The Nifty Index opened positive near 25,000 marks and after a slight slip in the first tick, it took support near 24,900 zones and recovered by 230 points from there. Buying was seen most of the day and it closed with gains of around 100 points.
It formed a small-bodied bullish candle on the daily frame with long shadows indicating swings but negated its lower high formation of the last two sessions.
Now it has to hold above 25,000 zones for an up move towards 25,200 then 25,300 zones whereas supports are placed at 24,900 then 24800 zones.
India VIX was down by 6.18 per cent from 14.24 to 13.36 levels. Volatility has been cooling off from the last two sessions and paved the way for buying at lower levels.
On option front, Maximum Call OI is at 26,000 then 25,100 strike while Maximum Put OI is at 25,000 then 24600 strike. Call writing is seen at 25,100, then 25,050 strike while Put writing is seen at 25,000 then 24,600 strike. Option data suggests a broader trading range in between 24,600 to 25,600 zones while an immediate range between 24,900 to 25,300 levels.
The Bank Nifty Index opened on a positive note but failed to hold at higher zones and drifted lower towards 51,000 levels in the initial hour of the session. However, gradual recovery was seen from lower zones and the Index extended towards 51,350 zones in the latter part of the day.
It formed a small bodied candle on a daily scale with a long lower shadow as buying is visible at lower zones and ended with gains of around 150 points near 51,250 zones. Now it has to continue to hold above 51,000 zones for a bounce towards 51,500 then 51,750 zones while on the downside, support is seen at 51,000 then 50850 levels.
The Fin Nifty Index opened on a positive note but it failed to sustain at higher levels as it drifted towards 23,550 zones. However, from the low, it witnessed some bounce, which took the index towards the 23,700 zone. It formed a bearish candle on the daily scale but continues to hold the 20 DEMA, as momentum is missing at higher levels but support base buying continues.
Now it has to continue to hold above 23,550 zones for a bounce towards 23,850, then 23,950 levels while support is seen at 23,550, then 23450 zones.
Nifty future closed positive with gains of 0.45 per cent at 25,097 levels. Positive setup was seen in Tata Power, Coforge, Divislab, Indhotel, Tatacomm, Jublfood, Syngene, Lauras Labs, India Mart, UPL, Bhartiartl, Persistent, Hcltech, Havells, PI Ind, Bajaj Auto, Tataconsum, IEX and Voltas while weakness in Can Fin Homes, PFC, Rec Ltd, ONGC, Concor and Petronet.
INDIAN HOTELS - TECHNICAL CALL OF THE DAY
Indian Hotels has given range breakout on daily chart and gave highest daily close ever.
It has formed a strong bullish candle on daily scale and ADX Line has turned up and the Positive DI is well above the negative DI which suggests the up move has strength.
BUY INDIAN HOTELS CMP 695 SL 675 TGT 735
The Nifty Index opened positive near 25,000 marks and after a slight slip in the first tick, it took support near 24,900 zones and recovered by 230 points from there. | File/ Representative image
Top 5 Stocks To Watch Out For September 11
Tata Motors:
The Competition Commission of India (CCI) has approved the proposed merger of Tata Motors Finance Ltd (TMFL) with Tata Capital Ltd (TCL).
The merger that was announced in June, will see Tata Capital absorb Tata Motors Finance through a scheme of arrangement filed with the National Company Law Tribunal, with Tata Capital emerging as the surviving entity.
Reliance Industries:
Reliance Retail Ventures Limited (Reliance Retail), and Delta Galil Industries announced a strategic partnership in India. This collaboration, marked by a 50/50 joint venture, aims to redefine the apparel landscape in the Indian market.
Through the JV with Reliance Retail, Delta Galil will expand its presence in India and establish an apparel innovation platform focused on the Indian market.
Oil India:
Oil India along with ONGC Videsh and Khanij Bidesh India has signed a Memorandum of Understanding (MoU) with International Resources Holding RSC Ltd. (IRH), UAE for global cooperation in the Critical Mineral supply chain primarily with the objective of collaboration, identification, acquisition, and development of Critical Mineral projects on a global scale, including India.
Under the terms of the MoU, the Parties will work together in a cooperative and coordinated manner and will focus on Project Identification, conducting joint due diligence, collaborate on risk management strategies and devise a long-term offtake strategy.
HDFC Bank:
The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore has been imposed on the Bank in view of non-compliance with the Reserve Bank directions on ‘lnterest Rate on Deposits’ and ‘Recovery Agents engaged by Banks’.
The Bank has informed exchanges that it has already initiated / taken corrective measures, as necessary, to align the operations / procedures in line with the applicable regulations.
Ramco System:
Ramco Systems announced the release of version 6.0 of its Aviation Software – a revolutionary product release designed to transform M&E and MRO operations with AI-driven insights, advanced automation, and seamless integration.
An integrated solution with modules for Contracts, Engineering, Planning, Maintenance, Supply Chain Management, Finance, ePUBS and advanced mobility capabilities, Ramco Aviation Software 6.0 is built to handle the challenges of tomorrow.
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