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September 09, 2025

Daily Morning Report – 09.09.2025
NIFTY OUTLOOK: 24773.15 | FII -2170.35 cr | DII 3014.30 cr
As discussed yesterday, market behaviour remained on expected lines as buying interest pushed Nifty up to 24885.5.
A bearish candle with an upper wick on the daily chart indicates selling pressure at higher levels. If selling persists, a decisive breakdown of 24721 may drag Nifty to 24670–24620, with extended downside possible up to 24568.
On the upside, 24825–24877 will act as immediate resistance. A breakout above these levels could lift Nifty towards 24927–24977.
Bank Nifty OUTLOOK:
SPOT: 54186.90 | PCR: 0.92 | Max CE OI: 57000 | Max PE OI: 54000
On 8th September 2025, Bank Nifty closed at 54186.90 (+72.35, +0.13%). The index moved 451.55 points during the session, making a high of 54518.70 and a low of 54067.15.
Technical View:
Key support and resistance levels: 53630 and 54605.
Intraday support and resistance: 54062 and 54310.
Intraday Strategy:
Go long above 54311 with SL 54270 and target 54435.
Go short below 54060 with SL 54104 and target 53940.
RSI stands at 39.20. Below 30 is oversold, above 70 is overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 4 out of 8 SMA’s (5,10,150, 200 Day).
Bank nifty is trading below 4 out of 8 SMA’s. (20, 30, 50,100 Day)
One bullish single candlestick Pattern was identified in bank nifty.
• Rickshaw Man Uptrend
Macros
1.Dollar index @ 97.585
2.Vix @ 15.27 (+0.09%)
3.Brent crude @ 66
4.U.S. 10 years bond yield @ 4.058
Note: The focus this week is on U.S. CPI inflation data for August, expected at 2.9% vs 2.7% in July, as per the Labor Department’s Bureau of Labor Statistics. PPI inflation data is also due. While these numbers may not impact the Fed’s September rate decision, they could influence its stance on future easing. The Fed has cautioned that Trump’s tariffs pose inflationary risks that may delay further cuts.
On the commodities front, crude oil is firm as the U.S. and EU prepare more sanctions on Russia. A weak dollar and the near-certain September rate cut have fueled gains in bullion, including gold, silver, and platinum.
For Indian equities, the tug of war between bulls and bears continues, requiring caution.
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Contributed by
Ashok bhandari : INH000019549
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E-commerce marketplaces & quick commerce platforms reap gains from heavy monsoon rains - The Economic Times https://share.google/ipknibeASWFkbI4bI
NLC India in advanced stage of procurement of electrolysers, says CMD | Company News - Business Standard https://share.google/O4vNi9XG48gW2elZb
Sebi likely to green-light new norms for large IPOs, FPIs at Friday meet https://share.google/XwG4rltMRo6jUZ8Gm
HUL : JEFFERIES MAINTAINS BUY | TP ₹3,000
• Unilever CEO Fernando Fernandez (appointed Mar’25) outlined strategic priorities at an investor conference.
• India highlighted as a core growth market.
• Fernandez stressed that “not a penny will be spent outside of the US & India” on acquisitions, reinforcing India focus.
• Jefferies notes strong confidence in Priya Nair’s leadership.
@beatthestreet10
HUL : BOFA MAINTAINS NEUTRAL | TP ₹2,840 (↑ from ₹2,630)
• Parent message – Transformation at Unilever, with India at the core.
• Aspiration for HUL clearly spelt out – actual delivery is now key.
• Strong emphasis on volume growth, with India seen as a must-win market.
• Disproportionate investment (including M&A) being directed to India.
AB FASHION & LIFESTYLE : MORGAN STANLEY VIEW
• AB Fashion – Upgraded to Overweight (from Equal-weight); TP ₹131.
• AB Lifestyle – Initiated coverage with Overweight; TP ₹175.
• Theme: Time to Take Risks.
• MS believes fundamentals are improving, led by profitability gains.
• Sees opportunity for a valuation re-rating.
@beatthestreet10
JEFFERIES : INDIA STRATEGY UPDATE
• At last year’s 4th India Forum, India was on a tear.
• Heading into this year’s forum, India has been a major laggard amid tough geopolitics.
• Positioning is light, growth expectations & downgrades have eased, PE premium vs EM has dropped, and return dispersion is at historic lows.
• Despite near-term uncertainty, Jefferies sees conditions ripe for long-term alpha creation, especially in small & midcap growth.
@beatthestreet10
KOTAK MAHINDRA BANK : MACQUARIE MAINTAINS NEUTRAL | TP ₹2,200
• Bank seen in course correction mode.
• Management meeting was assuring – now a patient waiting game.
• Problem areas identified and being addressed.
• Strategic shift from product to customer focus.
• Margins expected to outperform most peers going forward.
• Expansion strategy to combine digital + physical.
• At 1.6x FY27E Core P/BV, valuation seen as cheap.
UJJIVAN SMALL FINANCE BANK : ANTIQUE MAINTAINS BUY | TP ₹73
• Growth target – Loan book CAGR >25% FY25-30E, scaling to ₹1 lakh cr by FY30.
• Secured lending – Share to rise from 46% to 65%-70% by FY30.
• NIM outlook – Expected at 6%-7% by FY30, aided by stronger asset quality.
• Credit cost – Normalized at 1.0%-1.5% by FY30.
• Cost efficiency – Cost-to-assets to fall from 6% to 5% in five years.
• Profitability – RoA of 1.8%-2% & RoE of 16%-18% guided by FY30.
• CASA ratio – Targeting rise from 24% to ~35% by FY30.
• Universal banking license – Application filed; RBI response expected by Dec’25.
• Capital raising – Plans to raise ₹20 bn in 18-24 months; CAR at 23% remains comfortable.
FIRSTSOURCE SOLUTIONS : ANTIQUE MAINTAINS BUY | TP ₹420
• Growth outlook – Sustaining industry-leading momentum.
• Management confidence – Strong deal wins & robust FY26 pipeline visibility.
• Strategy focus – Driving UnBPO™ model, moving beyond traditional labor arbitrage.
• Revenue guidance – Confident of 13%-15% growth in FY26.
• Margin guidance – On track to deliver 11.25%-12% margins.
CESC : ANTIQUE MAINTAINS BUY | TP ₹203
• Vision 2030 – Aims for 15% PAT CAGR.
• Strategic focus – Expansion in renewables & distribution reiterated.
• Renewable capex – ₹3,000 cr investment planned in 3 GW solar cell & module plant for captive use.
• Growth targets – Renewable capacity of 3.2 GW by FY29E & 10 GW by FY32E.
• Capex guidance – Over ₹30,000 cr in next five years.
• Management guidance – 15% PAT CAGR over FY25-30.
• Antique estimates – More conservative at 11% PAT CAGR FY25-28E, factoring slower Malegaon turnaround & moderate renewable contribution.
• Potential catalysts – Wins in upcoming UP discom tenders & PPAs for renewable assets.
@beatthestreet10
AMBUJA CEMENTS : CLSA MAINTAINS NEUTRAL | TP ₹665
• At CITIC CLSA Investor’s Forum, Ambuja was constructive on cement demand & profitability outlook.
• Large part of discussions focused on the impact of GST reduction on demand & profitability.
• CLSA believes realisation is likely to be a positive aspect.
@beatthestreet10
METRO BRANDS : GOLDMAN SACHS MAINTAINS NEUTRAL | TP ₹1,300
• Walkway store additions expected to accelerate, driving significant TAM expansion.
• With the new-format Walkway, Metro looks to replicate the playbook of organised value apparel retailers.
• GS believes the company has both capital & capability to execute.
• New-format Walkway seen to have healthy store economics and a long growth runway.
CENTURY PLYBOARDS : NUVAMA MAINTAINS BUY | TP ₹901 (↑ from ₹849)
• Growth outlook – Leadership & aggression strategy continues.
• Volume growth guidance – 10%+ (plywood), 20% (laminates), 20% (MDF), 40% (particleboard).
• EBITDA margin guidance – 12-14% (plywood), high single-digit (laminates), 15% (MDF), low single-digit (particleboard).
• Furniture fittings – To be piloted via trading model before scaling to manufacturing.
• PVC boards – Revenue expected at ₹100 cr in FY26E.
• Timber outlook – Prices expected to ease with new plantations.
• Valuation – ‘Buy’ retained with TP ₹901, rolled over to Q2FY28E EPS at 36x.
JTL Industries (Domestic sales note)
- Capacity will be up 3x till FY27 which will lead growth
- Most of the expansion is for value added products where EBITDA / t is more than 3x of commoditised ERW steel tubes
- Share of value added products to increase
from 26% in FY25 to 64% in FY28
- Management is guiding for 55% CAGR growth in EBITDA between FY25-28 and a similar growth in PAT
Good thread : What factors enabled India's growth engine to withstand the export shock?
https://x.com/ionicwealth/status/1964958508627198178
New UPI Limits
Effective from September 15, 2025.
E2E Networks: OpenAI Is Discussing Partnerships With Indian Data Centers.
GLENMARK PHARMACEUTICALS
• Ichnos Glenmark Innovation (IGI), a wholly-owned subsidiary, received an upfront payment of $700 million from AbbVie (NYSE: ABBV).
• The payment is part of the global licensing agreement for ISB 2001 across North America, Europe, Japan & Greater China markets.
SWIGGY LARGE TRADE
11.1 Lk Shares Change Hands In A Pre-Market Large Trade
VIRTUAL GALAXY INFOTECH
• Signed MoU with Xangars Infratech Solutions Ltd on Sept 8, 2025.
• To deploy 1,00,000 UPI & QR-based Sound Boxes with digital payment solutions across India over 3 years.
• Expected revenue: ~₹69 Cr + taxes.
Embassy Developments' new 'Paradiso' project in North Bengaluru fully sold out immediately, clocking ~₹204 Cr in pre-sales.
BEML | L&T | ACE | SANGHVI MOVERS | CROWN LIFTERS
• Govt planning ₹14k–16k Cr incentive scheme to boost local manufacturing of tunnel boring machines, cranes & earth movers.
• Aims to reduce dependence on imports from China, Japan, South Korea & Germany.
• Supports mega infra push — road projects, metro, high-speed trains, mining & 4x port capacity expansion.
• Positive impact expected for domestic players like ACE, BEML, L&T, Action Construction & Tata Hitachi.
Impact: ↑ Positive — strengthens indigenisation, reduces imports & supports infra-driven equipment demand.
VOLTAMP :
8 % EQUITY EXCHANGED via BLOCK
VoltampTranformers Large Trade
8.12 lk shares (8% eq) worth ₹618 cr change hands at ₹7,611/sh via block deals
Virtual Galaxy signs 69 cr MoU for deployment of 1L UPI sound boxes
Dev Accelerator IPO at a Glance: Growth & Rerating Triggers
Plans to expand operational area by 100% in next 2yrs (Doubling)
NiftyIT rises nearly 600 points, led by #Infosys up over 3% and #Wipro up more than 2%
Nifty50 Early Movers
Early Gainers: Infosys, Wipro, Dr. Reddy, Tech Mahindra, HCL Tech, M&M
Early Losers: Bajaj Auto, Eternal, Titan, JSW Steel
MORGAN STANLEY ON BAJAJ
Downgrade to Underweight from Equal-weight; Cut TP to Rs 8075 from Rs 9117
Bajaj on a relative basis benefits the least from a domestic recovery
Relatively less exposed to the domestic discretionary auto demand cycle
MACQUARIE CAPITAL Says
Don't Expect A Big Earnings Surprise In September Quarter.
Block deal of 74.6Lk share: NMDC down
HDFCBank cuts MCLR by 5 basis points across select tenures
SEPC LIMITED
• Received an Investment Grade credit rating of IVR BBB-/Stable from Infomerics.
• Rating applies to total banking facilities amounting to ₹882.50 Cr.

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