Top 5 Stocks For August 29: Indigo, Tata Steel, Reliance And Others In Focus

Benchmark equity indices continued their uptrend on Wednesday, with the NSE Nifty posting its widest win since October 2020 and the S&P BSE Sensex hitting another all-time high while also extending its gains for the seventh straight session.

Market Recap

The Nifty ended 34.6 points or 0.14 per cent higher at 25,052.35, while the Sensex ended at 81,785.56, up 73.80 points or 0.09 per cent.

On the trading day, the Nifty touched 25,129.60, up 0.45 per cent, and the Sensex touched 82,039.65, 90 points less than its all-time high In conclusion, this hesitation, which means there is some caution in the market, ahead of global sentiment, means that investors should be prepared for possible volatility as the index tests these important thresholds.

The main focus to watch till Wednesday will be whether the Nifty can sustain its high of 25,130 from Wednesday. This position will be critical in determining the future direction of the market’s trajectory.

They also focus on NVIDIA’s earnings report, which is expected around 10 p.m. IST, as the market ponders whether AI-driven optimism has increased and whether there is more room for ongoing growth. Given the significant impact of NVIDIA on the broader indices, the Indian market is likely to be affected by Wall Street performance.

Market participants caution that if the Nifty fails to break this resistance, there could be short-term consolidation or gains, as indicated by the candlestick above cycle. If the index remains below this level, traders may consider taking profits. Conversely, if Nifty holds its position above 25,130, the upside rally could continue to next levels of 25,300-25,400 levels.

GRANULES - TECHNICAL CALL OF THE DAY

A Pole and Flag pattern breakout has appeared on the daily scale with high buying volumes to support the up move at the ATH price.

Buying is visible across Pharma space, which may take the prices higher. Momentum indicator RSI is positively placed. 

BUY GRANULES CMP 706 SL 685 TGT 745

Top 5 Stocks To Watch Out For August 29

Indigo:

• According to media sources, InterGlobe Aviation’s promoter and co-founder Rakesh Gangwal, is likely to sell up to USD 850 million worth of his stake in the country’s largest airline, IndiGo through block deals. Sources say that the indicative price for the stake is set at Rs 4,593 per share, reflecting a 5.5 per cent discount to the current market price. 

Tata Steel:

• Tata Steel acquired 178,34,39,490 ordinary equity shares of face value USD 0.157 each aggregating to USD 280 million i.e Rs 2,347.81 crore in T Steel Holdings Pte. Ltd (‘TSHP’). Post this acquisition, TSHP will continue to be a wholly owned subsidiary. 

• In August Tata Steel had acquired a stake worth Rs 1,528.24 crore and in July it had acquired a stake worth Rs 7,324.41 crore in its Singapore-based arm.

Paytm:

• Paytm Payments Services Limited (PPSL), a wholly owned subsidiary of One 97 Communications Limited (OCL or the Company) has received approval from the Government of India, Ministry of Finance, Department of Financial Services, on 27th August 2024, for downstream investment from the Company into PPSL.

• With this approval in place, PPSL will proceed to resubmit its payment aggregator (PA) application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners.

Reliance Industries:

• The competition commission of India (CCI) has approved the Reliance-Disney deal. CCI has approved the merger of Reliance Industries, Viacom18 Media, Digital18 Media, Star India & Star Television.  In this, Reliance Industries, Viacom18 & Disney India to form a Joint Venture while Viacom18 will be merged into Star India. The transaction is expected to be completed in the last quarter of CY24 or first quarter of CY25.

• Reliance Industries will invest Rs 11,500 crore into the Joint Venture and this Joint Venture will be controlled by Reliance Industries and it will own 16.34 per cent stake. Viacom18 will be owned by 46.82 per cent while the remaining 36.84 per cent stake by Disney.

• The Reliance Industries - Disney Joint Venture values Disney India at around USD 3.5 billion as compared to earlier estimated value of USD 15 billion. 

NLC India:

• NLC lndia has signed a Power Usage Agreement in Hyderabad, with Telangana State DISCOMs for 200 MW of solar power at a competitive and affordable price under CPSU scheme for 25 years.

• NLC India’s solar project is set to generate around 1,300 crore units of green power and offset 90 lakh tons of carbon emissions in its lifetime. The project will be developed with state-of-the-art equipment, including single axis trackers, and domestic make high-efficiency modules aimed for achieving higher generation under Atma Nirbhar Bharat (Make in India). The project is set to be commissioned by June 2025. 

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