Market Recap

The Nifty Index opened positive above 25,000 marks and while it remained range bound in the first half of the day, it fired up in the next half and touched a fresh all time high of 25,433 zones. It moved by spectacular 500 points in a couple of hours and closed with massive gains of around 470 points.

It formed a bullish candle on the daily frame and gave the highest ever closing. Now it has to hold above 25,350 zones for an up move towards 25,500 then 25,750 zones whereas supports have shifted higher to 25,250 then 25,100 zones.

On option front, Maximum Call OI is at 26,000 then 25,500 strike while Maximum Put OI is at 24,500 then 25,000 strike. Call writing is seen at 26,000, then 25,500 strike while Put writing is seen at 25,000 then 25,200 strike. Option data suggests a broader trading range in between 2,5000 to 25,800 zones while an immediate range between 25,200 to 25,600 levels.

The Bank Nifty Index opened on a positive note with gains of around 250 points but remained consolidative near 51,250 zones in the first half of the session. However, a sharp uptick was seen above 51,300 zones as the index extended the momentum towards 51,900 zones in the latter part of the day.

It formed a strong bullish candle on daily scale and ended with decent gains of around 760 points near 51,750 zones. Now it has to hold above 51,500 zones for an up move towards 52,000 then 52,250 zones while on the downside support is seen at 51,500 then 51,250 levels.

The Fin Nifty Index opened on a positive note and post, which it consolidated in a tight range; however, post noon it witnessed a sharp surge as the index tested almost 24,000 zones.

It formed a bullish candle on the daily scale as it gave a range breakout of the last four trading session. Now it has to hold above 23,800 zones for an up-move towards 24,100, then 24,250 levels, while support is seen at 23,800 then 23,700 zones.

Nifty future closed positive with gains of 1.61 per cent at 25,339 levels. Positive setup was seen in Canfin Homes, NMDC, LTF, National Alum, Balrampur Chini, Bharti Airtel, LIC Housing Finance, Idea, Hindalco, Jindal Steel, VEDL, Page Ind, NTPC and Auropharma while weakness in ICICIGI, Gujarat Gas, IGL, Dalmia Bharat and Coromandel.

HUL – TECHNICAL CALL OF THE DAY

Price has formed a rising 3 candle pattern on the daily scale which is a bullish continuation pattern with higher than average buying.

The ADX Line has turned up with the Positive DI being well above the negative Di.

Buy HUL CMP 2956 SL 2880 TGT 3100

Nifty future closed positive with gains of 1.61 per cent at 25,339 levels. Positive setup was seen in Canfin Homes, NMDC, LTF, National Alum, Balrampur Chini, Bharti Airtel, LIC Housing Finance. | Image: Wikipedia (Representative)

Tata Power, Tata Motors:

Tata Power EV Charging Solutions Limited, a subsidiary of Tata Power Renewable Energy Limited (a subsidiary of Tata Power), announced a Memorandum of Understanding (MoU) with Tata Motors, India’s largest commercial vehicle manufacturer, to set up 200 fast-charging stations for electric commercial vehicles (CV) in all metros cities viz. Mumbai, Delhi, Chennai, Bengaluru, Kolkata. This strategic move expands their ongoing collaboration, in providing sustainable mobility solutions, with a focus on easy charging solutions for small electric commercial vehicles.

As part of this initiative, Tata Motors and Tata Power will provide exclusive charging tariffs for Tata Motors’ electric CV owners, resulting in lower operating costs and increased profitability for its customers. Electric CV users across the Country, will soon benefit from access to almost 1000 strategically located fast chargers, with the planned expansion of the charging network.

BLS International:

BLS International Services (“BLS”), announced the signing of a definitive agreement to acquire a 100% stake in Citizenship Invest (CI), a Dubai-based advisory firm specializing in fast-track investor programs for obtaining residence and citizenship across more than 15 countries. The acquisition value of 100% stake is US$ 31.0 mn (~Rs 260 crore) and the transaction would be funded through internal accruals. The transaction is expected to be completed by 31 October 2024.

This acquisition marks a strategic expansion of BLS portfolio in Visa & Consular services, particularly in long-term visa solutions such as citizenship and residency services. Over its 15 years of operation, CI has built a strong brand and goodwill among high-net-worth individual (HNWI) clients, establishing itself as a reliable entity for citizenship and residency visa applications. Leveraging BLS’ extensive global network across 66 countries, the acquisition is expected to significantly boost overall processing volumes.

HPL Electric:

HPL Electric & Power has received Work Orders/Letter of Award of Rs 143.77 crore from its regular leading Customers for the supply of Smart Meters & Conventional Meters in the normal course of business, which is to be executed as per the terms & conditions of Letter of Award (LoA)/work orders.

HG Infra:

The company has received a letter from the Central Railway regarding the appointed date for construction of New BG line between Dhule (Borvihir) to Nardana covering a distance of approx. 49.45 km under EPC Mode. The project is valued at Rs 716.11 crore with a construction period of 30 months. 

BPCL:

The Board has approved entering into a joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd (SGHIPL) in the domain of Renewable Energy and Green Hydrogen, subject to regulatory approvals from NITI Aayog, DIPAM etc. 

The Board has also approved entering into a joint venture agreement with M/s. GPS Renewables Pvt. Ltd (GPS) for setting up of Compressed Biogas (CBG) plants across India.

The aforesaid joint venture agreement is subject to regulatory approvals from NITI Aayog, DIPAM etc.

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