The Nifty Index opened flattish and even though it broke its previous day’s low, it took support at 24,750 zones. It recovered right from the start of the day and it formed a bullish candle on the daily frame with support-based buying.
Now it has to cross and hold above 25,000 zones for a bounce towards 25,150, then 25,250 zones, whereas supports are placed at 24,750 then 24,650 zones.
India VIX was down by 6.44 per cent from 15.22 to 14.24 levels. Volatility cooled off and paved the way for buying at lower levels.
On option front, Maximum Call OI is at 25,000, then 25,200 strike, while Maximum Put OI is at 24,000 then 24,500 strike. Call writing is seen at 25,400, then 24,800 strike while Put writing is seen at 24,900, then 24,800 strike. Option data suggests a broader trading range in between 24,500 to 25,400 zones while an immediate range between 24,800 to 25,300 levels.
The Bank Nifty Index opened on a flattish note and drifted lower towards 50,370 zones in the initial hour of the session. However, quick recovery was seen from lower levels and it gradually extended the momentum towards 51,200 zones in the latter part of the day.
It formed a Bullish Piercing pattern on the daily scale as strong recovery was seen from lower zones and ended with gains of around 540 points near 51,100 levels. Now it has to continue to hold above 50,850 zones for a bounce towards 51,500 then 51,750 zones, while on the downside, support is seen at 50,850 then 50,500 levels.
The Fin Nifty Index opened on a flattish note and after a small downtick in the opening trade, it had a gradual upmove as it tested the 23,650 zone, the up move gained momentum in the last hour as the index closed near its day’s high.
It formed a Bullish Piercing pattern on the daily scale as strong recovery was seen from the lower zone, and the index took support from its 20 DEMA. Now it has to continue to hold above 23600 zones for a bounce towards 23,850 then 23,950 levels while support is seen at 23,600 then 23,500 zones.
Nifty Future closed positive with gains of 0.35 per cent at 24,993 levels. Positive setup was seen in Dabur, UBL, Hindunilvr, IEX, JK Cement, Lauras Labs, ITC, Voltas, AU Bank, Britannia, Indhotel, Marico, Berger Paint, Divislabs and Glenmark while weakness in BSoft, Petronet, ONGC, Cumminsind, Gail, Nationalum, Aarti Ind, Exideind and Tatasteel.
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JK CEMENT - TECHNICAL CALL OF THE DAY
The stock has given range breakout on daily chart; retested the same and inching higher.
It has formed a strong bullish candle on daily scale. ADX Line has turned up and the Positive DI is well above the negative DI which suggests the up move has strength.
BUY JK CEMENT CMP 4807 SL 4700 TGT 5000
Nifty Future closed positive with gains of 0.35 per cent at 24,993 levels. | FPJ Library
TOP 5 STOCKS TO WATCH OUT FOR SEPTEMBER 10
AU Bank:
AU Small Finance Bank has entered into a corporate agency agreement with Kotak Mahindra Life Insurance Company for providing Life Insurance solutions to Bank’s customers. This tie-up will enable the Bank’s customers to access a wide range of life insurance products from Kotak Mahindra Life Insurance Company.
HG Infra:
H.G. Infra Engineering has received the letter of award from the Ministry of Road Transport & Highways (MoRTH) for the up-gradation of existing 6 lane road, including elevated corridor, as per site requirements of NH 47 (Narol Junction to Sarkhej Junction) in the state of Gujarat on Hybrid Annuity Model. The project, having a length of 10.630 km is worth Rs 781.11 crore with a construction period of 2.5 years.
Dixon Technologies:
Dixon’s wholly owned subsidiary- Padget Electronics has entered into an MOU with HP India Sales to carry out manufacturing of notebooks, desktops and All-in-one PCs, subject to signing of definitive agreements in due course.
Through this partnership, HP India looks forward to offering its customers in India an enhanced portfolio of domestically manufactured products that combine their cutting-edge technology with Dixon’s manufacturing expertise.
IRB Infra:
Continuing with the robust toll collection growth in the second month of the Q2FY25, i.e., August 2024, the IRB Infrastructure Developers and IRB Infrastructure Trust have reported collective YoY toll revenue growth of 20 per cent in the month, i.e., Rs 503 crore in August 2024 as against Rs 417 crore in August 2023. Management believes this positive momentum will continue and strengthen with the approaching festive season in the coming months.
Hero MotoCorp:
Ather Energy, an existing associate company of Hero MotoCorp has informed Exchange that it has filed a Draft Red Herring Prospectus (DRHP) on 9th September 2024, with the SEBI, BSE and NSE of India in connection with its initial public offering (IPO) of equity shares with a face value of Rs 1 each.
The IPO will consist of a fresh issue of Equity Shares aggregating up to Rs 31,000 million along with an offer for sale of 22,000,766 Equity Shares by certain existing and eligible shareholders of Ather Energy. The Offer is subject to receipt of regulatory approvals, market conditions and other considerations.
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