The Nifty Index opened flattish and remained in range of 125 points throughout the day. The last hour witnessed a wild move where it went on to touch a fresh all-time high of 26,011. While it crossed the 26k marks, it saw slight profit booking towards the end and wiped off most of its intraday gains but still managed to give the highest ever close.
It formed a small-bodied bullish candle on the daily frame and has been forming higher highs from the last five sessions. Now it has to hold above 25,900 zones for an up move towards 26,100, then 26,250 zones, whereas supports are placed at 25,850, then 2,5750 zones.
On option front, Maximum Call OI is at 27,000, then 26,500 strike while Maximum Put OI is at 25,000, then 24,500 strike. Call writing is seen at 26,000, then 27000 strikes, while Put writing is seen at 25,900, then 26000 strike. Option data suggests a broader trading range in between 25600 to 26,600 zones while an immediate range between 25,800 to 26,300 levels.
The Bank Nifty Index opened on a flattish note and remained consolidative in a narrow range of 200 points in the first half of the session. However, a sharp spike was seen in the last hour of the day as the index hit a new lifetime high of 54,247 marks. It formed a small bodied candle on a daily scale but structure of higher lows is intact from the last nine sessions.
Now it has to hold above 53,750 zones for an up move towards 54,247 then 54,750 zones, while on the downside, support shifts higher to 53,750 then 53,500 levels.
The Fin Nifty Index opened on a positive note and post, which it consolidated in a narrow range. However, in the last hour of trade, it witnessed a wild swing on both sides, wherein it hit a fresh all time high of 25,038 and witnessed some profit booking thereafter.
It formed a small bodied candle on the daily scale and it continued the higher lows sequence of the last nine trading sessions.
Now it has to hold above 24,800 zones for an up move towards 25,100, then 25,250 levels, while support is seen at 24,800, then 24,700 zones.
Nifty futures closed positive with gains of 0.15 per cent at 25,956 levels. Positive setup in Nationalum, Tatasteel, Hindalco, Hindcopper, Hindpetro, Tata Power, Powergrid, Escorts, Balramchini, Techm, ABB, Coforge, M&M, Bajaj Auto and TVS Motor, while weakness in IEX, PNB, Manappuram, India Mart, Grasim, Crompton, RBL Bank and Asian Paint.
HINDALCO - TECHNICAL CALL OF THE DAY
Price has broken out of a consolidation zone on the daily chart with noticeable volumes. Buying is visible across the metal space.
The MACD indicator has given a bullish crossover and headed up which confirms the upward momentum.
BUY HINDALCO CMP 717 SL 695 TGT 760
Nifty futures closed positive with gains of 0.15 per cent at 25,956 levels. | FPJ Library
Top 5 Stocks To Watch Out For September 25
Delta Corp:
Delta Corp is engaged in the business of (i) Gaming (live, electronic, and online); and (ii) Hospitality and Real Estate. The Board of Directors at its meeting held on 24th September 2024 have approved the demerger of its Hospitality and Real Estate Business by way of a Composite Scheme of Arrangement.
Delta Penland Pvt Ltd (“DPPL” or “Resulting Company”) is a newly incorporated company and shall carry on the hospitality and real estate business.
As per the share entitlement ratio determined by SSPA & Co., Chartered Accountants, the Resulting Company will issue and allot to eligible shareholders 1 new equity share of face value of Rs 1/- each, for every 1 equity share of face value of Rs 1/- each fully paid-up held by such shareholders in the Company.
Gillette:
The Company has received a letter from its distributor, Procter & Gamble Bangladesh Pvt Ltd, notifying termination of the Distribution Agreement with the Company, which will be effective 31st December 2024.
As a consequence of this termination, Gillette will have an impact of proportionate drop in net sales under this Agreement. For FY24, the net sales under the said Distributor Agreement accounted for ~2% of the total net sales of the company. There is no material impact on the company's profits due to this termination.
Ceigall India:
Ceigall India has received the Letter of Acceptance on 23rd September 2024 for Construction of 4/6 Lane Southern Ayodhya Bypass having a total length of 32.172 km. on HAM basis under NHDP Ph-VII in the state of Uttar Pradesh. The project is valued at Rs 1,299 crore with tenure of 24 months.
Mazagon Dock:
Mazagon Dock commenced the production activity for the first Multipurpose Cargo Vessel (MPV) for Navi Merchants, Denmark. MDL has signed a contract with Navi Merchants, Denmark todesign, build, and deliver a total of 6 + (4 optional) vessels, each with a capacity of 7500 DWT.
The project is valued at Rs 700 crore approx. Each vessel will feature a hybrid propulsion drive, built to meet stringent commission standards and shall be classified under DNV (Det Norske Veritas).
EaseMyTrip:
According to media sources, promoter Nishant Pitti is likely to sell up to 8.5 per cent stake in Easy Trip Planners via block deals. Block size deal is at Rs 622 crore, with an indicative price at Rs 41.5/share. Remember that Nishant Pitti held 28.13 per cent stake at the end of Q1FY25.
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