Market Outlook 13th Aug 2024
Nifty index opened slightly negative and after dropping in the initial tick, it took support near 24,200 zones and witnessed steep recovery of 260 points. It was followed by some range-bound moves and finally gave up its intraday gains in the last hour.
It formed a small-bodied Doji sort of candle with equal shadows on either side. Now it has to hold above 24,350 zones for an up move towards 24,500, then 24,650 zones, whereas supports are placed at 24,200, then 24,100 zones.
India VIX was up by 3.47 per cent from 15.34 to 15.87 levels. Volatility has been overall cooling off from the last five sessions and comforting the bulls for support-based buying.
India VIX was up by 3.47 per cent from 15.34 to 15.87 levels. Volatility has been overall cooling off from the last five sessions and comforting the bulls for support-based buying.
On the option front, Maximum Call OI is at 25,000 then 25,500 strike while Maximum Put OI is at 23,500 then 23,000 strike. Call writing is seen at 25,000 then 24,500, while Put writing is seen at 23,500 then 24,300 strike. Option data suggests a broader trading range in between 24,000 to 24,700 zones while an immediate range between 24,100 to 24,500 levels.
Fin Nifty Index opened on a negative note and drifted lower in initial trade, however, it witnessed strong recovery from the lows as it extended the move towards 23150 zone.
The Bank Nifty Index opened marginally lower and drifted towards 50,150 zones in the initial hour of the session. However, quick recovery was seen from lower levels and it extended the momentum towards 50800 levels in the latter part of the day.
It formed a small bodied candle on daily scale as buying is visible at lower levels but momentum is missing at higher zones. Now it has to continue to hold above 50,350 zones for a bounce towards 50,850 then 51,000 levels while on the downside support is seen at 50,250 then 50,000 zones.
Nifty below 7,800 on weak global cues, macro data
Fin Nifty Index opened on a negative note and drifted lower in initial trade, however, it witnessed strong recovery from the lows as it extended the move towards 23150 zone.
It formed a small bodied candle on the daily scale as buying is coming in at lower levels but momentum is missing at higher levels. Now it has to continue to hold above 22950 zones for a bounce towards 23,150 then 23,250 levels while support is seen at 22,850 then 22750 zones.
The Bank Nifty Index opened marginally lower and drifted towards 50,150 zones in the initial hour of the session. However, quick recovery was seen from lower levels and it extended the momentum towards 50800 levels in the latter part of the day.
Nifty Future closed negative with losses of 0.17 per cent at 24360 levels. Positive setup was seen in Voltas, Jublfood, Granules, ONGC, Glenmark, Coromandel, GAIL, Federalbnk, UPL, Petronet, Trent, Infy and Chamblefert while weakness in Sun TV, Balkrisind, Astral, Godrej CP, Bharatforg, Navinfluor, AU Bank, Britannia, Bata, ACC, PFC, Bosch, LTTS, Bandhanbnk and IDFC First.
ONGC – TECHNICAL CALL OF THE DAY
ONGC is in overall uptrend and holding gains at higher zones. It is on the verge of giving range breakout on daily chart. It is trading above all crucial moving averages with momentum indicator RSI giving bullish cross over.
BUY ONGC CMP 341 SL 330 TGT 360
Top 5 stocks to watch out for Aug 13th
JSW Steel:
The Board has approved the acquisition of an economic interest of up to 66.67 per cent in M Res NSW HCC Pty Ltd (“M Res NSW”) by way of subscription to non-voting Class B shares, for an investment of USD 120 million through the Company’s’ wholly owned subsidiary JSW Steel (Netherlands) B.V.
M Res NSW owns a 30 per cent interest in Golden M NSW Pty Ltd (“Golden M”), the proposed ultimate owner of Illawarra Coal Holdings Pty Ltd (“Illawarra Metallurgical Coal”), whose operations consist of the Appin and Dendrobium coking coal mines and associated infrastructure in New South Wales, Australia.
These mines have total marketable reserves of ~99mn tons of prime hard coking coal and have produced on an average ~6.5mtpa in the past 5 years.
KPI Green:
The Board has approved authorizing the opening of the QIP Issue on 12th August 2024. For this, the board has approved the floor price for the Issue, being Rs 983.24 per Equity Share based on the pricing formula. According to the press release, the company may, at its discretion, offer a discount of not more than 5 per cent on the floor price so calculated for the QIP.
Market Reaction: Adani Group Faces Sharp Stock Decline Post-Hindenburg Report
Vodafone Idea:
Revenue for the quarter stood at Rs 105.1 billion, a decline of 1.4 per cent on a YoY basis. The EBITDA, on a reported basis, stood at Rs. 42 billion. EBITDA pre-IndAS116 grew by 4.2 per cent on YoY basis to Rs 21 billion compared to Rs 20.2 billion in Q1FY24.
Further, Depreciation & Amortisation expenses and Net Finance costs for the quarter were Rs 53.7 billion and Rs 52.6 billion respectively. Excluding the impact of Ind AS116, the Depreciation & Amortisation expenses and Net Finance costs for the quarter were Rs 40 billion and Rs 43.5 billion respectively.
Capex spend for the quarter stood at Rs 7.6 billion.
The payment obligations to the Government stood at Rs 2,095.2 billion as of 30th June 2024 including deferred spectrum payment obligations of Rs 1,392 billion and AGR liability of Rs 703.2 billion.
Wipro:
Wipro announced the expansion of its strategic partnership with Google Cloud to scale its adoption of Google Cloud AI. As part of this partnership and Wipro’s ai360 initiative, Wipro FullStride Cloud Studio is integrating Gemini’s advanced reasoning and analysis capabilities into its core business platforms and innovation hubs.
Further, Ms. Subha Tatavarti, Chief Technology Officer, has resigned from the services o pursue opportunities outside Wipro. Ms. Subha Tatavarti will be stepping down as Chief Technology Officer with effect from close of business hours of 16th August 2024.
Who Is Nathen Anderson? The Man Behind The US Based Short-Seller Firm ‘Hindenburg Research’
Campus Activewear:
Campus Activewear registered 4.1 % degrowth YoY to Rs 339.2 crore in Q1FY25 driven by muted demand scenario, witnessed across the rural and semiurban areas. The company continued its focus on driving reach & enhancing its retail footprint in new geographies. During the quarter company added 13 new stores. Campus Activewear continued to expand its geographical footprints in FY25.
Sales Volume stood at 5.8 million pairs in Q1FY25 driven by higher sale of open footwear with Average Selling Price stood at Rs 585 in Q1FY25 vs Rs 629 in Q1FY24.
Disclaimer: The Free Press Journal assumes no liability for loss or damage including, but not, limited to, lost profits that may result directly or indirectly from the use or reliance on the opinions, news, investigations, analyses, prices or other information offered in this article.
