Ola Electric Jumps 20%, Mahindra & Mahindra Rises 3.5%, and DLF surged 5.4% on Forecasts

Written by - Fisdom Research

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August 16, 2024 3 minutes

Indian markets overview:

The Nifty 50 and Sensex ended the holiday-shortened week on a high on August 16, driven by easing US recession fears.
Positive US economic data suggested a likely soft landing for the US economy.
All sectoral indices posted gains, with IT, automobiles, banks, metals, and realty leading, rising 1.5-3 percent.
The BSE Smallcap and Midcap indices also rose nearly 2 percent each.

Bulls drove the benchmark index up 1.50 percent, closing near 24,500. The index is in a rising channel with a strong bullish candlestick and RSI (14) above 50, signaling positive momentum.
It has closed above the 10 and 20 DEMA, and the MACD is rising on the weekly chart.
Open interest suggests support at 24,400 with 48 lakh puts, while resistance is at 24,700 with 27 lakh calls.
The PCR is 1.16. The short-term outlook is negative to sideways, with support at 24,400 and 24,300, and resistance at 24,650 and 24,750.

The banking index gained about 1.50% on the last day of the week, but it remains in a consolidation zone. To continue its upward movement, it needs to break the 50,900 barrier. The index formed a strong bullish candlestick on the daily chart and a tweezer bottom pattern on the weekly chart.
It’s hovering around the 100 DEMA and closed above the 10 DEMA, with the weekly chart showing it above the 20 EMA. Open interest data indicates a potential base at 50,500, with 25 lakh put contracts, while 51,000, with 15 lakh call contracts, may act as resistance.
The PCR is 1.12. Upcoming resistance levels are 50,800 and 51,300, with support at 50,000 and 49,700.

Ola Electric Mobility shares jumped 20 percent after receiving their first-ever ‘Buy’ rating following the June quarter earnings. HSBC initiated coverage on the newly listed company with a price target of ₹140, indicating a potential upside of 26 percent from the closing price on August 14.

Mahindra & Mahindra shares rose 3.5 percent after leading brokerages Nomura and Morgan Stanley expressed confidence in the company’s new launch, the Thar Roxx—a five-door variant of the popular off-roader—anticipated to significantly boost sales.

DLF shares surged 5.4 percent after JPMorgan analysts reiterated an ‘overweight’ rating and increased their target price to ₹1,000 from ₹925, suggesting a potential 17 percent upside. The revision is based on forecasts that the company will surpass $1 billion in operating cash flow at the group level in FY25.

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