Top 5 Stocks For September 20: Voltas, Tata Power, Infosys & Others In Focus

The Nifty Index opened positive and went on to touch a fresh life high of 25,611 zones but witnessed a steep fall of 235 points from its highs. It took support near 25,375 zones and witnessed a range bound move in the second half. It formed a small bodied bearish candle on the daily frame and wiped off most of its intraday gains.

Now it has to hold above 25,350 zones for an up move towards 25,600, then 25,750 zones whereas supports are placed at 25,350, then 25,250 zones.

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On option front, the Maximum Call OI is at 26,000, then 25,500 strike while the Maximum Put OI is at 25,000, then 24,500 strike. Call writing is seen at 25,500, then 26,000 strike while Put writing is seen at 25,500, then 24,700 strike. Option data suggests a broader trading range in between 25,000 to 25,900 zones while an immediate range between 25,300 to 25,700 levels.

The Bank Nifty Index opened on a strong note and extended the momentum towards 53,353 marks in the initial hour of the session. Later on, some profit booking was seen from higher zones but the Index remained consolidative in a narrow range of 200 points with overall positive bias.

Nifty Bank

It formed a small bullish candle on daily scale and structure of higher lows is intact from the last six sessions.

Now it has to hold above 52,750 zones for an up move towards its previous life high of 53,357 marks, then 53,750 zones while on the downside, support shifts higher at 52,750, then 52,500 levels.

The Fin Nifty Index opened on a positive note and hit a fresh all-time high of 24,584 in its opening trade, however, it witnessed some profit booking from higher zones and tested the 24,300 zone but managed to close with modest gains.

It formed a Doji candle on the daily scale but it continued the higher lows sequence of the last six trading sessions. Now it has to hold above 24,300 zones for an up-move towards 24,550 then 24,700 levels while support is seen at 24,300 then 24,200 zones.

Nifty future closed positive with gains of 0.43 per cent at 25,506 levels. Positive setup in UBL, AU Bank, Jublfood, ICICIGI, Oberoirlty, SBI Card, Nestleind, Kotakbank, Voltas, Titan, Dabur, MFSL and Bajaj Auto while weakness in Idea, Chamblefert, Industower, HAL, BPCL, GAIL, BEL, Lauruslabs, OFSS, BHEL, Polycab, REC, Petronet, Zyduslife.

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VOLTAS - TECHNICAL CALL OF THE DAY

Stock is in strong uptrend and holding gains at higher zones. It has negated lower highs-lower lows after three trading sessions and formed a strong bullish candle on daily chart.

Voltas

The MACD Indicator is headed up which confirms the bullish momentum.

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The Bank Nifty Index opened on a strong note and extended the momentum towards 53,353 marks in the initial hour of the session. Sensex & Nifty Close In Green; NTPC Ends The Day With Gains Of Over 2%

TOP 5 STOCKS TO WATCH OUT FOR SEPTEMBER 20

Infosys:

• Infosys announced that it is extending its strategic collaboration with Posti, the leading delivery and logistics services provider in Finland, Sweden, and the Baltics. As part of the engagement, Infosys will help Posti enhance customer experience and operational efficiency while continuing to innovate, scale, and grow its IT operations.

Tata Power:

• Tata Power and Adaro International (Singapore) Pte. Ltd (Adaro) are engaged in a legal dispute over a coal supply agreement signed in August 2020 for the Trombay power plant. Adaro, alleging a breach of contract by Tata Power, has initiated the arbitration process with a claim of USD 106 million. For Adaro’s failure to fulfil its obligations under the coal supply agreement, Tata Power has raised counterclaims of USD 229.947 million

AU Bank:

• AU Small Finance Bank and Niva Bupa have joined hands to prioritize customer health. Through this partnership, the Bank’s new and existing customers, including those from former Fincare SFB branches, can now access Niva Bupa’s extensive range of retail as well as group health insurance products, encompassing health, personal accident and critical illness plans across the 2,414 touchpoints in India. 

• This partnership is aimed at enabling AU SFB to create affordable and transparent value propositions through technology and service modules.

IIFL Finance:

• The Reserve Bank of India (RBI) has lifted the restrictions imposed on the gold loan business of IIFL Finance. These restrictions were earlier imposed on 4th March 2024, which prohibited the company from sanctioning, disbursing, or assigning/securitising/selling any of its gold loans. 

• The RBI’s decision is effective immediately and allows IIFL Finance to resume the sanctioning, disbursal, assignment, securitization, and sale of gold loans in compliance with all relevant laws and regulations.

Reliance Infra:

• The Board at its meeting held on 19th September, has approved issue of up to 12.56 crore equity shares of the company and/or warrants convertible into equity shares at an Issue Price of Rs 240 per share through preferential allotment. 

• Further, the board also approved raising of funds aggregating up to Rs 3,000 crore through issue of equity shares or any other eligible securities by way of qualified institutional placement. 

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