FRIDAY’S PICK
Short Term Pick Bajaj Auto From (9,830 To 10,216) RS. 7720/- ( 20 QUANTITY)
MINDA CORP LTD CASH From (490 To 590 ) RS. 20,000/- ( 200 QUANTITY)
NIFTY TECHNICAL VIEW
The Nifty 50 continued its upward trajectory for the seventh straight session, with key momentum indicators like RSI and MACD remaining positive. The 24,800 level is pivotal for continued gains; a breakout above this could lead to levels of 24,900 to 25,000 in the near future. On the downside, 24,700 is expected to serve as immediate support, with 24,500 being a critical level to watch.
India vix :
Volatility increased for the first time in seven sessions but stayed below all major moving averages and the 14.6 mark, which remains favorable for bullish trends. The India VIX, a gauge of market fear, rose by 4.25 percent to 13.55, up from the previous 13 levels.
Put-Call Ratio :
The Nifty Put-Call Ratio (PCR), a gauge of market sentiment, dropped to 1.27 on August 23 from 1.4 in the previous session. An increasing PCR, particularly above 0.7 or surpassing 1, suggests that traders are selling more Put options compared to Call options, signaling a strengthening bullish sentiment. Conversely, if the ratio falls below 0.7 or approaches 0.5, it indicates that Call options are being sold more than Put options, reflecting a more bearish outlook in the market.
FII And DII Data :
Foreign institutional investors (FIIs/FPIs) Buy Indian stocks valued at Rs 1944 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 2896 crore during the same period.
Stocks In News
Ambuja Cement: GQG Partners has further increased its investment in Ambuja Cement, raising its stake to 2.5 percent by acquiring an additional 1.1 percent through block deals valued at ₹1,679 crore. The purchase was made at a price of ₹625.5 per share, reflecting GQG Partners’ continued confidence in the company’s growth prospects.
Hero MotoCorp: Hero Motors, the flagship auto components division of the Hero Group, has filed for an Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The company aims to raise up to ₹900 crore through the public issue, marking a significant step in its expansion plans.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 24,950, 25,000, and 25,080
Support based 24,800, 24,700, and 24,600
BankNifty :–
Resistance 51,200, 51,350, and 51,600
Support based 50,800, 50,700, and 50,600
Index Future levels
Nifty Futures Buy At 24,850 The suggested targets for this are 25000 and 25,200 with the stop loss set at 24,750.
Bank Nifty Buy At 51,150 index is expected to upside levels of 51,400 and 51,600 and level 50,850 will act as a stop loss.
Momentum Pick: BLISS GVS PHARMA LTD
Buy at ₹ 133 | Target price: ₹ 160 |Stop Loss:₹ 180
Bliss GVS Pharma Limited is engaged in manufacturing, marketing, trading and export of pharmaceutical formulations in the form of suppositories, pessaries, capsules, tablets, and syrups.The company manufactures, markets, and exports over 150 branded formulations across 60+ therapeutic segments, including anti-malarial, anti-fungal, anti-bacterial, antibiotic, anti-inflammatory, contraceptive, and anti-diabetic. It sells these formulations as suppositories, pessaries, capsules, tablets, and syrups. Its portfolio includes over 150 brands such as P-Alaxin, Lonart, Funbact, and Lofnac.
In FY24, the EBITDA margin improved to 20% compared to 16% in FY23, mainly due to reduced costs. It has streamlined warehouse operations and adopted other supply chain management efforts to ensure operational efficiency.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read: Gold Prices Dilemma: Is a Major Breakthrough on the Horizon?
Recommended Read: MCX Commodities Uncovered: The Must-Knows and Essential Insights [2024]
Want help on your Trade?
CHAT WITH ANALYST