The Nifty index opened positive near 24,650 zones and after the up move in the first hour, it remained consolidative but afloat for the rest of the day. It witnessed some minor profit booking in the last hour but overall bulls have marked their comeback and the index closed near 24,700 zones with gains of around 130 points.
It formed a bullish candle on the daily frame and has been making higher highs – and higher lows over the last three sessions. Now it has to continue to hold above 24650 zones for an up move towards 24,850 then 25,000 levels while support is seen at 24,600 then 24,500 zones.
India VIX was down by 3.46 per cent from 14.32 to 13.82 levels. Volatility has been cooling off from the last four sessions and comforting the bulls to scale higher gradually.
On option front, the maximum Call OI is at 25,000 then 25,500 strike while maximum Put OI is at 24,500 then 24,000 strike. Call writing is seen at 24,700 then 25,000 strike while Put writing is seen at 24,700 then 24,600 strike. Options data suggests a broader trading range in between 24,300 to 25,300 zones while an immediate range between 24,400 to 24,900 levels.
The Bank Nifty index opened on a flattish note but witnessed good buying interest from the initial hour of the session. It gradually extended the momentum towards 51000 zones in the latter part of the day and ended with decent gains of around 430 points near 50800 levels.
It formed a bullish candle on daily scale and the structure of higher lows is intact from the last three sessions. The index has given the highest daily close of the last ten sessions and 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.
The Fin Nifty Index opened on a positive note and continued its northbound journey in the first half of the session as it extended the move towards 23,200 mark, post which it consolidated in a narrow range and closed with strong gains.
It formed a bullish candle on the daily scale as it continued the higher highs – higher lows sequence of the last four trading session and closed 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 0.45 per cent at 24,707 levels. Positive setup in Balrampur Chini, SBI Life, RBL Bank, HDFC Life Insurance, Bajaj Finserv, ICICI Prudential, IndiaMart, Voltas, and Manappuram Finance while weakness in SunTV, Hindustan Copper, Birlasoft, ONGC, UBL, Bharti Airtel, PVR INOX, Metropolis and Adani Enterprises.
‘After 10 Years Of NDA, This Is Not Acceptable’: Infosys Ex-CFO Mohandas Pai Bemoans EPFO WoesNifty future closed positive with gains of 0.45 per cent at 24,707 levels.
APOLLO TYRES – TECHNICAL CALL OF THE DAY
Price is retesting its breakout level on daily chart with higher than average buying volumes indicating bullish sentiment. Momentum indicator RSI has given bullish cross over and has turned up which suggests a possible up move.
BUY APOLLO TYRES CMP 499 SL 485 TGT 530
Top 5 stocks to watch out for Aug 21st
Cyient DLM:
According to media sources, a significant deal is expected on 21st August, wherein Cyient via block deal is planning to sell 1.15 crore shares, representing 14.5 per cent of the total equity of the company.
The issue size of the total deal is likely to be around Rs 860.9 crore. After this, the promoter Cyient’s holding in Cyient DLM will reduce to 52.16 per cent from the earlier 66.66 per cent.
Exide Industries:
The company has informed exchanges that they have further invested Rs 74.99 crore by way of subscription in the equity share capital of its wholly owned subsidiary, “Exide Energy Solutions Limited” (ESL’, on rights basis. With this investment, the total investment made by Exide in EESL stands to Rs 2,652.24 crore. There is no change in the shareholding percentage of Exide in EESL pursuant to such an acquisition.
EESL manufactures battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, prismatic, as well as manufacturing, assembling, selling battery modules, battery packs and other related activities thereto.
NHPC:
The company said that he area of Teesta Basin Region has been subject to periodic natural subsidence/ landslides during the ongoing monsoon season. The recent incident of landslide at NHPC 510 MW Teesta-V Power Station (Sikkim) also occurred due to subsidence/landslide over Tail Race Tunnel (TRT) outlet structure and behind GIS Building.
This has affected TRT Gate hoist structure and part of the GIS Building. The power station is currently not operational and undergoing restoration works after flash flood of October 2023.
Petronet LNG:
Petronet LNG (PLL) entered into a Memorandum of Understanding (MoU) with LTL Holdings Ld (LTL) of Sri Lanka on 20th August 2024 at Colombo, for supply of LNG to LTL’s dual fuelled Power Plant(s) in Kerawalapitiya, Colombo.
Both parties, through this MoU, have agreed for development of LNG supply chain from PLL’s LNG terminal, Kochi to LTL’s Power Plant(s) in Kerawalapitiya, Colombo in a time bound manner.
The proposed supply of LNG from PLL’s Kochi LNG Terminal would be through LNG ISO tank containers involving multi-modal transport system. The initial term of LNG supply would be 5 years, which is extendable subject to mutual agreement.
Sansera Engineering:
The Board has approved raising of up to Rs 1,200 crore in one or more tranches by issue of equity shares and / or any other instruments or eligible securities. Further, the board has also approved additional investment of Rs 20 crore in MMRFIC Technology Pvt Ltd (“MMRFIC”) in one or more tranches by way of CCPS.
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