Yesterday’s Pick
AJANTPHARM Rs 16,000 (200 Quantity)
HDFCLIFE 29AUG24 705 CE Rs 44,000 (Per 5 Lot)
Nifty Technical View
The Nifty 50 index formed a small positive candle on the daily chart, with a minor upper shadow. This pattern suggests that the index is attempting to break out of its recent smaller range around the 25,000 mark. The chart is showing a positive trend with higher highs and higher lows, indicating an ongoing upward movement. Currently, the Nifty is forming another higher top in this pattern. Despite being at its peak levels, there are no signs of a reversal pattern emerging at these new highs.
Indian Vix
Volatility has been confined within a range for the past six sessions and has not surpassed any key moving averages. This suggests that market conditions are currently favorable for bullish traders. The India VIX, a measure of market volatility, closed slightly higher, rising by 2.87 percent from 12.88 to 13.25.
FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs 3,462.36 crore, whereas domestic institutional investors (DIIs) bought Indian stocks worth Rs 3,366.51 crore during the same period.
Put Call Ratio:
The Nifty Put-Call ratio (PCR), which reflects market sentiment, rose to 1.17 on July 31 from 1.091 in the previous session. Typically, a higher PCR, or a ratio exceeding 0.7 or 1, indicates that traders are buying more Put options than Call options, generally signaling a bullish sentiment in the market. Conversely, if the ratio falls below 0.7 or approaches 0.5, it suggests that buying in Call options is higher than in Put options, indicating a bearish market sentiment.
Stocks in the news
IDBI Bank:
IDBI Bank has received banking regulator RBI’s nod for the ‘fit & proper’ criteria for privatisation, and likely bidders for the strategic sale are expected to begin the process of due diligence early August,
Infosys: Former Infosys board member and Chief Financial Officer Mohandas Pai has slammed the Rs 32,000 crore Goods and Services Act (GST) demand sent to the software firm, dubbing it ‘tax terrorism’ at its worst.
Nifty and Bank Nifty Support and Resistance level
Nifty :-
Resistance 24,050, 25,100, and 25,205
Support based 24,875, 24,780, and 24,700
BankNifty:
Resistance 51,880, 52,300, and 52,500
Support based 51,270, 51,080, and 50,950
Index Future levels
Nifty Futures Sell below 25100 The suggested targets for this are 24,900 and 24800 with the stop loss set at 25,250.
Bank Nifty Future sell below 51,300 index is expected to see down side levels of 51000 and 50,800 and level 51,650 will act as a stop loss.
Momentum Pick: Tata Power
Buy at ₹454| Target price: ₹480 |Stop Loss:₹ 442
Tata Power Company Ltd, incorporated in 1910, is one of India’s largest integrated power companies and the largest private sector electricity producer in the country. With an installed generation capacity of 10,577 MW, Tata Power is involved in all segments of the power sector, including generation, transmission, distribution, and trading. The company has a strong presence in the renewable energy sector, with a total installed capacity of 1,845 MW. Notably, Tata Power was the first company in India to surpass the 5,000 MW milestone
Tata Power Company Ltd’s revenue increased by 24.97% year-over-year to ₹17,253.20 crore in Q4 2023-2024. On a quarterly basis, the company achieved a 9.59% growth in revenue over the last three months. The net profit rose by 15.11% year-over-year to ₹895.21 crore in Q4 2023-2024. However, the net profit margin declined by 7.89% year-over-year to 5.19% in Q4 2023-2024.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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