Top 5 Stocks For August 23: Indigo, Nykaa, Ambuja & Wipro In Focus

Nifty Index opened gap up and remained in the range of its initial hour’s tick. It witnessed range bound move in a narrow band throughout the day but mostly stayed above 24,800 zones and closed with gains of around 40 points. It formed a small bodied bearish candle on daily frame but has been making higher highs - higher lows from the last five sessions.

Now it has to continue to hold above 24,750 zones for an up move towards 24,950 then 25,100 levels while support is seen at 24,750 then 24,650 zones.

India VIX was down by 2.44 per cent from 13.30 to 13.01 levels. Volatility has been cooling off from the last six sessions and comforting the bulls to scale higher gradually.

On option front, Maximum Call OI is at 25,000 then 25,500 strike while Maximum Put OI is at 24,000 then 24,500 strike. Call writing is seen at 24,950 then 25,000 strike while Put writing is seen at 24,700 then 24,500 strike. Option data suggests a broader trading range in between 24,400 to 25,200 zones while an immediate range between 24,600 to 25,000 levels.

The Bank Nifty Index opened on a positive note and gradually extended the momentum towards 51,080 marks in the latter part of the day. It formed a small bullish candle on daily scale and ended with gains of around 300 points near 51,000 zones.

It remained consolidative in a narrow range of 200 points in between 50,800 to 5,1000 zones as buying was seen in selective banking stocks and closed above its 50 DEMA. Now it has to continue to hold above 50,750 zones for a bounce towards 51,250 then 51,500 levels while support is seen at 50,750 then 50500 zones.

Fin Nifty Index opened on a positive note and after a small dip in initial trade it witnessed steady up move which took the index towards 23300 zone and closed with gains of over 100 points.

It formed a small bodied bullish candle on the daily scale and holding above both 20 & 50 DEMA. Now it has to continue to hold above 23,150 zones for a bounce towards 23,400 then 23,500 levels while support is seen at 23,150 then 23,050 zones.

Nifty future closed positive with gains of 0.17 per cent at 24,840 levels. Positive setup in Indigo, Indhotel, Balramchini, Trent, Indus Tower, TVS Motor, IDEA, Ramco Cement, Tataconsum, Tatacomm, M&MFin, Dabur, UPL, Page Ind, Bhartiartl, Jublfood, MRF, Apollo Hospital, Syngene, LTTS, Dixon and Titan while weakness in IGL, M&M, ONGC, BSoft, NTPC and Oberoirlty.

INDIGO - TECHNICAL CALL OF THE DAY

Stock has given consolidation breakout on daily scale with higher-than-average buying volumes. The RSI indicator is headed up which suggests upward momentum.

BUY INDIGO CMP 4483 SL 4300 TGT 4800

Top 5 Stocks To Watch Out For August 23

Jain Irrigation:

• Jain Irrigation is the first company in the world to have successfully developed a Tissue Culture protocol for coffee varieties. It has signed a landmark MoU with the Coffee Board of India for the commercial release of the advanced high quality, disease-resistant coffee plants to growers. This collaboration is set to transform the coffee industry.

Ambuja Cement:

• According to media sources, a significant deal is expected on 23rd August, wherein promoter Holderind Investments via block deal is planning to sell nearly 7 crore shares, representing 2.84 per cent of the total equity of the company.  

• The floor size of the deal is likely to be around Rs 600 per share which is a 5 per cent discount to the current price of Rs 632.90 per share. The total deal size is valued at Rs 4,200 crore. 

NYKAA:

• According to media sources, a significant deal is expected on 23rd August, wherein promoter Harindrapal Singh & Associates is planning to sell 1.4 per cent of the total equity of the company.  

• The floor size of the deal is likely to be around Rs 198 per share which is a 6 per cent discount to the current price of Rs 210.40 per share. Further there will be a lock in period of 45 days on further sale of shares. 

• Remember, Harindrapal Singh & Associates held 6.4 per cent stake in the company at the end of Q1FY25.

Wipro:

• Wipro announced that it has been selected by the John Lewis Partnership (JLP) to transform and modernize the firm’s IT infrastructure. The transformation project will help the UK retailer advance its industry leadership and future-proof its business to drive ongoing, sustainable growth.

Shriram Finance:

• Shriram Finance said the Competition Commission of India (CCI) has approved the sale of the entire stake of Shriram Housing Finance To Mango Crest Investment Ltd, an affiliate of Warburg Pincus. This approval is however, subject to the receipt of approvals from regulatory authorities as per the press release.

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