The Nifty Index opened flattish and escalated upwards in the first half which was followed by huge swings in the second half of the session. It touched a fresh all-time high of 25,192 levels and closed with gains of around 100 points. It formed a bullish candle on the daily frame and gave the highest ever close on a daily basis.
The index has been shifting its base higher gradually and making higher highs from the last four sessions. Now it has to continue to hold above 25,100 zones for an up move towards 25,300 then 25,450 levels while support is seen at 25,000 then 24,850 zones.
India VIX was down by 0.34 per cent from 13.95 to 13.90 levels. Volatility has slightly inched up from the last three odd sessions but is overall at its lower base and supporting the bulls to buy at higher zones.
On the option front, Maximum Call OI is at 26,000, then 25,200 strike, while Maximum Put OI is at 25,000, then 24,000 strike. Call writing is seen at 26,000 then 26,500 strikes, while put writing is seen at 24,000, then 23,000 strikes. Option data suggests a broader trading range in between 24,800 and 25,600 zones while an immediate range between 24,900 and 25,400 levels.
The Bank Nifty Index opened on a flattish note but buying interest was seen in first half of the session as the Index headed towards 51,350 zones. However, later on it failed to hold at higher zones and drifted lower towards 51,000 levels.
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It formed a small-bodied candle on a daily scale but remained highly volatile in the last hour of the day. Now it has to continue to hold above 51,000 zones for an up move towards 51,500 then 51,750 levels, while on the downside, support is seen at 51,000 then 50,800 zones.
The Fin Nifty Index opened on a flattish note but witnessed a sharp up-move in the opening hour, which took the index towards 23,650 zone posts, where it remained consolidation.
However, in the last hour of the trade, it witnessed swings on both sides but more importantly, it closed in the green. It formed a small-bodied candle on the daily scale and is holding above both 20 & 50 DEMA. Now it has to continue to hold above 23,450 zones for a bounce towards 23,650 then 23,750 levels while support is seen at 23,450 then 23,350 zones.
Nifty futures closed positive with gains of 0.43 pert cent at 25,156 levels. Positive setup in Birlasoft, Bajaj Finserv, PFC, Bajaj Finance, Britannia, HCL Technologies, LTTS, IDEA, Reliance and Bajaj Auto, while weakness in MFSL, Hindustan Copper, IPCA Lab, Aarti Industries, HAL, Grasim, BHEL and MRF.
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Price has broken out of its 5-month-long consolidation zone on the upside with higher than average buying volumes, which support the up move.
The ADX line is in a strong uptrend and the positive DI is well above the negative DI indicating the bullish trend has support.
Buy Bajaj Finserv CMP 1755 SL 1714 TGT 1830
The Fin Nifty Index opened on a flattish note but witnessed a sharp up-move in the opening hour, which took the index towards 23,650 zone posts, where it remained consolidation.
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ITI Ltd:
ITI Limited has bagged its first Electronic Voting Machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of Electronic Voting Machines after the successful demonstration to the SEC at Kolkata.
This Multi Post EVMs can be used for conducting the local body elections at Gram Panchayats, Municipalities, Corporations, or at any institutions where democratic elections are needed. This EVM machine can also be used as a Single Post machine for meeting the requirements of Lok Sabha/Assembly elections.
Jai Corp:
The Board at its meeting held on 29th August 2024 approved the proposal for buyback of up to 29,44,415 fully paid-up equity shares of face value Rs 1 each by the company representing up to 1.65 per cent of the total number of Equity Shares, at a price of Rs 400 per equity share payable in cash for a total consideration not exceeding Rs Rs. 117.77 crore.
The company has fixed 10th September 2024 as the record date for the purpose of ascertaining the eligibility of shareholders for Buyback of Equity Shares.
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Infosys:
Infosys announced the expansion of its collaboration with NVIDIA for AIpowered, customer-centric solutions to drive innovation and operational excellence for telcos. Leveraging Infosys Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies, the collaboration will help telcos enhance their customer experiences, streamline network operations, and accelerate service delivery.
NBCC:
NBCC sells 100 per cent office/commercial space worth Rs 14,800 crore approx. since inception for self-sustainable 7 GPRA colony at New Delhi. The company sold 100 per cent office space at WTC, Nauroji Nagar, New Delhi, valuing Rs 13,408.7 crore and 100 per cent retail and commercial space at Downtown, Sarojini Nagar, New Delhi valuing Rs 1,390.92 crore. The sale marks a significant milestone for the company and demonstrates the exceptional demand for premium commercial space in India’s capital.
HUDCO:
HUDCO has received the Certificate of Registration as Non-Banking Financial Company – Infrastructure Finance Company (“NBFC- IFC”), from Reserve Bank of India. IFC status allows higher exposure limits to the company for financing to various infrastructure sectors in addition to housing.
Earlier, the company acquired a $200 million loan from a group of lenders, marking its entry into the syndicated loan market. The loan was supported by the Sumitomoo Mitsui Banking Corp. Singapore branch.
These funds will help HUDCO’s aim to support the expansion of its social housing platform in addition to enhancing the quality of life for the Indian community and urban infrastructure.
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