IREDA’s Fundraising Plans, IndiGo’s Bullish Ratings, Ola Electric Profit-Taking, Awfis Expansion Boost

Written by - Fisdom Research

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August 22, 2024 3 minutes

Indian markets overview:

Indian indices extended their winning streak to a third session on August 22, with broad-based buying across sectors, except IT and power.
Investors are now focused on US unemployment claims, existing home sales, and PMI data, ahead of Fed Chair Powell’s Jackson Hole speech, for clues on the timing of rate cuts.
The power index dropped by 1%, while pharma, oil & gas, auto, and IT ended slightly lower. In contrast, the banking, FMCG, metal, realty, and telecom indexes gained 0.5-1.4%.

Despite a sluggish day, the index closed above 24,800, up 0.15%. It hit resistance in the gap zone and couldn’t hold the day’s high, forming a symmetrical triangle on the 25-minute chart. RSI (14) crossed 55 after a sharp rise, confirming a trendline breakout on the weekly chart.
The index remains above key DEMA, keeping the trend positive. MACD gave a bullish crossover on the daily chart.
The short-term outlook is negative to sideways. Support is at 24,700 and 24,600, with resistance at 24,950 and 25,050.

The banking index outperformed the benchmark, closing over 0.5% higher. On the 75-minute chart, it’s near the upper band of a rising trend line, consolidating in the gap zone with resistance at 51,350.
After a month-long decline, the index resumed its short-term uptrend, closing above the 10, 20, and 50 DEMAs. RSI (14) shows a double-bottom breakout, and MACD indicates a positive crossover on the daily chart.
Resistance levels are at 51,250 and 51,500, with support at 50,750 and 50,500.

Shares of Indian Renewable Energy Development Agency (IREDA), a green financing NBFC, jumped over 8% after the company announced it is considering raising up to ₹4,500 crore through qualified institutional placement (QIP), rights issue, or other methods.

Shares of InterGlobe Aviation, the operator of IndiGo Airlines, jumped over 4% after Jefferies and HSBC issued bullish calls, highlighting strong growth prospects. Jefferies upgraded its rating from ‘Hold’ to ‘Buy,’ while HSBC reiterated its ‘Buy’ rating on India’s largest airline by market share.

Ola Electric Mobility Shares dropped 5% as investors booked partial profits after the stock doubled from its IPO price of ₹76. Since its August 9 listing, Ola Electric’s share price surged over 100% to a high of ₹157.4, but has since corrected by 10%.

Awfis Space Solutions Shares jumped over 9% following the company’s announcement of two new centers in Bengaluru as part of its expansion plans.