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August 22, 2025

Daily Morning Report – 22.08.2025
NIFTY OUTLOOK: 25083.75 | FII 1246.51 cr | DII 2546.27 cr
As discussed yesterday, market behaviour remained in line with expectations. The rally driven by bullish sentiment was resisted at our level of 25153 (high of 25153.65). A bearish candle on the daily chart triggered small profit booking.
If this continues, Nifty may drift down to 24987–24940 on a decisive breakdown of 25035, with chances to test 24893 if supply pressure increases.
On the upside, 25133–25180 may act as immediate resistance. A sustained move above these levels can push Nifty towards 25227–25275.
Bank Nifty Outlook:
Spot: 55755.45 | PCR: 0.70 | Max CE OI: 57000 | Max PE OI: 57000
On 21st August 2025, Bank Nifty closed at 55755.45, up 56.95 points (0.10%).
The index moved 285.45 points during the session, making a high of 55993.65 and a low of 55708.20.
Technical View:
Key support and resistance are at 55450 and 56150.
Intraday support and resistance are at 55670 and 55830.
Strategy: Go long above 55835 with SL 55805 and target 55910. Go short below 55670 with SL 55705 and target 55595.
RSI is at 48.20; below 30 is oversold and above 70 overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 6 out of 8 SMA’s (5, 10, 20,100, 150, 200 Day).
Bank nifty is trading below 2 out of 8 SMA’s. (30, 50 Day)
No active candlestick Pattern was identified in bank nifty.
Macros:
1.Dollar index @ 98.32
2.S&P Vix @ 16.60 (+5.80%)
3.Brent Crude @ 67.57
4.10 Years bond yield @ 4.325
Note: Powell is set to speak at the Jackson Hole Symposium on Friday, likely giving more cues on the economy and the Fed’s plans for interest rates. His address comes amid growing doubts on whether the Fed has enough room to cut rates in September, with policymakers focusing more on controlling inflation than addressing labor market weakness.
Fed fund futures now price in a 73.1% chance of a 25 bps cut in September, down from 90.2% a week ago, CME Fedwatch data showed, indicating reduced chances of a cut.
For Indian markets, a US administration minister announced last night that an additional 25% tariff may be imposed from 27th Aug.
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Data watch
1.Fiis net long 10.45 % (Highly oversold)
2.Fiis bought 1256 cr in cash segment, bought 970.15 cr in index and sold 984.38 in stock fut
3.Vix @ 11.37 (-0.3.56%)
4.Pcr @ 1.00 (monthly)
Note: Fiis net long position is @ 10.45 % still in highly over sold zone, Fiis are very unpredictable. one day they are buying and ither they are selling.
Today FIIS cut they short -4300 lots futures and added 842 lots on long side , FIIS reduced short position & added small long position ( FIIS net long increased from to 10.45% from 9.9 % i.e shorts were covered) . We are expecting more shorts will be covered
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Contributed by
Ashok bhandari : INH000019549
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JP Morgan on Wipro
Recommendation Neutral
Target Price : ₹260
Announced acquisition of Harmans Digital Transformation Solutions Business
Co provides ER&D services in specific areas
Consideration is at EV Revenue multiple of 1.2x
Expected to add 0.7% growth in FY26 and 2.3% growth in FY27E
Likely margin Dilutive for Wipro
@beatthestreet10
MACQUARIE ON PHARMA SECTOR
US-EU Deal Suggests Tariffs Will Be Less Than 15%
Continue Monitoring MFN Tariff For Clarity On Tariffs On European Generic Pharma Exports To US
Expects Tariffs Capped At 15% For Both Generic & Branded Pharmaceuticals To US From EU
@beatthestreet10
MACQUARIE ON PHARMA SECTOR
US-EU Deal Suggests Tariffs Will Be Less Than 15%
Continue Monitoring MFN Tariff For Clarity On Tariffs On European Generic Pharma Exports To US
Expects Tariffs Capped At 15% For Both Generic & Branded Pharmaceuticals To US From EU
@beatthestreet10
Macquarie on Scrapping GST Insurance
Scrapping GST without ITC will push insurance prices higher by 6-10%
This defeats GST's purpose of lowering costs and boosting penetration
Clarity on ITC treatment is essential before cutting GST
GST Council's September meet is expected to finalize the decision
MS ON CEMENT
Demand Remains Lukewarm But Pricing Trends Are Solid
Expect Sequential Weakness Due to Monsoon
Optimistic About FY26 Earnings On Strong H2 Demand & Cost Improvement
Prefer Pan-India Franchises With Cost Improving Capabilities
Nuvama says general insurance
Jul-25 general insurance growth slowed; Fire up 28%, Health only 3%
GDPI excluding crop rose 7% YoY
Motor insurance growth weak: OD 5%, TP 7% YoY
Retail health grew 8%, affected by accounting changes for long-term premiums
Group health jumped 18% YoY
Overall industry growth expected to slow due to weak motor sales, partly offset by TP price hikes
Big insurers may benefit from stricter enforcement of EoM rules
Nuvama maintains BUY on ICICIGI (₹2,340) and STARHEAL (490)
CLSA ON RELIANCE INDUSTRIES (CMP: ₹1,424.30)
MAINTAIN OUTPERFORM
TARGET:1,650
YoY Jump In FCF & OCF Driven By A Sharp $5Bn Rise In Advances From Oil & Gas Customers
Opex & Interest Cost Capitalisation Equals 33% Of Reported Consolidated PBT, Could Weigh On Future Operating Leverage
Key Focus Areas: Al Via Jio, Media & Consumer Biz Expansion & New Energy Value Chain Integration
Awaiting Updates On Jio IPO, AI Roadmap & EMCG Strategy At Next Week's AGM
@beatthestreet10
CLSA on EscortKubota with target price of Rs 3634
Localization of Kubota and tractor market share gain the key objectives
Remains confident of industry tractor growth of mid-high single digit for FY26
Growth to pick up from Oct-25 with rural spending being key trigger
Potential cut in GST to boost consumer confidence
GMR Airports – Citi
• Rating: Buy | TP: ↑ Rs 103 from Rs 90
• Strong mid-term international growth outlook: China-US flights resumption, IndiGo Airbus A350 orders likely ↑ to 100
• Delhi commercial land value upside
• Positive share price momentum expected into CY26E
@beatthestreet10
HAL – CLSA
• Rating: O-P | TP: Rs 5,436
• Biggest order ever approved: 97 LCA Mk 1A fighter jets worth Rs 670bn (US$7.8bn)
• Clears speculation of delays; previous delivery delays due to GE engine supply
Alkem Labs – Nomura
• Rating: Buy | TP: Rs 6,300
• Domestic growth recovery & Enzene prospects
• Anti-diabetes launches gaining traction; Enzene revenue expected Rs 8bn by FY28F (vs Rs 3.6bn FY25)
• Profitability may remain low due to CDMO overheads
• Trading at 26.1x/30.1x/25.4x FY26/27/28F EPS
Autos – Nomura
• GST cut highly likely; proposal approved by GoM
• Expected GST: Small cars & 2Ws → 18% (from 28%), Large cars → 40%, Tractors → 5% (from 12%)
• Positive for OEMs: M&M, Maruti, Ashok Leyland, TVS
• Positive for suppliers: Uno Minda, Motherson Sumi, Sansera, Ceat
Wipro – HSBC
• Rating: Hold | TP: Rs 260
• Strong deal wins support 2HFY26 growth recovery
• Europe-specific client issues largely resolved
• Valuation gap to peers near historic low
KOTAK SECURITIES ON ECLERX
Initiates Coverage With 'Reduce'; Target Price ₹4,000
Can Leverage Its Excellent Delivery To Drive Healthy Growth
Reinforcing Its Go To Market Strategy With Greater Presence Onsite For Account Hunting
Forecast Constant Currency Revenue Growth At 12.1%
Expect 150 BPS Margin Expansion Over FY25-28
@beatthestreet10
DILIGENT MEDIA: WINS ARBITRATION SETTLEMENT WITH VEENA INVESTMENTS CANCELLING NCRPS WORTH ₹436.27 CR
Arbitrator Justice G.S. Patel (Retd) ordered cancellation of NCRPS at a reduced value of ₹173.40 Cr.
Veena Investments will set off ICD dues against NCRPS, extinguishing all mutual claims.
Company avoids cash outflow as liabilities are settled via set-off arrangement.
Redemption liability reduces from ₹436 Cr to ₹173 Cr without affecting cash.
PREMIER ENERGIES: LAUNCHES INDIA’S FIRST 620W G12R TOPCON SOLAR MODULES
1.2 GW N-Type G12R solar cell line is now operational and commercially producing.
620W DCR TOPCon modules launched for utility, commercial, and industrial projects.
TOPCon architecture offers higher efficiency, better temperature performance, and improved low-light output.
Modules are fully DCR-compliant, supporting Make in India and strengthening domestic solar manufacturing.
MINI DIAMOND: EXPANDS PORTFOLIO WITH 3,750 NEW LAB-GROWN JEWELLERY DESIGNS
Company added 3,750 new gold and silver lab-grown diamond jewellery designs.
Products will be sold through Namra Jewels’ stores, online platform, and B2B partnerships.
Expansion expected to boost domestic and international demand, especially during the festive season.
Recent tariff changes support exports and ease competition in global markets.
PAYTM, MOBIKWIK: INDIA’S BAN ON REAL-MONEY GAMING HITS FINTECH SECTOR
Digital payment companies may lose ₹20,000–30,000 Cr in monthly transaction volumes.
Ban disrupts revenue flows linked to gaming platforms.
Regtech startups offering KYC and customer verification services likely to see reduced demand.
Overall fintech ecosystem faces slowdown, especially in payments and compliance services.
IKIO TECH: APPOINTS SANJEET SINGH AS GROUP CEO
Mr. Sanjeet Singh, previously CFO and WTD, is appointed CEO and Group CEO of IKIO.
He has been with IKIO since 2019 and brings experience in operations and finance.
Singh will oversee strategic direction, daily operations, and leadership across departments.
Focus will be on growth, operational efficiency, and innovation to enhance team synergy.
Dam Capital On HUDCO
Recommendation Buy
Target Price : ₹280
Strong show on disbursements and loan growth in Q1; Expect disbursements momentum to sustain
Management expects to clock at least 25% AUM growth
On asset quality front, lower risk compared to peers
Kotak Inst Eqt on BPO Services
Sagility – Initiate Buy, TP Rs 56
FSL – Initiate reduce – TP Rs 375
eClerx – Initiate Reduce – TP Rs 4000
Indian BPO has ascended value chain & is well-positioned to benefit from cost-optimization priorities of clients
Believe Gen AI would have an initial impact on customer management services, but industry-specific BPOs would be less impacted in industries with higher regulatory scrutiny.
Indian pure-play BPO’s premium valuations compared with global peers are justified by better growth opportunities and lower disruption risks
Apollo hospital Large Trade | 18.97 lk shares (1.32% eq) worth ₹1,489 cr change hands at ₹7,850/sh in block deal window
GST REDUCTION RATES-HOW CHEAP WILL POPULAR 2-WHEELER/4 WHEELERS CAN GET!
ONROAD PRICES TO FALL FROM 3-10%
Source-NOMURA
Goldiam Raises Rs. 202cr via QIP to Fast‐Track Growth Plans
Targets 70‐90 ORIGEM Stores in 18–24 Months
Goldiam expects to deliver 15–20% growth in both sales and
profitability this year, driven by its dual growth engines – a resilient global B2B business and a
fast‐scaling Indian B2C retail presence.
Investors include Saint Capital, Morgan Stanley
MINI DIAMONDS: EXPANDS PORTFOLIO WITH 3,750 NEW DESIGNS
Company added 3,750 gold and silver lab-grown diamond jewellery designs.
Products will be sold through Namra Jewels stores, online platform, and B2B partners.
Recent tariff changes support exports and improve competitiveness.
Wider design range positions company to meet diverse consumer and trade requirements.
MOSL ON DIXON TECH
MOSL maintains Buy on Dixon Tech; raises TP to 22,300 (from 22,100)
Strong bias on market leadership & JVs with global players
Expanding share in a flattish smartphone market
JVs & acquisitions to drive long-term volume sustainability
Dixon holds first-mover advantage with 19% smartphone share in FY25, seen rising to 40% by FY27
Export opportunities from key clients expected to boost growth
Backward integration to offset PLI phase-out
Estimates revised up on better mobile & EMS volumes
Revenue/EBITDA/PAT CAGR at 36%/41%/46% (FY25-28E)
EBITDA margins seen at 3.8%/4.1%/4.4% in FY26/27/28
PAT CAGR of 46% expected over FY25-28E
CLEAN SCIENCE: YESTERDAY LARGE TRADE
PROMOTER SOLD 24 % STAKE AT ₹ 1075-1085.32 /SHARE
SPARK INSTITUTIONAL EQUITIES SOLD 3.22 CRORE SHARES (30.31%) AT RS 1078.57 APIECE
SPARK INSTITUTIONAL EQUITIES PRIVATE LIMITED BOUGHT 322.37 LAKH SHARES (30.34%) AT RS 1078 APIECE
IRAGE BROKING SERVICES LLP BOUGHT 30.52 LAKH SHARES (2.87%) AT RS 1102.32 APIECE
NIPPON INDIA MUTUAL FUND BOUGHT 22.52 LAKH SHARES (2.11%) AT RS 1075.2 APIECE
SBI MUTUAL FUND BOUGHT 21.62 LAKH SHARES (2.03%) AT RS 1075.2 APIECE
NORGES BANK ON ACCOUNT OF THE GOVERNMENT PENSION FUND GLOBAL BOUGHT 14.62 LAKH SHARES (1.37%) AT RS 1077.68 APIECE

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