Yesterday’s Pick
BANKNIFTY 28AUG24 FUT RS.9000/- (5 Lot)
Short Term LICI RS.17000/- (200 Quantity)
Nifty Technical View
The benchmark index yesterday started the day with a significant gap-up, crossing the 25,000 level. Although it lost some momentum as the session progressed, the Nifty50 managed to close above the 25,000 mark for the first time. Despite this positive finish, the market breadth was narrow, reflecting a lack of robust support from buyers and a general sense of caution. Technically, the Nifty’s key support level is now at 24,800, where buying is expected to appear, with further crucial support between 24,600 and 24,500. On the upside, the index faces an intermediate resistance around 25,080-25,100, with the golden retracement level at 25,340 serving as a significant barrier in the near term.
Indian Vix
Volatility is currently within the 12-13 range. In comparison to the previous session, the India VIX, which measures market fear, closed at 12.93, reflecting a decrease of 2.42 percent.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) Bought Indian stocks valued at Rs 2,089.28 crore, whereas domestic institutional investors (DIIs) sold Indian stocks worth Rs 337.03 crore during the same period.
Put Call Ratio:
The Nifty Put-Call Ratio (PCR), a key gauge of market sentiment, has recently dipped below 1 to 0.95. Typically, a rising PCR above 0.7 or exceeding 1 suggests a bullish outlook, indicating more investor confidence and potential for upward movement. Conversely, a PCR below 0.7 or approaching 0.5 reflects a bearish sentiment, signaling increased caution or pessimism in the market.
Stocks in the news
Tata Motors:Â
The Tata Group’s automajor reported a 74 per cent YoY jump in its Q1 FY25 consolidated net profit to Rs 5,566 crore. Its revenue from operations rose 5.7 percent YoY to Rs 1,07,316 crore. Ebitda increased 19 per cent YoY to Rs 15,785 crore, while operating margin expanded to 14.6 per cent for the quarter.
ITC:Â The FMCG major’s standalone net profit increased marginally to Rs 4,917 crore in Q1 FY25. Revenue from operations rose 7 percent YoY to Rs 18,220 crore in Q1 FY25. The FMCG Ebitda margin grew 11.3 per cent by 25 bps YoY and saw a sequential price uptick in certain commodities.
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Adani Enterprises: The Adani group’s flagship entity’s consolidated net profit surged 116 per cent YoY to Rs 1,454 crore in the first quarter ended June 2024. Revenue from operations increased 12 per cent YoY to Rs 25,472 crore. The company will demerge its Food FMCG business in Adani Commodities to Adani Wilmar
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,050, 25,100, and 25,350
Support based 24,800, 24,750, and 24,600
BankNifty:
Resistance 51,900, 52,000, and 52,350
Support based 51,350, 51,150, and 50,950
Index Future levels
Nifty Futures Sell below 24800 The suggested targets for this are 24,700 and 24550 with the stop loss set at 25,150.
Bank Nifty Future Buy Above 52,100 index is expected to up side levels of 51350 and 50,450 and level 51,400 will act as a stop loss.
Momentum Pick: HDFFC AMC
Buy at ₹4180| Target price: ₹4300 |Stop Loss:₹ 4080
Incorporated in 1999, HDFC Asset Management Company Ltd provides Fund Management Services, HDFC Trustee Company Limited appointed HDFC AMC as investment manager of HDFC Mutual Fund. Company is also registered under the SEBI to provide Portfolio Management Services
Company reported Closing AUM of Rs.4.48 Lakh Crore in 9MFY23. Equity‑oriented closing AUM accounted for Rs.2.27 Lakh Crore, with non‑equity‑oriented AUM contributing the rest, 1.7% market share in actively managed equity funds and 13.5% in debt funds Company has 75,000+ Empaneled distributors, including MFDs, NDs & Banks
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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