The Nifty Index opened gap up at a new lifetime high of 25,333 and slipped in the first half of the session but respected 25,235 marks. Nifty has created history by continuing its winning streak of the last thirteen sessions. It recovered slightly in the second half of the day to finally close in gains of around 40 points.
It formed a small-bodied bearish candle on a daily frame with a longer lower shadow indicating absorption at dips.
It gave the highest-ever close and has been making higher highs from the last six sessions. Now it has to continue to hold above 25,200 zones for an up move towards 25,400 then 25,500 levels while support is seen at 25,100 then 25,000 zones.
India VIX was up by 5.17 per cent from 13.39 to 14.06 levels. Volatility slightly inched higher to create momentum but is comparatively still at lower zones and paving the way for the bulls.
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On option front, Maximum Call OI is at 26,000 then 25,300 strike, while Maximum Put OI is at 25000 then 24000 strike. Call writing is seen at 25,300, then 25,700 strikes, while put writing is seen at 24,500 strikes. Option data suggests a broader trading range in between 24,900 to 25,800 zones while an immediate range between 25,000 to 25,600 levels.
The Bank Nifty Index opened on a positive note with gains of around 200 points but remained consolidative in a narrow range of 200 points for most of the session. It formed a small bearish candle on a daily scale as it failed to surpass its opening high but buying is visible at lower zones.
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Now it has to continue to hold above 51,250 zones for an up move towards 51,750 then 52,000 levels, while on the downside, support is seen at 51,250 then 51,000 zones.
The Fin Nifty Index opened on a positive note but failed to gain momentum on the higher side as the index traded in a narrow band of 100 points for the entire trading session. It formed a small-bodied candle on the daily scale and continued the higher highs – and higher lows of the last few sessions.
Now it has to continue to hold above 23,650 zones for a bounce towards 23,850 then 24,000 levels while support is seen at 23,650 then 23,550 zones.
Nifty futures closed negative with losses of 0.15 per cent at 25,338 levels. Positive setup was seen in Bajaj Finserv, MFSL, AB Capital, SBI Card, Bajfinance, M&MFin, Hcltech, Cholafin, Heromotoco, ICICIGI, Bajaj Auto, PI Ind, Chamblfert, Indhotel, SBI Life, Indusind Bank, Pidilitind and Britannia, while weakness was in NMDC, Siemens, BHEL and Zydus Life.
ITC – TECHNICAL CALL OF THE DAY
Stock has formed an ascending triangle which suggests we could see a breakout on the upside.
The ROC indicator has turned up, which could confirm the potential upward momentum.
Buy ITC CMP 510 SL 497 TGT 530
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Medi Assist:
According to media sources, Bessemer India has launched a block deal in Medi Assit, with the deal size reported to be around Rs 540.94 crore, with shares being offered at a floor price of Rs 570 per share, representing a 7.7 per cent discount to Medi Assist’s most recent closing price of Rs 617.80 per share.
Indian Energy Exchange:
IEX’s wholly-owned subsidiary International Carbon Exchange Private Limited (ICX) has entered into an “Issuer Agreement” with the International Tracking Standard Foundation (I-TRACK Foundation).
This agreement authorizes ICX to act as a Local Issuer of International Renewable Energy Certificates (I-REC) in the Indian market.
As part of this role, ICX will be responsible for registering Production Facilities and issuing I-RECs on the Registry managed by Evident for India.
Welspun Corp:
The Board has approved an investment of approx. US$100 million by its wholly owned subsidiary Welspun Pipes Inc. for the strategic upgradation of the HFIW (High Frequency Induction Welding) Pipes manufacturing and coating capability in the USA for enriching its product portfolio. This will be funded through local debt and internal accruals. The investment will be spread over 18 months.
This investment will help the company in expanding its leadership position in the Oil & Gas segment in the USA market by enriching their product portfolio with inclusion of pipe sizes upto 24″ outside diameter and 0.750″ wall thickness with grades upto x80 for a capacity of 350 KMTPA.
NMDC:
The company’s provisional production and sales figures for August 2024, reflects a YoY decline in both metrics. NMDC reported a 10% YoY decline in its iron ore production for August 2024, totalling 3.07 MT vs 3.41 MT in August 2023.
Matrimony:
The Board Meeting is scheduled for 5th September 2024 to consider and approve, the proposal for buyback of its fully paid up equity shares of the company.
Adani Green:
The Board has approved the execution of binding documents, including the joint venture agreement to be entered into between Adani Green, Adani Renewable Energy Sixty Four (ARE64L) and TotalEnergies Renewables Singapore Pte Ltd (“TotalEnergies”) post which, TotalEnergies will make further investment (either directly or through its affiliates) of approx. USD 444 Mn to form a new 50:50 Joint Venture Company with the Company.
The new Joint Venture Company will house a 1,150 MWac portfolio, which will comprise a mix of operational and under-execution solar assets, with a blend of both merchant based and PPA-based projects.
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