Global cues:
•
US stocks rose on Monday as the
S&P 500 opened higher by 0.62% and the Nasdaq Composite gained 1.22%, at
the opening bell
•
The US health regulator approved the
emergency use of blood plasma in COVID-19 patients and on report the Trump administration
may fast-track a vaccine candidate
•
Europe’s pan-regional STOXX 600 rose 1.3% after US
regulators authorised the use of blood plasma from recovered patients as a
treatment option
Indian markets:
•
On August 24,
the BSE Sensex closed 364 points higher at 38799.08, while the Nifty50 ended
with gain of 95 points at 11466.45
•
FIIs were net buyers of worth Rs 219.07 Crore and DIIs were net seller of worth Rs. 335.64 Crore for August 24, 2020.
• On the sector front, except Metal and Realty, all
the other indices ended with gains wherein Banking, Telecom and Capital Goods
were the top gainers.
• Gold prices fell on Monday as risk sentiment
improved after the U.S. drug regulator authorised the use of blood plasma from
recovered COVID-19 patients as a treatment option, while the dollar held firm.
• Kalyan Jewellers India Ltd, one of the biggest gold
retailers in the country, on Monday filed the draft prospectus for its initial
public offering, which will see the company and its shareholders sell shares
worth ₹1,750 crore.
• Zee Entertainment Enterprises
(ZEE) rose nearly 6% today after the company's Independent Director Manish
Chokhani bought shares of the company. Chokhani now owns 2 lakh shares in the
company.
• The maiden rights issue of Minda
Industries is set to open tomorrow, i.e. August 25. The last day for submission
of the application will be on September 8, 2020.
• With no major event, markets will continue to take
cues from the global indices.
•
The nifty contribution chart for
today was as follows:
Trends:
•
The F&O
expiry week started on a strong note as Nifty saw a positive opening and traded
with capped gains in the first half. The afternoon session saw more strength as
Nifty attempted to pierce the stiff resistance zone.
•
Nifty formed a
bullish candle on the daily charts and gave the highest daily close since Feb
27, 2020
•
Volatility
continued to decline as INDIA VIX came off 3.55% to 19.2300.
• Auto Stocks are bullish despite fundamentals.
• Manappuram Finance - A Kerela based NBFC that
provides online gold loans at 1 percent interest. The quarterly results were
good enough to propel the stock to a high of 188 from a low of 80 due to
COVID,beyond which it faced some resistance due to some profit
booking.Currently trading near it's long term support of 154.The stock has good
fundamentals and looks bullish.
• Ashok Leyland -This commercial vehicle
manufacturer hit a low of 34 from a high of 88 due to Covid. Recently it has
gained more than 40 % in the past week. The stock has recently formed a double
bottom and looks extremely bullish for the long term.
Option strategy for tomorrow:
•
Nifty is a
buy above 11450 for a target of 11500.
Stoploss should be 11430.
•
Nifty is sell
below 11440 for a target of 11400. Stoploss should be 11460.
•
Nifty’s expected range tomorrow can be 11350 and 11500
•
Upside resistance is at 11500 and 11550 levels.
•
Downside support is at 11440 & 10390 levels.
•
Maximum call OI of 36.17 lakh contracts was seen at 11,500 strike
which will act as crucial resistance for August Series.
•
Maximum put OI of 39.33 lakh contracts was seen at 11,000 strike which will act as
crucial support for August Series.
Stock Picks of the day:
HDFC - Stock opened gap up on Monday and reached a intraday high of 1,849 later cooling off and closing at 1,829. Expect the stock to surge back to 1,850 in early hours of trade on Tuesday.
Airtel - Stock closed at the price of 526.90 on Monday. The stock showed some strong buying in the last 1 hour moving from 510 to 532 levels. Expect the stock to show strong buying with bullish MACD signal and test 533 levels.
Coal India- Stock has been on an uptrend over the last week breaking the upper band of the Bollinger band and a further upward movement to 142 levels with a doji formation on Monday.
Tech M - Stock has been in the overbought category
in stochastics and there were muted vols on Monday. Expect the stock to slide
down to 705 levels intraday basis on Tuesday.
Results on August 25:
Atul Auto, Phillips Carbon Black, Panache Innovations, Can Fin
Homes, IRCON International, Jyoti Resins and Adhesives, Goodluck India
Source: moneycontrol
Disclaimer
Please
note that all the recommendations/views/ levels we provide are based on the
theory of technical/fundamental analysis and personal observations. This does
not claim for sure/ certain profit or any fix returns. we are not be liable for
any losses you make on the given takes and levels. You are advised to take your
position with your sense, discretion and judgment. only you would be
responsible for outcomes of your trades
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