Top 5 stocks to watch out for august 13: ongc, wipro & jsw steel in focus

MARKET OUTLOOK 13TH AUG 2024 Nifty index opened slightly negative and after dropping in the initial tick, it took support near 24,200 zones and witnessed steep recovery of 260 points. It was

followed by some range-bound moves and finally gave up its intraday gains in the last hour. It formed a small-bodied Doji sort of candle with equal shadows on either side. Now it has to

hold above 24,350 zones for an up move towards 24,500, then 24,650 zones, whereas supports are placed at 24,200, then 24,100 zones. India VIX was up by 3.47 per cent from 15.34 to 15.87

levels. Volatility has been overall cooling off from the last five sessions and comforting the bulls for support-based buying. India VIX was up by 3.47 per cent from 15.34 to 15.87 levels.

Volatility has been overall cooling off from the last five sessions and comforting the bulls for support-based buying. | On the option front, Maximum Call OI is at 25,000 then 25,500 strike

while Maximum Put OI is at 23,500 then 23,000 strike. Call writing is seen at 25,000 then 24,500, while Put writing is seen at 23,500 then 24,300 strike. Option data suggests a broader

trading range in between 24,000 to 24,700 zones while an immediate range between 24,100 to 24,500 levels. Fin Nifty Index opened on a negative note and drifted lower in initial trade,

however, it witnessed strong recovery from the lows as it extended the move towards 23150 zone. | The Bank Nifty Index opened marginally lower and drifted towards 50,150 zones in the initial

hour of the session. However, quick recovery was seen from lower levels and it extended the momentum towards 50800 levels in the latter part of the day. It formed a small bodied candle on

daily scale as buying is visible at lower levels but momentum is missing at higher zones. Now it has to continue to hold above 50,350 zones for a bounce towards 50,850 then 51,000 levels

while on the downside support is seen at 50,250 then 50,000 zones. Fin Nifty Index opened on a negative note and drifted lower in initial trade, however, it witnessed strong recovery from

the lows as it extended the move towards 23150 zone. It formed a small bodied candle on the daily scale as buying is coming in at lower levels but momentum is missing at higher levels. Now

it has to continue to hold above 22950 zones for a bounce towards 23,150 then 23,250 levels while support is seen at 22,850 then 22750 zones. The Bank Nifty Index opened marginally lower and

drifted towards 50,150 zones in the initial hour of the session. However, quick recovery was seen from lower levels and it extended the momentum towards 50800 levels in the latter part of

the day. | Nifty Future closed negative with losses of 0.17 per cent at 24360 levels. Positive setup was seen in Voltas, Jublfood, Granules, ONGC, Glenmark, Coromandel, GAIL, Federalbnk,

UPL, Petronet, Trent, Infy and Chamblefert while weakness in Sun TV, Balkrisind, Astral, Godrej CP, Bharatforg, Navinfluor, AU Bank, Britannia, Bata, ACC, PFC, Bosch, LTTS, Bandhanbnk and

IDFC First. ONGC - TECHNICAL CALL OF THE DAY ONGC is in overall uptrend and holding gains at higher zones. It is on the verge of giving range breakout on daily chart. It is trading above all

crucial moving averages with momentum indicator RSI giving bullish cross over. BUY ONGC CMP 341 SL 330 TGT 360 TOP 5 STOCKS TO WATCH OUT FOR AUG 13TH _JSW STEEL:_ The Board has approved the

acquisition of an economic interest of up to 66.67 per cent in M Res NSW HCC Pty Ltd (“M Res NSW”) by way of subscription to non-voting Class B shares, for an investment of USD 120 million

through the Company’s’ wholly owned subsidiary JSW Steel (Netherlands) B.V. M Res NSW owns a 30 per cent interest in Golden M NSW Pty Ltd (“Golden M”), the proposed ultimate owner of

Illawarra Coal Holdings Pty Ltd (“Illawarra Metallurgical Coal”), whose operations consist of the Appin and Dendrobium coking coal mines and associated infrastructure in New South Wales,

Australia. These mines have total marketable reserves of ~99mn tons of prime hard coking coal and have produced on an average ~6.5mtpa in the past 5 years. _KPI GREEN:_ The Board has

approved authorizing the opening of the QIP Issue on 12th August 2024. For this, the board has approved the floor price for the Issue, being Rs 983.24 per Equity Share based on the pricing

formula. According to the press release, the company may, at its discretion, offer a discount of not more than 5 per cent on the floor price so calculated for the QIP. _VODAFONE IDEA:_

Revenue for the quarter stood at Rs 105.1 billion, a decline of 1.4 per cent on a YoY basis. The EBITDA, on a reported basis, stood at Rs. 42 billion. EBITDA pre-IndAS116 grew by 4.2 per

cent on YoY basis to Rs 21 billion compared to Rs 20.2 billion in Q1FY24. Further, Depreciation & Amortisation expenses and Net Finance costs for the quarter were Rs 53.7 billion and Rs

52.6 billion respectively. Excluding the impact of Ind AS116, the Depreciation & Amortisation expenses and Net Finance costs for the quarter were Rs 40 billion and Rs 43.5 billion

respectively. Capex spend for the quarter stood at Rs 7.6 billion. The payment obligations to the Government stood at Rs 2,095.2 billion as of 30th June 2024 including deferred spectrum

payment obligations of Rs 1,392 billion and AGR liability of Rs 703.2 billion. _WIPRO:_ Wipro announced the expansion of its strategic partnership with Google Cloud to scale its adoption of

Google Cloud AI. As part of this partnership and Wipro’s ai360 initiative, Wipro FullStride Cloud Studio is integrating Gemini’s advanced reasoning and analysis capabilities into its core

business platforms and innovation hubs. Further, Ms. Subha Tatavarti, Chief Technology Officer, has resigned from the services o pursue opportunities outside Wipro. Ms. Subha Tatavarti will

be stepping down as Chief Technology Officer with effect from close of business hours of 16th August 2024. _CAMPUS ACTIVEWEAR:_ Campus Activewear registered 4.1 % degrowth YoY to Rs 339.2

crore in Q1FY25 driven by muted demand scenario, witnessed across the rural and semiurban areas. The company continued its focus on driving reach & enhancing its retail footprint in new

geographies. During the quarter company added 13 new stores. Campus Activewear continued to expand its geographical footprints in FY25. Sales Volume stood at 5.8 million pairs in Q1FY25

driven by higher sale of open footwear with Average Selling Price stood at Rs 585 in Q1FY25 vs Rs 629 in Q1FY24. _DISCLAIMER: The Free Press Journal assumes no liability for loss or damage

including, but not, limited to, lost profits that may result directly or indirectly from the use or reliance on the opinions, news, investigations, analyses, prices or other information

offered in this article._