Yesterday’s Pick
BANKNIFTY 11SEP 51000 CE Profit : 13500+ Per 10 Lot
FINNIFTY 10SEP 23700 CE Profit : 6250+ Per 10 Lot
BANKNIFTY SEP FUTURE Profit : 6000+ per 2 lot
ZENOTECH LABORATORIES LTD Profit : 4500+ per 1000 quantity
TITAN COMPANY LTD Profit : 17000+ per 1000 quantity
Nifty’s Technical View
The Indian stock market opened higher yesterday, and after some initial fluctuations, saw strong buying activity. Nifty index shows a small positive candle on daily chart with small upper and lower shadows. This is a doji-like candle, but not a perfect one. Usually, a doji pattern at a resistance level is a warning sign for buyers. The short-term trend for the Nifty seems to have turned positive, and the index is now close to the important resistance level of 25,200. If the index can break above this level, it could rise further to new record highs. The immediate support level is at 24,900.
India Vix
The India VIX, a measure of market volatility, fell by 6% from the last session, ending at 13.36%. This drop signals a reduction in market volatility.
Put-Call Ratio
The Nifty’s PCR shifts to 1.07 from 0.96 in the previous session. A PCR above 0.7 or approaching 1 generally indicates bullish sentiment, while a ratio below 0.7 or moving towards 0.5 signals a bearish trend.
FII And DII Data :
On September 10th, foreign institutional investors purchased Indian stocks totaling Rs 2,208.23 crore, whereas domestic institutional investors sold stocks amounting to Rs 275.37 crore.
Stocks In News
Vodafone Idea: Kumar Mangalam Birla, chairman of the Aditya Birla Group, has increased his stake in Vodafone Idea (Vi), signaling confidence in the telecom company, which is seeking ₹25,000 crore in debt alongside an equity raise of ₹24,000 crore. On September 6, Birla acquired 1.86 crore shares of Vi, while his investment firm, Pilani Investment and Industries Corporation, purchased an additional 30 lakh shares.
Indian Bank: Indian Bank is planning to raise ₹5,000 crore through infrastructure bonds. This comes as banks continue to mobilize capital aggressively to meet the high demand for credit, which has outpaced deposit growth. Infrastructure bonds allow banks to fund long-term infrastructure projects and are exempt from maintaining the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR), making them a preferred option for raising funds.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,130, 25,250 and 25,350
Support based 24,900, 24,850 and 24,780
BankNifty :–
Resistance :51,300, 51,500 and 52,600
Support based 51,100, 50,980, and 49,800
Index Future levels
Nifty Futures Buy At 25,000 The suggested targets for this are 25,150 and 25,250 with the stop loss set at 24,790
Bank Nifty Buy Above 51,500 index is expected to upside levels of 51,800 and 52,000 and level 51,000 will act as a stop loss.
Momentum Pick: JSW ENERGY LTD
Buy above ₹ 750 | Target price: ₹ 800/850 |Stop Loss:₹ 710
JSW Energy Ltd and its subsidiaries are primarily engaged in the business of generation of power from its power assets located at Karnataka, Maharashtra, Nandyal and Salboni. It is the holding company for the JSW group’s power business. The company also has a JV company engaged in mining activities and an associate engaged in manufacturing of turbines.
In Q1 FY24 EBITDA reached approximately INR 1,307 Crore, reflecting an 18% YoY growth. This was driven by contributions from Mytrah and RE capacity additions, resulting in a reported PAT of around INR 290 Crore. The balance sheet remains robust, with a net debt-to-equity ratio of 1.2x and net debt-to-EBITDA (Proforma TTM) ratio of 4.7x. Cash and cash equivalents amounted to approximately INR 2,572 Crore.
Happy Trading!
Commodity Samachar Securities
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