q2FY24, the company is planning to undertake a capex of ₹1,900-₹2,000 crore over FY24- FY26 for capacity expansion (including capex of ₹300 crore on phase-2 and phase-3 of auto glass plant in Gujarat) to be funded by a mix of debt and internal accrual. The Company is investing in third Float furnace in Rajasthan (F3),modular and brownfield expansions in its auto glass business in Patan, Chennai and Bawal. The biggest ticket item is F3 which is 100% a vertical integration investment.
Happy trading!
Commodity Samachar Securities
We Decode the language of the market
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