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Nifty’s Roller Coaster Journey Ends on a High Note


Yesterday’s Pick

HERO/ ZERO BANKNIFTY 21 AUG 50600 CE RS.3000/- ( 10 Lot )
NIFTY AUG 22 24700 CE RS. 3750/- ( 10 Lot )
Yesterday’s News Letter Nifty Fut RS. 5000/- ( Per Lot)

Nifty Technical view

The Nifty 50 has been on a consistent upward streak for the past five trading days, forming a positive technical pattern on August 21st. The index closed at 24,770, up by 71 points, with both RSI and MACD indicating bullish momentum. Analysts predict that the Nifty 50 could soon reach the levels of 24,850 to 24,950, provided it maintains support above 24,700 in the upcoming sessions. The 24,500 level is seen as a critical support zone.

Put-Call Ratio
The PCR, a gauge of market sentiment, decreased to 1.24 on August 21st from 1.27 the day before. A PCR higher than 0.7 or exceeding 1 suggests that traders are buying more Call options than Put options, indicating a bullish market outlook. Conversely, a PCR below 0.7 or approaching 0.5 indicates a bearish sentiment as traders are selling more Call options than Put options.

India VIX
Market volatility continued to decrease for the fifth consecutive day. This indicates a more stable market environment that is generally favorable for bullish sentiment. The India VIX, a measure of market volatility, fell by 3.53% on Wednesday. If the VIX remains below 14, it suggests that market conditions are likely to remain relatively calm. However, if it rises above 14.6, it could signal a potential shift towards a more volatile market.

FII And DII Data
Foreign institutional investors (FIIs/FPIs) sold Indian stocks valued at Rs Rs 799.74 crore, whereas domestic institutional investors (DIIs) Bought Indian stocks worth Rs 3,097.45 crore during the same period.

Stocks In News

Zomato:
Zomato will acquire Paytm’s entertainment ticketing business for Rs 2,048 crore. The transaction includes a transition services agreement allowing the ticketing business to operate on the Paytm app for up to 12 months. As part of the deal, 280 employees will move to Zomato.

Alkem Laboratories:
The promoter of Alkem Laboratories is set to sell a 0.7 per cent stake, equating to 8.5 lakh shares, through block deals. The floor price for these shares is set at Rs 5,616, representing a 3 per cent discount to the current market price.

Nifty and Bank Nifty Support and Resistance level

NIFTY :-
Resistance 24,850, 24,950, and 25,100
Support based  24,650, 24,600 and 24,500

BankNifty :
Resistance 50,100, 51,250, and 51,600
Support based 50,580, 50,300, and 50,000

Index Future levels

Nifty Futures Buy At 24,800 The suggested targets for this are 24,900 and 25,000 with the stop loss set at 24,650.

Bank Nifty Buy At 50,900 index is expected to upside levels of 51,200 and 51,500 and level 50,700 will act as a stop loss.

Momentum Pick: INDO REMEDIES LTD

Buy at ₹ 358 | Target price: ₹400 |Stop Loss:₹ 334

Indoco Remedies (Indoco) is a Mumbai-based pharmaceutical company that focuses on formulations with a presence in contract manufacturing and research. The Company is engaged in the manufacturing and marketing of pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs), Co. has applied for 71 API patent applications of which 28 applications were accepted and patents granted. Out of the 39 patent applications filed, 20 applications are granted patents for Finished Dosage Forms.

Company offers high-quality medicines in multiple therapeutic categories, which include diabetology, respiratory, stomatology, women’s health, nutritional products, gastroenterology, cardiology, metabolic disorders, and primary care medicines. The Company has a predominant presence in the South (37%) and West (33%), followed by the East (17%) and North (12%). The Company caters to multiple doctor specialties and generates more than 83 million prescriptions annually from over 3,00,000 doctors across India.

Happy Trading!
Commodity Samachar
Learn and Trade with Ease

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