Yesterday’s Pick
BANKNIFTY 4SEP 51500PE RS. 7,500/-(10 Lot)
SHORT TERM PICK BAJAJFINSV RS.15,000/- (100 Quantity)
Nifty Technical View
The Nifty 50 continued its impressive run, hitting a new all-time closing high of 25,279 on September 2. This marked the 13th consecutive day of gains, driven by positive market sentiment. If the index can maintain support above 25,200, it could be poised for further growth, potentially reaching 25,500 in the near term. However, it’s crucial to monitor the 25,000 level, which serves as a key support area.
India Vix :
India’s volatility index (India VIX) rebounded slightly after declining in the previous two trading sessions. However, it remained below the 15 mark, which is generally considered positive for bullish sentiment in the market. The India VIX rose by 4.98 percent to 14.06 from 13.39 levels.
FII And DII Data :
On September 2, foreign institutional investors (FIIs) were net buyers of Indian equities, purchasing shares worth Rs 1,735.46 crore. In contrast, domestic institutional investors (DIIs) were net sellers, offloading shares worth Rs 356.37 crore.
Nifty PCR Data :
The Nifty Put-Call ratio (PCR) decreased to 1.18 on September 2, suggesting a more bullish market sentiment. A PCR above 1 generally indicates a bullish outlook, while a ratio below 0.7 suggests a bearish outlook.
Stocks In News
ICICI Bank: ICICI Bank has refuted allegations of paying salary or granting stock options to SEBI Chairperson and former employee Madhabi Puri Buch. This statement follows claims by Indian National Congress spokesperson Pawan Khera, who alleged that Buch received ₹16.8 crore from the bank group between FY18 and FY24. The bank clarified in a regulatory filing that neither ICICI Bank nor its group companies have paid any salary or granted to Buch post-retirement, except for her retiral benefits. They also noted that she opted for superannuation from 31 October 2013.
Vedanta: Vedanta Ltd.’s Board of Directors has approved the issuance of an interim dividend for the third time in the financial year 2024-25, as per the company’s filings with the Bombay Stock Exchange (BSE) on Tuesday, September 2. The mining giant announced an interim dividend of ₹20 per equity share with a face value of ₹1 per share for FY25. The total dividend payout amounts to ₹7,821 crore, according to the company’s statement.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,325, 25,350, and 25,400
Support based 25,250, 25,150, and 25,080
BankNifty :–
Resistance 51,580, 51,650, and 51,750
Support based 51,280, 51,150, and 50,950
Index Future levels
Nifty Futures sell At 25,350 The suggested targets for this are 25,250 and 25,150 with the stop loss set at 25,450.
Bank Nifty Buy At 51,700 index is expected to downside levels of 51,500 and 52,400 and level 51,850 will act as a stop loss.
Momentum Pick: PRESTIGE ESTATE LTD
Buy above ₹ 1810 | Target price: ₹ 1980 / 2100 |Stop Loss:₹ 1650
Prestige Estate Projects has diversified business model across various segments, viz Residential, Office, Retail, Hospitality, Property Management and Warehouses with operations in more than 12 major locations in India. The co has completed 150 residential projects comprising a total area of 127 mn sq. ft. Currently, it has 37 ongoing projects for 65 msqft and 30 projects under the planning stage for 75 mn sqft. The co has completed 125 office projects comprising a total area of 50 mn sq. ft. Under this segment, it currently has 12 ongoing projects for 23 mn Sq.ft and has 7 projects under the planning stage across 8 mn sqft.
In FY24, Company completed 300 projects, delivered 25 mn sqft of area. Acquired 62.5 Acres of Land at Indirapuram Extn NCR with a development potential of 10 mn sft and sales potential of Rs. 10,000 CrAchieved 75% sales from the newly launched projects during FY24.4. In FY24, Company sold 10,068 units (28 Units/Day), Launched 40.19 mn sqft (Residence: 31.67 mn sqft & Office: 8.52 mn sqft), Completed 25.55 mn sqft (Residence: 15.43 mn sqft & Office/Retail/Hosp: 10.13 mn sqft)
Also Read: All Eyes on US Non-Farm Payrolls Amid Looming Market Risks
Recommended Read: Put-Call Ratio: How Does It Influence The Trader Mindset?
Want help on your Trade?
Chat with Analyst