The Nifty Index opened the gap up by 80 points and continued holding on to higher zones. The first half of the day witnessed consolidation but was followed by good action and the index hit a fresh all-time high of 25,956 levels. It gave the highest-ever closing and closed at its higher band with gains of around 150 points.
It formed a bullish candle on daily frame and has been forming highs from the last four sessions. Now it has to hold above 25850 zones for an up move towards 26,050, then 26,200 zones whereas supports are placed at 25,850, then 25,750 zones.
On the option front, the Maximum Call OI is at 27,000, then 26,000 strike while the Maximum Put OI is at 25,500 then 25,000 strike. Call writing is seen at 27,000, then 25,900 strike while Put writing is seen at 25,900, then 25,800 strike. Options data suggests a broader trading range in between 25,500 and 26,500 zones while an immediate range between 25,700 to 26,200 levels.
The Bank Nifty Index opened on a positive note but remained consolidative in a narrow range of 150 points between 53,900 to 54,050 zones in the first half of the session. Later momentum was seen in the index as it hit a new lifetime high of 54,197 marks and ended with decent gains of around 310 points.
It formed a small-bodied bullish candle on a daily scale and the structure of higher lows is intact from the last eight sessions. Now it has to hold above 53,750 zones for an up move towards 54,500 then 55,000 zones while on the downside, support shifts higher to 53,750 then 53,500 levels.
The Fin Nifty Index opened on a positive note, post which it traded in a narrow band of 50 points till afternoon and witnessed follow-up buying in the last hour as the index hit a fresh all-time high of 24,994. It formed a bullish candle on a daily scale as it continued the higher lows sequence of the last eight trading sessions. Now it has to hold above 24,800 zones for an up move towards 25,100, then 25,250 levels, while support is seen at 24,800, then 24,700 zones.
Nifty futures closed positive with gains of 0.57 per cent at 25,915 levels. Positive setup in Escorts, MGL, DLF, IEX, M&M, JK Cement, M&MFin, Bosch Ltd, MFSL, Bajaj Auto, ICICI Pru, Motherson, UBL, Heromotoco, SBI Life, Trent, Dixon, Cumminsind, Havells, Indhotel, Hindunilvr, MCX, Kotak Bank, Ultracemco, HDFC Bank and Titan while weakness in Alkem, Syngene, Concor, Auro Pharma, TCS, Grasim, Bharatforg and Zydus Life.
HERO MOTO - TECHNICAL CALL OF THE DAY
Stock is trading near its ATH price and is in a strong uptrend, making higher highs and higher lows on the daily chart.
The RSI indicator is rising, which confirms the upward momentum.
Buy HEROMOTOCO CMP 6190 SL 6050 TGT 6475
Top 5 Stocks To Watch Out For September 24
Thangamayil Jewellery:
The Board Meeting is scheduled for 26th September is set to consider the proposal for raising funds by issue of equity shares or convertible bonds or debentures or any other securities, through permissible modes including but not limited to a rights issue, preferential issue or qualified institutions placement.
International Conveyors:
The company has acquired the equity shares of “Sterling and Wilson Renewable Energy Ltd.” worth Rs 2.88 crore purely for investment purposes. Last week as well, the company had acquired shares of Sterling and Wilson amounting to Rs 6.89 crore.
GR Infra:
The company has emerged as the lowest bidder for a project “Design and Construction of Elevated Metro Viaduct of Length 17.624 km, including Railway spans of length 79m & 100m and a 6-lane Double decker portion with Vehicular Underpass (VUP) for a total length of 1.14 km in Reach-1A of NMRP Phase-2.” The value of the project is Rs 903.534 crore with a construction period of 30 months.
Punjab National Bank:
The bank is aiming to raise capital as part of its growth strategy and hence announced a qualified institutions placement (QIP) of its equity shares. According to media reports, the base size of the QIP is at Rs 2,500 crore with green shoe option of Rs 2,500 crore, indicating a price of Rs 103.75 per share, which is at a discount of 6.94% to CMP.
Coal India:
Coal India has signed a Joint Venture (JV) with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) for setting up of 2x800 MW Brownfield Thermal Power Project. In terms of shareholding pattern, Coal India will hold 74 per cent stake while the remaining 26 per cent stake will be held by RRVUNL.
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