Mazgaon Dock Tumbles, IndusInd Boosted by RBI Approval, Ola Electric Falls After 107% IPO Surge

Written by - Fisdom Research

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August 20, 2024 3 minutes

Indian markets overview:

After a sluggish prior session, Indian indices closed on a strong note as bulls took charge, pushing the Nifty past 24,700 intraday on August 20.
Positive global cues contributed to a higher opening, with the Nifty hovering around 24,650. The market continued to rise throughout the day, though last-hour selling trimmed some of the intraday gains.
Sectorally, all indices except FMCG ended in the green, with banking, healthcare, IT, metal, and power sectors advancing 0.5-1%..

The benchmark index ended positively, closing above 24,700 with a 0.62% gain.
A small bullish candle formed on the daily chart, filling the gap zone and signaling a resumption of the uptrend.
The index stayed above key EMAs, with RSI (14) rising above 55, indicating upward momentum.
The MACD remains above polarity, signaling a possible reversal.
OI data shows put writing at 24,500 (63 lakhs), suggesting support, and call writing at 24,900 (43 lakhs), indicating resistance.
PCR value is at 1.13; short-term outlook is negative to sideways.
Key levels: Support at 24,600 and 24,500; resistance at 24,800 and 24,900.

The Banking Index had a strong start, closing above 50,850 after breaking out of a two-week consolidation.
A bullish candle formed on the daily chart, signaling resumed upward momentum.
The index closed above the 10, 20, and 50 DEMAs after a month-long pullback.
RSI (14) shows a double bottom breakout, while the MACD indicates a positive crossover.
OI data suggests base formation at 50,500 with 33 lakh put writing and resistance at 51,000 with 37 lakh call writing.
Key support levels: 50,500 and 50,200. Resistance: 51,000 and 51,300..

Mazgaon Dock Shipbuilders dropped 9 percent after ICICI Securities reiterated its ‘sell’ recommendation, forecasting a significant downside of around 77 percent for the company’s share price.

IndusInd stock gained 2.6 percent after the Reserve Bank of India (RBI) approved its plan to establish a wholly-owned asset management subsidiary. Nomura sees this as a positive move, enabling the bank’s entry into para-banking, with potential for other smaller banks to follow, but anticipates only a modest impact on valuations in the medium term.

Ola Electric shares slipped nearly 6 percent, trading over 14 percent lower from the record high of Rs 157.4 reached earlier in the day on the NSE. Despite this drop, the stock has surged 107 percent since its listing earlier this month, doubling investors’ capital from its issue price of Rs 76.

Bengaluru-based TruAlt Bioenergy files draft papers with Sebi to launch IPO
Logistics company Shadowfax eyes Rs 3,000 crore IPO
Interarch Building Products announces Rs 850-900 price band for Rs 600 crore IPO

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