The Nifty Index opened flattish and recovered in the first half of the session but failed to hold above 25,100 zones and slipped below 24,900 levels. The index remained quite volatile and bears took over in the middle of the day to finally close with losses of around 120 points. It formed a bearish candle on daily and failed to hold on to the previous day’s recovery.
Now if it manages to hold 24,850 zones, then some bounce could be seen towards 25,150, then 25,250 zones, while on the downside, supports are shifting lower at 24,750, then 24,650 zones.
India VIX was up by 2 per cent from 13.36 to 13.63 levels. Volatility slightly inched higher after the cool off of the last couple of days and created discomfort for the bulls.
On option front, Maximum Call OI is at 25,000, then 25,500 strike, while Maximum Put OI is at 24,500, then 24,700 strike. Call writing is seen at 25,000 then 25,100 strike while Put writing is seen at 24,500 then 24,700 strike. Option data suggests a broader trading range in between 24,500 to 25,500 zones while an immediate range between 24,700 to 25,200 levels.
The Bank Nifty Index opened on a flattish note and after a dip in the opening tick it witnessed a good up move as it tested 51,400 zone in the first hour. However, it slowly drifted lower and gave up all its intraday gains as it tested 50,950 zone in the last hour.
It formed a small bodied candle on the daily scale as momentum is missing at higher levels but support based buying can be seen at lower levels. Now it has to continue to hold above 50,750 zones for a bounce towards 51,500, then 51,750 zones, while on the downside support is seen at 50,750 then 50,500 levels.
The Fin Nifty Index opened on a flattish note and it witnessed a smart rally in the opening hour of trade and tested 23,700 zones. However, it failed to sustain at higher levels and drifted towards the 23,550 zone in the last hour. It formed a small bodied candle on the daily scale as the index is consolidating in a range of 250 points from the last four trading session.
Now it has to continue to hold above 23,550 zones for a bounce towards 23,750 then 23,850 levels while support is seen at 23,550 then 23,450 zones.
Nifty future closed negative with losses of 0.55 per cent at 24,945 levels. Positive setup was seen in Bajaj Auto, Naukri, Berger Paint, Asian Paint, Havells, Poly Cab, Indigo, Bajfinance, MCX, Britannia, Sunpharma, Coforge and Divislab while weakness in Tatamotors, Aarti Ind, GNFC, ONGC, IOC, VEDL, Tatachem, Ashokley, Rec Ltd, Idfc First Bank, BHEL, PFC, Godrejprop, NMDC, Can Bank, LT, SBIN and PNB.
DIXON - TECHNICAL CALL OF THE DAY
Stock has retested breakout on daily chart and inched higher. It is perfectly respecting 50 DEMA which is a favourable entry point for the potential up move.
Momentum indicator RSI is on the verge of giving bullish cross over which may support the ongoing up move.
Buy Dixon CMP 12775 SL 12395 TGT 13350
The Fin Nifty Index opened on a flattish note and it witnessed a smart rally in the opening hour of trade and tested 23,700 zones. However, it failed to sustain at higher levels and drifted towards the 23,550 zone in the last hour. | Image Source: Wikipedia (Representative)
TOP 5 STOCKS TO WATCH OUT FOR SEPTEMBER 12
Tata Steel:
Tata Steel has signed a GBP 500 million Grant Funding Agreement with the UK Government, allowing it to proceed at pace with the project to install a state-of-the-art Electric Arc Furnace at the Port Talbot steelworks in Wales worth £1.25 billion project.
As the largest investment in the UK steel industry for decades, the GBP 1.25 billion project will safeguard UK’s steel sovereignty, secure steel making in Port Talbot and preserve 5,000 jobs.
HPCL:
The Board has approved construction of the pipeline from Visakh to Raipur and allied facilities, including the depot at Kantabanji, at an estimated cost of Rs 2,212 crore.
This project is expected to provide strategic advantage for evacuation of products for the expanded capacity of Visakh Refinery after implementation of Visakh Refinery Modernisation Project in optimizing placement costs and enable product movements to eastern, central and northern parts of the country.
BPCL:
Bharat PetroResources Limited (BPRL), a 100 per cent subsidiary of Bharat Petroleum Corporation Limited (BPCL) and its Exploration and Production arm along with Indian Oil Corporation Limited (IOCL) acting jointly through a 50:50 Special Purpose Vehicle viz,. Urja Bharat Pte Limited (UBPL) has been awarded a production Concession by The Supreme Council for Financial and Economic Affairs (SCFEA), Abu Dhabi. This follows the award of the exploration and production concession to UBPL in March 2019, and the successful completion of the exploration phase, during which the company invested nearly USD 164 million.
The concession agreement covers a total area of up to 6,162 square kilometers, granting UBPL 100 per cent concession rights. Initial exploration efforts have yielded positive results in Onshore Block 1, specifically within the 38 square kilometer Ruwais area.
The area includes conventional undeveloped oil and gas resources, and its development will contribute to Abu Dhabi’s efforts to expand its hydrocarbon sector while promoting sustainable economic growth in the emirate. This is the first full production concession award to an international company from the Abu Dhabi’s exploration blocks bid rounds.
Adani Ports:
Adani Ports and Special Economic Zone (APSEZ), has signed a concession agreement with DPA to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat. APSEZ has incorporated a wholly owned subsidiary, DPA Container and Clean Cargo Terminal Limited (DPACCCTL), that will carry out operations at the berth.
In July 2024, APSEZ had received the LOI for the development, operation and maintenance of the berth for a 30-year concession period. APSEZ will develop the berth under DBFOT (Design, Build, Finance, Operate, and Transfer) model for multipurpose clean cargo, including container cargo.
Berth No. 13 is 300m long and offers 5.7 MMT capacity annually. It is likely to be commissioned in FY27.
Infosys:
Infosys has collaborated with Clearstream, the post-trade services part of Deutsche Börse, an international exchange organisation and leading provider of market infrastructure. The collaboration supported the successful Generation 2 launch of Clearstream’s D7 platform, an innovative digital post-trade platform that allows market participants to issue securities digitally.
Within the project, Infosys assisted Clearstream in driving end-to-end implementation, customization, and deployment alongside go-live and aftercare support. The platform has set a foundation of institutional- grade, digital asset infrastructure to unlock the tremendous value of asset tokenization and digital assets.
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