Daily Morning Report                     Date: 02.09.2025

NIFTY OUTLOOK: 24625.03 FII -1429.71 cr DII 4344.93 cr

As discussed yesterday, market behaviour remained on expected lines. Buyers pushed prices to a day high of 24635.6 after crossing 24477, and Nifty closed near our level of 24627 at 24625.05.

After a long correction, a bullish belt hold candlestick pattern on the daily chart indicates buyers gaining control near support levels. If Nifty sustains above 24677, a rally towards 24727–24777 is possible, with chances of testing 24827 if demand strengthens.

On the downside, 24575–24523 may act as immediate supports. A break below these levels could drag Nifty towards 24473–24423.

Bank Nifty Outlook:

SPOT: 54002.45 | PCR: 0.81 | Max CE OI: 57000 | Max PE OI: 54000

On 1st September 2025, Bank Nifty closed at 54002.45, up 346.80 points (0.65%). The index moved 377.70 points during the session, hitting a high of 54035.85 and a low of 53658.15.

Technical View:

Key support and resistance are at 53200 and 54365.

Intraday support and resistance are at 53900 and 54100.

Intraday Technical Strategy:

Go long above 54100 with SL 54070 and target 54200.

Go short below 53900 with SL 53930 and target 53800.

The RSI for Bank Nifty stands at 33.40. Below 30 is oversold, above 70 is overbought.

Bank nifty Day SMA Analysis:

Bank nifty is trading above 2 out of 8 SMA’s (150, 200 Day).

Bank nifty is trading below 6 out of 8 SMA’s. (5, 10, 20, 30, 50,100 Day)

One Bullish candlestick Pattern was identified in bank nifty.

• Marubozu Uptrend

Macros
1.Dollar index @ 97.622
2.Vix @ 16.12 (+4.95)
3.Brent crude @ 68.16
4.U.S. 10 years bond yield @ 4.247

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Data watch

1.Fiis net long 9.23 % (Highly oversold).

2.Fiis sold 1429.71 cr in cash segment, bought 492.70 cr in index and bought 3218.48 in stock future

3.Vix @ 11.29 (-3.91%)

4.Pcr @ 1.15(Weekly) , 1.15(Monthly)

OI position of institutions & retail

Fiis bought 1459 contracts on long side and -1189 contracts on short side. Net long 270 contracts.

Diis sold -116 contracts on long side and added 2400 contracts on short side.Net short 2284 contracts.

Retail bought 381 contracts on long side and sold 1251 contracts short positions.Net short 870 contracts.

Note: Fiis net long position is @ 9.27%. Oi data today suggest long positions in both the Index & bank nifty was created (OI data was positive as well as Index was up).

Today if we observe the markets after many days Index did not corrected after upside movement which was a good sing. Oi data suggest mild shorts were covered as well as long positions were created in both the index .

Broad market i.e Mid-cap & Small-cap performed well along with front line. We may see some more upside movement.

Good economic data, Auto sales no were encouraging (Auto sales no is particularly encouraging bcoz after Govt announced GST reforms will come soon in spite of that new vehicle purchases were not kept @ hold, many experts were worried that new purchases will be postponed due to the reforms & due to that earnings will get affected.

Next two days will be interesting we may see stocks specific , we may see many news coming out on sectors on GST.

Note: A lot of movement is happening in the Indian economy.

Trump said India has offered to reduce tariffs on US goods to zero. Calling the US-India relationship “one-sided,” he wrote on Truth Social: “They have now offered to cut their tariffs to nothing, but it’s getting late. They should have done so years ago.”

The GST Council meeting will be held on 3rd–4th September, where the Finance Minister along with the Council will discuss and decide GST rates. Sources indicate India plans to cut consumption tax by at least 10 percentage points on nearly 175 products, ranging from shampoos and hybrid cars to consumer electronics.

——————————————————————————————————————–Contributed by
Ashok bhandari : INH000019549
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SYRMA SGS: STRATEGIC JV WITH ELEMASTER

Syrma SGS Technology Ltd and Elemaster S.p.A have formed a joint venture, Syrma SGS Elemaster Pvt Ltd, in Bengaluru to boost high-reliability electronics manufacturing.

• 20,000 sq.ft. facility with SMT, THT & box-build lines
• Focus on railways, industrial automation & medical electronics
• Syrma SGS 60% (₹33 Cr), Elemaster 40% (₹22 Cr)
• Aims to provide scalable solutions to European OEMs & support “Make in India”

PROMOTER ACTIVITY (AUG–SEP 2025)

Bought:

SML ISUZU: 0.01% on 29 Aug

SHALIBHADRA FINANCE: 0.09% on 1 Sep

GALA PRECISION ENGINEERING: 0.01% on 28 Aug

PARKER AGROCHEM EXPORTS: 2.20% on 20, 29 Aug

PRERNA INFRABUILD: 0.04% on 30 Aug, 1 Sep

AJANTA SOYA: 0.3% on 25, 29 Aug

STEL HOLDINGS: 0.20% on 28, 29 Aug

Sold:

VINEET LABORATORIES: 1.5% on 29 Aug

AMBO AGRITEC: 0.27% on 29 Aug

LOOKS HEALTH SERVICES: 0.2% on 1 Sep

SCAN PROJECTS: 15.25% on 4,7,11,13,14 Aug

KATI PATANG LIFESTYLE: 0.23% on 29 Aug

AARTI PHARMALABS: 0.03% on 26,28 Aug

STAR CEMENT: 0.01% on 26,29 Aug

PRATIKSHA CHEMICALS: 7.07% on 28,29 Aug

VISHNU PRAKASH R: 0.8% on 28 Aug

UNIFINZ CAPITAL INDIA: 0.03% on 28,29 Aug

CLSA on Consumer

Compare latest metrics for key quick commerce (QC) players

Three conclusions

First, Blinkit continues its rapid store acceleration while the other two leaders, Swiggy and Zepto, are consolidating their positions.

Second, profitability is set to improve for all players, especially as Swiggy and Zepto reduce burn and competitive pressure eases

Third, all players are lifting their assortments
Maintain HC O-PF on Eternal & O-PF on Swiggy.

CLSA ON QUICK COMMERCE

Compare Latest Metrics For Key Quick Commerce (QC) Players

Blinkit Continues Its Rapid Store

Acceleration While Other Two Leaders Consolidate Positions

Profitability Is Set To Improve For All Players

Profitability To Improve Especially As Swiggy & Zepto Reduce Burn & Competitive Pressure Eases

All Players Are Lifting Their Assortments

Maintain High Conviction Outperform On Eternal & Outperform On Swiggy

@beatthestreet10

Phoenix Mills – MOSL

Upgrade to Buy | TP ₹2,044

• New mall commissioning to drive growth beyond FY27
• Retail rental income est. 21% CAGR FY25-27E → ₹28b by FY27E
• Office portfolio to triple; hotel segment to benefit from strong momentum

@beatthestreet10

RIL – MS

Overweight | TP ₹1,701

• Anti-involution & AI to redefine equity story
• Largest beneficiary of China’s anti-involution across energy & solar
• Self-anti-involution in retail & telecom bearing fruit
• Adds US$20bn NAV & 17% to F28e EPS; new energy NAV est. 20% → US$25bn F27e

@beatthestreet10

Jefferies on Auto Sector

Eicher and TVS led growth in August

Eicher and TVS continue to deliver strong growth with wholesales up 55% and 30% YoY growth in August

Good wholesale growth in two-wheelers

PV wholesales remain weak

Tractor growing strong

TVS, M&M & Maruti, followed by Eicher are our top buys

@beatthestreet10

JPMORGAN – TELECOM UPDATE

• Reliance Jio listing confirmed; increases likelihood of tariff hikes
• Tariff hikes expected end-CY25 & another round end-CY26
• 9-month run-up to Jio IPO keeps Bharti Airtel in focus as key comparable
• Airtel has monetised & improved ROIC from previous tariff actions
• Potential re-rating from 13x 1-year Fwd EV/EBITDA for Core India business
• Top Telco Overweight: Bharti Airtel

JEFFERIES – AUTO SECTOR

• Eicher & TVS led growth in August: wholesales ↑55% & ↑30% YoY
• Strong two-wheeler wholesale growth; PV wholesales remain weak
• Tractor segment growing strong
• Top Buys: TVS, M&M, Maruti, followed by Eicher

JEFFERIES INDIA STRATEGY – MAHESH NANDURKAR

• Govt expenditure growth to slow in 2H
• Conversion of GST Cess into GST aids rationalisation without major fiscal impact
• Fiscal concerns due to slowing personal income tax collections
• Corporate tax growth remains anemic

MOSL – AUTOMOBILE MONTHLY VOLUME

• Green shoots in 2Ws; demand revival tied to GST rate cuts
• PV wholesales weak in Aug’25; customers delayed purchases
• 2Ws up 15% YoY (TVS & RE strong; HMCL/BJAUT single-digit growth)
• CVs grew 8.4% YoY; Tractors: M&M +28%, Escorts +27% YoY
• Top OEM picks: MSIL, M&M

GOLDMAN SACHS – INDIA CONSUMER

• GST council watch-outs:

– Scenario 1: 12% → 5% → positive for Nestle, Emami, Dabur

– Scenario 2: All packaged foods → 5% → positive for Britannia, Nestle, Varun Beverages, Tata Consumers, Emami, Dabur

– Scenario 3: Mass consumption FMCG → 5% → positive for HUL, Britannia, GCPL, Marico, Nestle, Varun Beverages, Tata Consumers, Emami, Dabur

HSBC INDIA STRATEGY – HERALD VAN DER LINDE

• Reassess risk framework for favourable shifts in equities
• Some improvements seen, but near-term upside limited
• Earnings growth faces downside risks
• Equity supply increase remains an issue
• Tariffs unlikely to derail market; earnings impact muted

NUVAMA – REAL ESTATE

• Mumbai registrations softened in Aug’25: -3% YoY / -11% MoM → 11,230 units
• Value of registrations down 6% YoY / 11% MoM → ₹16,700 Cr (rainfall impact)
• Despite dip, 2nd highest-ever August by units & value
• CY25 YTD registrations all-time high: 99,868 units (+3% YoY), ~₹1.5 lakh Cr (+11% YoY)
• Robust launches & mortgage rate cuts expected to boost sales
• Likely beneficiaries: Lodha, Oberoi, Godrej Properties, Sunteck, Keystone

ANTIQUE – UTILITIES SECTOR

• Power demand recovering; valuations turning attractive
• India power generation +4% YoY in Aug’25 (1–28 Aug), rebounding after flattish Apr–Jul’25
• Dry weather & low base may support stronger Sept’25 / 3QFY26 demand
• Coal inventories comfortable at 54 MT (21.2 days vs 15.7 YoY); Coal India volumes -6% YoY
• Short-term market soft: DAM tariff -4% YoY Aug’25
• Sector stocks muted; consumption normalization may drive re-rating
• Valuations corrected sharply: P/BV 2.0–2.2x, 35–40% below recent highs
• Key beneficiaries: Power Grid, CESC

MAHINDRA & MAHINDRA

• Co dilutes stake in Mahindra Last Mile Mobility to 78.11%
• Post Rs 1,000 Cr IFC & IJF CCPS conversion

UPL :

Arm In Pact To Acquire 49% Stake In Grow Chemical For $ 0.76 Mn

United Breweries :

Strengthens Presence In Andhra With Kingfisher Production At Ilios Brewery

DR AGARWAL : LARGE TRADE

16.5 Lk Shares Change Hands In Pre-Market Large Trade

ETERNAL : LARGE TRADE

69.1 Lk Shares Change Hands In Pre-Market Large Trade

Tube Investments Management says Too Early To Talk About The Impact Of US Tariffs – CNBCTV 18

Will Have To See How The Tariff Issue Plays Out

In Constant Conversation With Customers, Tough To Predict Anything At This Point

Not Easy For Some Businesses To Switch Supply Chain So Quickly

GST Rate Cut, If It Happens, Will Be Passed On To Consumers

Do Not Have Any New Updates To Share On Operational Break-even For EV Biz

Already Mentioned In Q1 Call Of Not Achieving EV Operational Break-even This Year

We Will Be Making Some Major Launches In 3-wheeler Segment Next Quarter

Will Not Give Any Target On Margin

CG Power Will See Double-digit Growth & Tube Invst Will Likely See High-single-digit Growth

Will Buy Cells From Outside & Do The Packing In Our Own Facilities

ADANI PORTS: CARGO VOLUMES SURGE 16% YOY IN AUGUST 2025 WITH STRONG CONTAINER GROWTH

The company handled 41.9 MMT cargo in August, up 16 percent YoY, led by a 29 percent rise in container volumes.

During April–August 2025, cargo volumes reached 202.6 MMT, up 11 percent YoY, with container volumes up 22 percent.

Rail volumes in August stood at 57,347 TEUs, up 8 percent YoY, while GPWIS cargo was 1.69 MMT, up 3 percent YoY.

YTD logistics performance included 297,766 TEUs rail volumes, up 14 percent YoY, and 9.35 MMT GPWIS cargo, up 3 percent YoY.

GMR AIRPORTS: DELHI AIRPORT BECOMES GLOBAL TRANSIT HUB WITH INTERNATIONAL TRANSFERS UP 244% IN TWO YEARS

International transfer passengers rose from 3.88 lakh in FY23 to 13.4 lakh in FY25, marking a 244 percent increase.

Connectivity to North America and Europe has expanded through new airline routes.

The airport has upgraded lounges, hotels, and transit services to enhance passenger experience.

These developments strengthen Delhi Airport’s role as a global aviation and transit hub.

India’s Reliance Industries will be the
largest beneficiary of China’s anti-involution policies, which are focusing across its energy and solar supply chains, according to Morgan Stanley analysts.

Asian Paints Mgmt Says

-Priority is to protect market share with 18–20% EBITDA margin in the mid-to-long term
-Demand is stabilising and a gradual revival is likely
-Rural is strong; urban showing steady signs of recovery
-Competition is rationalising
-RM costs are benign and likely to stay stable through FY26
-Industrial business remains strong with 8.8% YoY growth in Q1FY26

Nuvama View
-Reckon Q2 shall sustain momentum on urban demand recovery, benign RM costs and an early Diwali
-H2FY26 likely to outpace H1FY26
-GST cut in other categories shall lead to a slight uptick in Paints consumption
-Retain ‘BUY’ with a TP of Rs 2,935/share

RELIANCE IND ; India’s Reliance Industries will be the largest beneficiary of China’s anti-involution policies, which are focusing across its energy and solar supply chains, according to Morgan Stanley analysts.

BNP Paribas says Aug Wholesale Growth For 2-wheeler Cos Is Almost In Double Digit – CNBCTV 18

Some PV Cos Reduced Inventory Ahead Of GST Decision

GST Reduction Can Lead To 8% Reduction In Car prices

8% Reduction In Car Price May Result In 16% Volume Increase

SUGAR STOCKS SURGES AS GOVT REMOVED RESTRICTIONS ON ETHANOL PRODUCTION

Suraj Estate to consider fund raise on 3rd September

Sejal Glass to consider fund raise on 3rd September

Wisec Global to consider fund raise on 4th September