Nifty PSU Bank index lone loser among sectoral indices

While other sectoral indices were gaining on NSE in Monday’s morning trade, the Nifty PSU Bank index was trading in the negative territory, with shares of IDBI Bank (down 1.42 %), Bank of Baroda (down 0.74%) and State Bank of India (down 0.61 %) in red.

However, other components in the index, including Andhra Bank(up 0.81 %), Oriental Bank of Commerce (up 0.51%), Punjab National Bank(up 0.50%) and Canara Bank(up 0.43 %) were trading in positive.
The Nifty PSU Bank index was trading 14 points down at 3,279 around 10.35 am (IST).Among the sectoral gainers, Nifty Realty index led, followed by Nifty Metal and auto indices.
In the Nifty 50 index, Cipla (up 5.92%), Adani Ports (up 3.14 %), Tata Steel (up 2.98 %), Eicher Motors (up 2.81%), HDFC (up 2.78%),Vedanta(up 2.38%) and Hindalco (up 2.29%) were gaining over 2 %.
However,BPCL(down2.51%),Bosch(down1.87%),DrReddy’s Laboratories(down 0.92%) and Larsen & Toubro (down 0.51%) were trading in red.
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OPENING BUZZ

NIFTY FUTURE UP 42.25 @ 9783.30
BANKNIFTY FUTURE UP 71.55 @ 24157.15
SENSEX UP 85.93 @ 31299.52
INR @ 63.97

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Nearly 70 stocks hit fresh 52-week low today

Nearly 70 stocks, including 3i Infotech, Aarvee Denims & Exports, Ajanta Pharma, Dr. Reddy’s Laboratories, Energy Development Company, GTPL Hathway, Housing Development and Infrastructure, JBF Industries , Jindal Photo, Lupin, NDTV, OnMobile Global, Sun Pharmaceutical Industries and Tata Motors hit their fresh 52-week low on NSE in Wednesday’s trade.

nifty-market

However, V2 Retail, Edelweiss Financial Services, Sunteck Realty, Indraprastha Gas, PC Jeweller, Reliance Capital, Mahanagar Gas, Vedanta, Jubilant Food, Landmark Prop, Oil India, JSW Steel, Birla Corporation, Emkay Global and Eastern Silk were among the 17 stocks that hit fresh 52-week high today.

Sustained selling in bank, pharma, FMCG and auto stocks kept the bourses in the negative zone.
Select metal and PSU bank stocks were gaining in the trade.

In the Nifty Metal pack, Tata Steel (down 0.63 %), APL Apollo Tubes (down 0.43 %), JSW Steel (down 0.41 %), Ratnamani Metals & Tubes (down 0.40 %) and Coal India (down 0.29 %) were trading in red.

Hindalco Industries (up 2.53 %), Indian Oil Corporation (up 2.15 %), Vedanta (up 2.02 %), NTPC (up 1.90%) and State Bank of India(up 0.91 %) were topping the Nifty chart.

Benchmark Nifty50 index was 19 points down at 9,960, while the 30-share Sensex was 101 points down at 31,913.

In the Nifty50 pack, 21 stocks were trading in green, while 30 stocks were in red.

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MARKET MAGNIFY:- COMING WEEK MARKET OVER VIEW

output_HQKCu5Looking at the daily chart, the Nifty has closed below the ‘5 SMA’ along with the negative crossover in MACD.

This is an indication that the index might undergo some consolidation phase in near term. Thus, short term traders should focus on stock-specific moves and trade with proper risk management.

Major Resistance for spot nifty is 10090 and 10210, where support is 9940 and 9820.

Major Support for bank nifty future 24600 and 24100 which is very crucial, where resistance is at 25150 and 25550

Next week bullish movement could be seen in Repco Homes, Jubl Food and Gujrat Flouro.

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Dalal Street week ahead: Risk-reward is bad IT, pharma stocks may do well

asMuch as was expected in our previous weekly note, the domestic equity market witnessed a significant amount of volatility during the week gone by.

Still, the benchmark Nifty50 continued to post modest gains and ended the week with net gains of 51.90 points, or 0.52 per cent on a weekly basis. We still maintain and reiterate that the 10,114 and 10,150 levels will be very critical for the index. Unless these levels are breached significantly on the upside, sustainable upward moves will not be seen.

The 10,150 and 10,230 levels will act as immediate support for the Nifty50 during the forthcoming week. Supports will come in at 9,960 and 9,850 levels.

The Relative Strength Index or RSI on the weekly chart stands at 79.7787 and it has marked a fresh 14-period high. However, we cannot ignore the fact that this indicator remains in a seriously overbought territory. The weekly MACD remains bullish even as it trades above the signal line. No significant formation was observed on candle charts.

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Equity Cash Call & FOLLOWUP Update

stock

CLOSING BUZZ

NIFTY FUTURE UP 68.05 @ 10111.05
BANK NIFTY FUTURE UP 150.95 @ 24957.95
SENSEX UP 87.53 @ 32325.41
INR 63.69

 

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