Traders’ Diary: Nifty may extend gains till 11,750 level
Nifty could continue the momentum towards its 20-day EMA, which is placed at 11,700. “Followup gains above this level should ensure continuation of this bounce towards the hourly 200-SMA and the recent gap area between 11,770 and 11,800 levels. The lower time frame charts indicated a shift in the immediate support to 11,530 level- Ruchit Jain, Angel Broking
A failure to take out this resistance may lead to profit booking and drag Nifty lower to 11,610, 11,570 levels. On the flip side, a sustained trade above 11,690 will extend the rally to 11,730 and 11,780, levels
ETMarkets Evening Podcast: Will D-Street sustain this rally?
Nifty formed a Bullish Candle on daily scale, as buying interest emerged at lower levels, and managed to close above the crucial hurdle at 11,650. As long as it holds above 11,600, Nifty could extend the gains towards 11,720 and then 11,750 levels, while on the downside supports were seen at 11,550 and then 11,500 levels
Indian market saw a broad-based rally in line with positive sentiments across Asian markets today. Benchmark indices were boosted by buying interest in FMCG companies, Tata Motors, NTPC along with consecutive second day of healthy gains in Sun Pharmaceuticals. Apart from the cues from the on-going quarterly results season, the markets would be influenced by the all important retail sales data expected to be released in US which is important given the rising expectations of a rate cut by Federal Reserves in the its forthcoming review meeting
Nifty managed to close above strong hurdle of 11,650 zone, suggesting short-covering moves towards 11,710-11,755. Holding above support of 11,600 may extend this rally further. Nifty Bank closed at 30,571 forming Doji candle pattern on the daily chart. Nifty Bank has good support near 30,400-30,200 zone and resistance is coming near 30,800-31,000 zone
A slew of positive vibes from heavyweights ahead of earnings and lower domestic yield supported the market while profit booking on IT stocks and weak rupee limited gains. Earnings will be the major catalyst where investors are keen to get cues from Q1FY20 results and guidance. Sharp fall in domestic 10-year yield to 6.34% and accommodative stance by the RBI provide a hope for further monetary easing
We expect the market to remain choppy in the near term in the backdrop of weak domestic sentiment given the on-going economic slowdown. The monsoon has shown considerable improvement over the past 1-2 weeks, which is a positive for Indian economy. However, the progress of monsoon would be actively tracked by traders and investors. Further, earnings announcement by companies is likely to lead to stock specific volatility. On the global front, ongoing geopolitical tensions between US-Iran could have a bearing on Indian market as crude prices have inched higher in the recent past and is likely to keep the market participants on edge
CLOSING BELL: Sensex jumps 234 pts, Nifty back above 11,650; YES Bank, TaMo rally up to 14%
Where do you see Nifty by December-end?
We are constructive on the markets from a one-year perspective. The way we are seeing budgets and policy announcement so far, we like the whole idea about trying to get the investment cycle going
Moody's affirms ONGC's Baa1 ratings
Federal Bank Q1 profit jumps 46% YoY to Rs 384 crore
Net interest income (NII) for the quarter rose 17.8 per cent to Rs 1,154 crore compared with Rs 980 crore in the year-ago quarter.
The bank made provisions worth Rs 192 crore in the June quarter compared with Rs 177 crore in March quarter.
Sebi fines GKS Properties Rs 5 lakh for fraudulent trade
Hotel Leela shares trade flat
Tata Steel jumps 2% as investors shrug off Citi's concerns
The brokerage said it has opened a 30-day 'negative' catalyst watch on the steel maker. Tata Steel has indicated that liquidity issues in India have impacted demand, it said.
Citi said it has maintained its ‘sell’ rating on the scrip with a target of Rs 435, owing to weak steel price and China worries.
Top 10 NSE gainers in afternoon session
Positive correlation between VIX and Nifty
FII shift from equity to debt
Wide diversity in performance within Nifty
Nifty PE ahead of earnings projection
YES Bank back above Rs 100/share after 7 trading sessions
Just In: HDFC Bank to delist GDRs from Luxembourg SE
DHFL shares bounce back; jump 6%
Some of the niche midcap IT companies could possibly have relatively better performance to talk about though on a smaller scale, but the margins could be slightly better off compared to the larger companies going forward.
Tata Metaliks hits near 2.5 year low as profit drops
- Shares of Tata Metaliks fell as much as 6.8 per cent to Rs 541.8, their lowest since March 2017.
- The pig iron manufacturer posted a nearly 35 per cent fall in June-quarter consolidated profit on Monday as a 10 per cent rise in raw material cost drove expenses higher.
- The stock is on track for its third straight session of loss.
Top 10 NSE losers at around 11 am
On Monday, sources had told ET NOW that the bank has received Rs 850 million term sheet offer over the weekend from a consortium of four PE firms. According to the report, the consortium leader was to pick a 10 per cent stake in the bank, while the rest together were looking to pick another 10 per cent.
In a clarification issued on BSE, the bank said it, in the ordinary course of business, continues to explore various means of raising funds through the issuance of securities to a diverse set of investors, in order to meet its business regulatory requirements.
The bank said it is not aware of the source and that it would not like to comment on speculation.
As we are going to navigate this phase of slowdown, there are very few pockets to hide. Some of the corporate lenders, cement and some of the domestic oriented construction companies, select pharma are the areas that one can really hide in the current environment when things are not looking too great.
ICICI Bank | Target Price: Rs 470
Kotak Mahindra Bank | Target Price: Rs 1,650
Sanofi India | Target Price: Rs 6,535
Syngene International | Target Price: Rs 358
ITC | Target Price: Rs 350
SBI Life Insurance | Target Price: Rs 850
Voltas | Target Price: Rs 709
Aditya Birla Fashion & Retail | Target Price: Rs 301
Suzlon Energy tumbles 6% on concerns over looming default
Ashok Leyland slips 3% as plant shut for 9 days
It added that the company’s plans to remain solvent by selling assets were not fully disclosed in such reports.
“Some media have used select portions of our statement and created panic/ confusion especially regarding the statement on the going concern,” said DHFL in a statement. “We urge that the statement be read in entirety, so that the news is factual and not sensationalised.”
Today, USDINR pair is expected to quote in the range of 68.30 and 68.90
RCom, ICICI Bank, DHFL among most active stocks
OPENING BELL: Sensex, Nifty flat; VIX eases 7%; DHFL tanks 5%, Greaves Cotton jumps 4%
10-year bond yield lowest in nearly 2 years
Pre-open session: Sensex jumps 200 points, Nifty tests 11,600
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Day's events ahead
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