Yesterday’s Pick
BANKNIFTY 11SEP 51500 CE Profit : 15000+ Per 10 Lot
NIFTY 12SEP 24800 CE Profit : 7250+ Per 10 Lot
IDEA SEP FUTURE Profit : 14000+ per 1 lot
Axis Bank 26 SEP 1160CE Profit : 5000+ per 1 lot
BANKEX 9SEP 57300 CE Profit : 13500+ per 10 lot
BANKEX 9SEP 57500 CE Profit : 12000 + per 10 lot
GODREJCP SEP FUTURE Profit : 6500+ per 1 lot
Nifty Technical View
The Indian stock market had a good day today after falling for three days in a row. Consumer goods and banking stocks did well, which helped the market go up. The Nifty 50 index rose by 0.34% to close at 24,936.40, and the Sensex rose by 0.46% to 81,559.56. ICICI Bank was a big reason for the Nifty 50 going up, as it rose by 2.2%. Out of the 50 stocks in the Nifty 50 index, 25 went up and 25 went down.
India Vix :
The India VIX, which gauges market volatility, fell by 6% from the last session and ended at 14.24%. This indicates a decrease in market fluctuations.
Put-Call Ratio
The Nifty’s Put-Call Ratio (PCR) is currently at 0.96. Typically, a PCR above 0.7 or nearing 1 suggests positive market sentiment, while a ratio below 0.7 or closer to 0.5 points to a more negative outlook.
FII And DII Data :
Foreign institutional investors bought Indian stocks worth Rs 1,176.55 crore on September 9th, while domestic institutional investors bought stocks worth Rs 1,757.02 crore.
Stocks In News
HG Infra Engineering
HG Infra Engineering said it has secured a Rs 781.11-crore contract from the Ministry of Road Transport & Highways (MoRTH) for the upgradation of NH 47.
Infosys
SEBI on September 9 lifted restrictions imposed on 16 entities, including some former employees of Infosys, in a case about alleged insider trading activities in IT major shares. The regulator also directed that the prohibition slapped on six entities through the interim order, along with the confirmatory order, will stand vacated with immediate effect, bringing an end to the matter.
Tata Power
TP Solar Ltd, one of India’s largest cell and module manufacturing companies and a subsidiary of Tata Power Renewable Energy, has commenced production of solar cells at its Tamil Nadu plant. The development is expected to boost domestic manufacturing of cells and modules needed to convert sunlight into electricity.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,080, 25,480, and 25,650
Support based 24,850, 24,770, and 24,650
BankNifty :–
Resistance : 51,250, 51,734.15, and 52,666.9
Support based 50,222.75, 49,868.65, and 48,935.9
Index Future levels
Nifty Futures Buy At 25,000 The suggested targets for this are 25,100 and 25,200 with the stop loss set at 24,800
Bank Nifty Buy At 51,300 index is expected to upside levels of 51,580 and 51,800 and level 51,000 will act as a stop loss.
Momentum Pick: ITC LTD
Buy above ₹ 511 | Target price: ₹ 530/540 |Stop Loss:₹ 495
Established in 1910, ITC is the largest cigarette manufacturer and seller in the country. ITC operates in five business segments at present FMCG Cigarettes, FMCG Others, Hotels, Paperboards, Paper and Packaging, and Agri Business. ITC is the leader in the organized domestic cigarette market with a market share of over 80% . It’s wide range of brands include Insignia, India Kings, Classic, Gold Flake, American Club, Wills Navy Cut, Players, Scissors, Capstan, Berkeley, Bristol, Flake, Silk Cut, Duke & Royal.
For FY24, reported a 0.3 per cent year-on-year (YoY) rise in standalone net profit at Rs 4,917.45 crore for the June quarter compared with Rs 4,902.74 crore in the same quarter last year. The standalone revenue from operations came in at Rs 18,077.24 crore against Rs 16,842.93 crore in the year-ago quarter, up 7.32 per cent. Analysts were largely expecting ITC to report a 2-6 per cent year-on-year (YoY) rise in profit on 6-7 per cent jump in sales.
Happy trading!
Commodity Samachar Securities
We Decode the language of the market
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