The Nifty Index opened above 26,000 zones and continued the positive momentum in the first hour of the session. It was followed by consolidation mid-day and the last hour saw a strong action from the bulls, where the index touched a fresh all time high of 26,250 levels. It closed with gains of around 210 points and gave the highest ever close.
It formed a bullish candle on daily frame after a range breakout of the last three sessions with higher highs formation of the last six sessions. Now it has to hold above 26150 zones for an up move towards 26,350, then 26,500 zones, whereas supports are placed at 26,100, then 26,000 zones.
On option front, Maximum Call OI is at 27,500 then 27,000 strike, while Maximum Put OI is at 26,000 then 25,000 strike. Call writing is seen at 27,000, then 26,200 strike while Put writing is seen at 26,000, then 25,000 strike. Option data suggests a broader trading range in between 25,800 to 26600 zones while an immediate range between 26,000 to 26,400 levels.
The Bank Nifty Index opened on a flattish note and gradually extended the momentum to hit a new lifetime high of 54,467 marks in the last hour of the day. It formed a bullish candle on daily scale and ended with gains of around 270 points near 54,400 zones.
It gave a fresh range breakout on daily scale after consolidation of last three sessions and base of the index is shifting higher. Now it has to hold above 54,000 zones for an up move towards 54,750, then 55,000 zones, while on the downside, support shifts higher to 54,000 and then 53,750 levels.
The Fin Nifty Index opened on a flattish note and after a surge in opening trade, it consolidated in a band of 80 points. However, in the last hour of trade, it witnessed a sharp uptick as the index hit a fresh all-time high of 25,201. It formed a bullish candle on the daily scale and is continuing the bullish momentum, as small intraday dips are getting bought into. Now it has to hold above 25,000 zones for an up-move towards 25,300, then 25,400 levels, while support is seen at 25,000, then 24,900 zones.
Nifty future closed positive with gains of 0.85 per cent at 26,220 levels. Positive setup in Maruti, VEDL, Nationalum, NMDC, Motherson, Trent, M&MFin, Tatasteel, Bajaj Finserv, Apollo Tyre, M&M, Ultracemco, Jswsteel, Hindalco, Nestle Ind, Bajaj Auto, Tata Power, BajFinance, MFSL, ICICI Pru, Hindpetro, ITC, HDFC AMC, Tatacomm and DLF while weakness in Crompton, Voltas, Bharatforg, Granules, ONGC and Cipla.
BAJAJ FINSERV – TECHNICAL CALL OF THE DAY
A Pole and Flag pattern with a breakout has appeared on the daily chart with high buying volumes to support the up move.
The MACD Indicator is giving a bullish crossover, which suggests upward momentum.
Buy BAJAJFINSV CMP 1982 SL 1925 TGT 2095
The Bank Nifty Index opened on a flattish note and gradually extended the momentum to hit a new lifetime high of 54,467 marks in the last hour of the day. It formed a bullish candle on daily scale and ended with gains of around 270 points near 54,400 zones.
Top 5 Stocks To Watch Out For September
Infosys:
Infosys announced its strategic collaboration with Sally Beauty Holdings, Inc. (SBH), an American international specialty beauty retailer and distributor of professional beauty supplies.
Driving enterprise-scale IT transformation, Infosys will implement best practices in IT operations to bring efficiencies through the optimization of IT service delivery.
The collaboration will also help SBH standardize and simplify their IT systems and services by implementing AI-driven hyper-automation. The transformation will enable SBH to activate enhanced IT services with 24/7 predictive and proactive monitoring.
RVNL:
RVNL has signed MoU with M/s Engineers India Limited (EIL) to explore business avenues, identify projects across the globe complementing each other in partnership, resulting in increased capability for bidding and carrying out infrastructure and other projects of mutual interest, and share relevant information with the aim of identifying market needs and dovetailing it with the capabilities of Parties.
The parties will also co-operate to establish a working relationship with each other targeting specific industry needs and facilitate the development of business proposals, including exploring Engineering Procurement Construction (EPC) opportunities arising at various Govt, Semi-Govt, Autonomous Bodies or Authorities/ Private Entities/ Multilateral Funding Agencies across the globe.
Indigo:
The Board of Directors has approved the appointment of Mr Isidro Pablo Porqueras Orea as Chief Operating Officer of the Company with effect from 1st November 2024. Mr Porqueras will succeed Mr Wolfgang Prock-Schauer, who has been successfully leading the operations at IndiGo for past 7 years (since 2018) and will be retiring later this year.
Mr. Porqueras has 25+ years of experience leading high-performance teams in competitive environments in different areas such as operations, commercial, strategy and finance. Mr Porqueras joined IndiGo in April, 2024 as Chief of Transformation and has been engaged in several operations related projects over these past months.
Before joining IndiGo, he was COO at Volotea (one of the fastest growing airlines in Europe) and prior to that, worked for companies such as McKinsey and Uralita.
Railtel:
RailTel Corporation has received the work order from Rural Development Department, Mantralaya, Maharashtra for operationalization of ASSK-GP project in Konkan, Pune, Nashik Regions amounting to Rs 155 crore.
Escorts Kubota:
The company has informed exchanges that the Reserve Bank of India (“RBI”) has granted Certificate of Registration (“COR”) to “Escorts Kubota Finance Limited”, Wholly Owned Subsidiary to commence the business of non-banking financial institution without accepting public deposits.
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