NIFTY Ends Day in the Red

Yesterday’s Pick

AARTIIND CASH RS. 9,000/- (200 Quantity)
SHORT TERM PICK IPCALAB RS.11,800/- (200 Quantity)
NIFTY 8 AUG 24000 CE RS. 7,500/- (10 Lot )

Nifty Technical View

On August 8, the benchmark indices ended a turbulent and fluctuating session lower, losing more than half of the gains from the previous day. This decline was driven by weak global indicators and the RBI’s decision to keep policy rates steady. The Nifty 50 dropped by 181 points, finishing at 24,117. The 24,400 level, which is close to this week’s peak, is seen as critical for any potential upward movement towards 24,700. Conversely, the 24,000-23,900 range is anticipated to be important for any potential decline moving forward.

India VIX

Volatility saw a slight increase following a notable correction over the past few sessions, remaining above the 16 mark, which is a negative sign for bulls. The India VIX, also known as the fear index, climbed by 2.67 percent to 16.6, up from its previous level of 16.17.

FII And DII Data

Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs 2,626.73 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 577.30 crore during the same period.

Put Call Ratio

On August 8, the Nifty Put-Call Ratio (PCR), a gauge of market sentiment, rose to 1.04 from 0.88 in the previous session. A rising PCR, especially above 0.7 or over 1, suggests that traders are selling more Put options compared to Call options, generally signaling a strengthening bullish sentiment. Conversely, if the ratio drops below 0.7 or approaches 0.5, it indicates that selling Call options is outpacing Put options, reflecting a more bearish outlook in the market.

Stocks in the news

SJVN: 
SJVN Green Energy has commissioned the 90 MW Omkareshwar Floating Solar Project, raising SJVN’s total installed capacity to 2,466.50 MW.

Utkarsh SFB: 
The RBI has approved an increase in authorized capital from Rs 1,500 crore to Rs 2,000 crore, along with amendments to the MOA.

Nifty and Bank Nifty Support and Resistance level

NIFTY :-
Resistance 24,275, 24,350, and 24,440
Support based  24,075, 24,000, and 23,900

BankNifty:
Resistance 50,380, 50,550, and 50,750
Support based 49,900 49,750, and 49,500

Index Future levels

Nifty Futures Buy Above 24,400 The suggested targets for this are 24,550 and 24,700 with the stop loss set at 24,100.

Bank Nifty Buy Above 50,550 index is expected to upside levels of 50,750 and 50,950 and level 50,250 will act as a stop loss.

Momentum Pick: ENDURANCE

Buy at ₹ 2601| Target price: ₹2500 |Stop Loss:₹ 2700

Endurance Technologies Ltd is engaged in the business of manufacturing and selling of aluminium die casting (including alloy wheel), suspension, transmission and braking products with operations spread across India.The company was started by Anurag Jain with the help of his uncle Rahul Bajaj (The chairman of Bajaj group of companies) in 1985. Initially the company did only Aluminum die casting work for Bajaj Auto and Bajaj auto was their sole client till 2004 and the company ventured into various segments only after 2004

Co. commenced production of two import substitutes – steel braided hoses and aluminium forgings during the year. Supplies from the new forging plant started in Q3 FY22 while wire braided hoses plant began operations in June 2021. The company also Installed 19000 sqm of solar panels in Chivasso and Lombardore in 9MFY24.Co. continues to focus on increasing share of value-added products in the product mix. It is working to increase braking, suspension and finished/machined casting supplies to both the established OEMs and also new 2W and 3W EV OEMs.

Happy Trading!
Commodity Samachar
Learn and Trade with Ease

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