The Nifty Index opened flattish and remained range-bound in the first half of the session, followed by bullish momentum in the next half. It neared 24800 zones and closed near its day’s high with gains of around 70 points. It formed a bullish candle on the daily frame and has been making higher highs - higher lows from the last four sessions.
Now it has to continue to hold above 24,700 zones for an up move towards 24,900 then 25,000 levels while support is seen at 24,650 then 24,450 zones.
India VIX was down by 3.53 per cent from 13.82 to 13.30 levels. Volatility has been cooling off from the last five sessions and comforting the bulls to scale higher gradually.
On option front, Maximum Call OI is at 25,000 then 25,500 strike while Maximum Put OI is at 24,500 then 24,600 strike. Minor Call writing is seen at 24,800 then 24,900 strike while Put writing is seen at 24,700 then 24,600 strike. Option data suggests a broader trading range in between 24,400 to 25,100 zones while an immediate range between 24,600 to 25,000 levels.
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The Bank Nifty Index opened marginally lower and drifted towards 50,333 marks in the first half of the session. However, strong recovery was seen from lower levels in the last hour of the day and formed a small bodied candle with long lower shadow on a daily scale.
The index is relatively underperforming the broader market, as momentum is missing at higher zones but multiple supports are intact at lower levels. Now it has to continue to hold above 50,500 zones for a bounce towards 51,000 then 51,250 levels while support is seen at 50,500 then 50,250 zones.
Fin Nifty Index opened on a negative note and drifted towards 23000 zone in the first half of the session, however, late recovery got the index off the lows. The index traded in a narrow range of 140 points throughout the day and formed an Inside bar on the daily scale.
It managed to close above both 20 & 50 DEMA. Now it has to continue to hold above 23,000 zones for a bounce towards 23,350 then 23,450 levels while support is seen at 23,000 then 22,900 zones.
Nifty future closed positive with gains of 0.34 per cent at 24,796 levels. Positive setup in Divislabs, Chamblfert, Jublfood, Crompton, Hindpetro, Granules, Titan, Glenmark, Hindalco, Muthootfin, Motherson, VEDL, SBI Life, HDFC AMC, Havells, Dabur, Cipla, HDFC Life, Asian Paint, Coal India, Hindunilvr, Drreddy, ITC, Mphasis and BEL while weakness in Godrejprop, Powergrid, Tatasteel and ONGC.
JUBL FOOD - TECHNICAL CALL OF THE DAY
Price has formed a MAT pattern on the daily scale and continued up with higher than average buying volumes. The MACD line is headed up indicating upward momentum.
BUY Jubilant Foodworks CMP 646 SL 625 TGT 700.
Nifty future closed positive with gains of 0.34 per cent at 24,796 levels. |
TOP 5 STOCKS TO WATCH OUT FOR AUGUST 22nd
Kalyan Jewellers:
According to the press release, Promoter TS Kalyanaraman is set to increase his stake in Kalyan Jewellers by 2.36 per cent, purchasing shares from Highdell Investment at Rs 535 each, which is at discount from the current price of Rs 548.15 per share. With this, Kalyanaraman’s share will rise to 23.36 per cent post-transaction from earlier 21 per cent.
With this transaction, the promoter and promoter group’s combined shareholding will grow from 60.59 per cent to 62.95 per cent.
BEML:
In a significant stride towards expanding its global footprint, BEML has entered into a Memorandum of Understanding (MoU) with Malaysia’s largest rolling stock manufacturer, SMH Rail.
Together, BEML and SMH Rail will focus on marketing, supply, and servicing of rail and metro rolling stock products, with a particular emphasis on markets in Malaysia, Southeast Asia, and Africa.
IREDA:
The Board Meeting is scheduled for 29th August 2024 to approve the proposal for raising funds by way of equity share capital for an amount aggregating to Rs 4,500 crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or a combination, as may be deemed appropriate, subject to the Statutory or Govt. Approval.
Welspun Enterprises:
The company has informed exchanges that its material subsidiary Welspun Michigan Engineers Limited (WMEL) has been awarded the Letter of Acceptance (LOA) by the Brihanmumbai Municipal Corporation (BMC). This LOA pertains to Rehabilitation of man-entry sewers by trenchless technology, lines –17km, in the suburbs of Mumbai City (the project).
The contract value excluding GST is Rs 159.75 crore. This Project is to be executed within a period of 24 months (excluding monsoon) from the date of notice of commencement.
Alkem Laboratories:
According to media sources, a significant deal is expected on 22nd August, wherein promoter via block deal is planning to sell 8.5 lakh shares, representing 0.7 per cent of the total equity of the company.
The floor size of the deal is likely to be around Rs 5,616, which is a 3 per cent discount to the current price of Rs 5,794.25 per share.
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