Yesterday’s Pick
NIFTY AUG 25000 CE RS.5,750/- ( 10 Lot)
BANKNIFTY AUG 51000 CE RS.4,500/- ( 5 Lot)
BANKNIFTY SEP FUT RS.6,000/- (2 Lot)
BANKNIFTY AUG FUT RS.6,000/- (2 Lot)
Nifty Technical view
The stock market took a breather after a day of gains, ending the trading session with a slight uptick. The Nifty 50 continued its winning streak for the ninth consecutive day, supported by positive momentum indicators. For Nifty it’s period of consolidation, but as long as the index stays above 25,000 at the end of the day, the next target is between 25,100 and 25,200. If the market weakens, 24,950 could provide support.
India vix :
The market’s volatility decreased after two days of rising prices, remaining below the 14 level, which is considered bullish. The India VIX, which measures market fear, declined by 1.18 percent to 13.63 from 13.80, staying below all key moving averages.
Put-Call Ratio :
The Nifty Put-Call ratio (PCR), which reflects the overall sentiment of the market, decreased to 1.22 on August 27 from 1.31 levels in the previous trading session. A higher PCR, above 0.7 or exceeding 1, suggests that traders are buying more Put options than Call options, which generally indicates a positive outlook for the market. Conversely, a PCR below 0.7 or approaching 0.5 indicates that traders are selling more Call options than Put options, reflecting a bearish sentiment.
FII And DII Data :
Foreign institutional investors (FIIs/FPIs) Buy Indian stocks valued at Rs 1503.76 crore, whereas domestic institutional investors (DIIs) sold Indian stocks worth Rs 604.08 crore during the same period.
Stocks In News
UPL
Subsidiary UPL Corporation, through its step-down subsidiary UPL Global, acquired a 20% stake in PT Excel Meg Indo, Indonesia, for $6.85 million. Post-acquisition, UPL Global will hold 99.9998% stake in PT Excel, while another arm, UPL Europe, will hold 0.0002%.
PNC Infratech
The company has been declared the lowest bidder in a highway cum bridge project with a bid project cost of Rs 380 crore from NHAI. The project involves the construction of an additional 3-lane bridge over the river Ganga for a connection between Buxar and Bharauli on NH-922 in Uttar Pradesh and Bihar on Hybrid Annuity Mode.
Kirloskar Brothers
The company has received a letter from the Registrar of Companies, Maharashtra. RoC has instructed the company to keep its Register of Directors and Key Managerial Personnel updated.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,080, 25,150, and 25,121
Support based 25,000, 24,950, and 24,850
BankNifty :–
Resistance 51,280, 51,475, and 51,650
Support based 51,100, 50,050, and 50,800
Index Future levels
Nifty Futures SEP Buy Above 25,250 The suggested targets for this are 25,500 and 25,600 with the stop loss set at 25,000.
Bank Nifty SEP Buy At 51,550 index is expected to upside levels of 51,800 and 52,000 and level 51,250 will act as a stop loss.
Momentum Pick: DELTA CORP LTD
Buy at ₹ 135 | Target price: ₹ 160 |Stop Loss:₹ 125
Delta Corp is a big name in Indian gaming, with fingers in various pies. They run physical casinos (7 to be exact) across Goa, Sikkim, and Daman, and also have online operations through Adda52.com (poker), Adda52rummy.com (rummy), and Adda.games (other online multi-games). Their ambition doesn’t stop there – they’ve got a license to build a massive resort complex in Pernem, Goa, complete with hotels, entertainment facilities, and even an electronic casino!
The company is investing around Rs200-250 crore to upgrade its ship (Caravela), which will increase its gaming capacity by 2.5 times. This upgrade is expected to be completed by the end of the fourth quarter of the current fiscal year (Q4FY24). The license fee for the ship will also increase from Rs25 crore in FY23 to Rs40 crore. As of April 2023, the company had already spent approximately Rs140-160 crore on the upgrade, with 30-40% of the total cost still remaining.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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