Traders’ Diary: Nifty50 outlook bearish
Sitharaman on State of the Economy
Banks have started acting on the announcements made earlier. Reviewed liquidity movements from banks to NBFCs:… https://t.co/juN7kcWHd5— ETMarkets (@ETMarkets) 1568902913000
ETMarkets Evening Podcast: Bears in full control now. What’s next?
Market is in bad shape and we feel the situation may deteriorate further in the absence of any major positive. The recent fall indicates prevailing uneasiness among the participants, who are hoping for some major announcements from the government to arrest the slowdown signals. Nifty has breached its critical support at 10,750 and likely to test 10,600 in the near future. We advise aligning positions accordingly while focusing on stock selection
Nifty continues on its near term weakness and is threatening to break the large range it has been in for a while. Index has been in a range between 10,650-11,150 and is close to breaking it on the downside. If index manages to decisively breach below the lower end of the range expect further downside pressure for the Nifty. Fresh breakdowns are happening on individual leading stocks which is not a good sign. 10,650 zone is the last hope for the bulls in the near term
Nifty has critical support in 10,602-10,568 range. Hence, even if the said low is breached, the downside initially may get cushioned around these levels with market also approaching oversold levels
Nifty has reached its daily lower Bollinger Band, and is now in expansion mode. This means that the band can permit the price action to extend on the downside. The August low of 10,637 can now provide some support to the index but is likely to break eventually. Traders can continue to hold the short positions and add more once the low breaks
Nifty formed a Bearish Candle on the daily scale and extended the weakness towards the 10,670 mark, as every bounce got sold into. It has been forming lower highs for last four sessions and failed to hold its support at 10,750 level. Now, if it holds below the 10,800 level, it could extend its weakness towards its recent swing low of 10,637 and then towards 10,550- 10,500 zone while on the upside a hurdle is seen in the 10,850 – 10,800 zone
Tax collection at a slower rate is hurting the market to a large extent. There are concerns the government won’t be able to meet the revenue target at this pace. The Credit Suisse report on consumption slump is also bothering investors
Lower tax collection spooked market as FII continued selling in key pivotals dragging down indices. Exposure of many private sector banks towards commercial real estate further accentuated selling in afternoon trade. Investors are getting jittery on PSU names as they keep losing market capitalisation rapidly
Continuous selling by FIIs and uncertainty over future trajectory of Fed rate cut dampened investor sentiment. Slowdown in direct tax collection and rise in oil prices will limit government’s space for stimulus measures which will continue to act as a downside risk to the market
CLOSING BELL: Sensex tanks 470 pts on weak tax collection; Nifty slips below 10,700; YES Bank tumbles 15%
Cost of investing in equity funds quite expensive in India: Jeffrey Ptak
Sensex plunges 500 points; YES Bank drops 12%
Tax collection at a slower rate is hurting the market to a large extent. There are concerns the government won’t be able to meet the revenue target at this pace. Credit Suisse report on consumption slump is also bothering investors
IDBI Bank okays preferential issues to LIC, Govt
All sectors on Nifty in the red; Media worst performer
Consumer durables slip; PC Jeweller tanks 7%
- Most consumer durable stocks were trading lower dragged by losses mainly in Bajaj Electric, PC Jeweller and VIP Clothing.
- BSE Consumer Durables index was trading 0.5 per cent lower intraday. Seven of its 10 constituents were trading in the red and three were trading in the green with marginal gains.
When I take a look at leading indicators as well as forecasts for the economy of important places such as China they are quite frankly not particularly good when you compare it with the prospects for the US. However, the prospects for India are much better than other emerging markets. Based on the relative performance of the emerging markets versus the US, then the US is still a place to be.
FMCG stocks trade lower on CS slowdown bugle; Future Consumer down 3%
- Most of the Fast Moving Consumer Goods (FMCG) stocks were trading lower after Credit Suisse sounded the bugle of slowdown in the sector. BSE FMCG index was trading over 0.3 per cent lower intraday.
- India’s consumer goods industry could post its slowest pace of revenue growth in a decade and a half this financial year, Credit Suisse said, even as category leaders Dabur and Godrej Consumer sounded more optimistic about sales revival in the second half of FY20.
Top 10 NSE losers in afternoon session
We reiterate our view that a move below 10,800 (Nifty) could bring the decisive support of 10,740 under threat. A breach of the same could possibly bring the index back to 10,600 or lower levels.
Silver futures slump Rs 344 per kg on weak global cues
Top 5 NSE gainers
Lupin gets warning letter from USFDA for Mandideep facility
Hero MotoCorp urges govt for phased GST reduction
"I understand that potential adverse impact on government revenue is becoming a constraint (for GST rate cut). While increased sales should take care of that, even if we assume a shortfall in revenue, a resolution can be found if we approach this topic in phases," Hero MotoCorp CFO Niranjan Gupta told PTI. (Source: PTI)
Oil shows chances of a further drop of $2: CK Narayan
Oil shows chances of a further drop of $2 to lower channel of pitchfork https://t.co/PQRaLPj1ar— Dr.C.K.Narayan (@CK_Narayan) 1568869604000
32 stocks hit 52-week lows on NSE
Among the stocks that touched their 52-week lows were Dalmia Bharat, PNB Housing Finance, Corporation Bank, Eveready Industries and LIC Housing Finance
Fiem Industries, IndoStar Capital Finance and Lakshmi Finance & Industrial Corporation also featured among the stocks that touched their 52-week lows on NSE.
ZEEL fall 3% after Chandra barred from selling unpledged shares
A Delhi High Court-appointed arbitrator asked Essel Group chairman Subhash Chandra not to sell his unpledged stake in Zee Entertainment Enterprises (ZEE) till next month in an ongoing dispute with Indiabulls Housing Finance over default in repayment of loans worth Rs 200 crore.
The order exempts ZEE shares already pledged with non-banking finance companies and mutual funds but is likely to complicate matters for these lenders as they seek to recover their money.
Voda Idea surges 16% as Trai mulls deferring zero IUC regime
At around 10.15 am, the scrip was trading up 9.7 per cent at Rs 5.33 on BSE.
Hopes that Trai will defer implementing the zero-IUC regime, which will ensure that the financially struggling telco stands to receive some revenue from interconnect fees in 2020, compared with a scenario of no revenue on this account from January 2020 boosted the stock.
Time to let go of LTCG?
The way its going There is going to be significant carry forward of "Long Term Capital Losses" this year As such e… https://t.co/5cGOd8dKIW— sandip sabharwal (@sandipsabharwal) 1568867459000
With this, the IIFL Group company became the first standalone wealth management company to list in India.
At 10.02 am, the scrip was trading 5 per cent above its listing price at Rs 1,270.50.