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Following days of rally in the market, benchmarks have taken a pause on Wednesday morning. The Sensex and Nifty are trading flat, with the latter managing to hold 11,700-mark. The Bank Nifty is trading flat, but PSU bank index is higher by around half a percent. Weakness in IT and FMCG is being offset by metals and pharma. Midcaps have had a strong start, outperforming the benchmarks. The Nifty Midcap index is up almost a percent. Among shares, State Bank of India is up almost a percent on the back of its plan to sell stake in NSE. Meanwhile, Jet Airways is up over a percent after it received 300 million dollar liquidity support from banks. The Sensex is up 0.55 points or 0.00% at 38897.18, while the Nifty is down 6.00 points or 0.05% at 11732.50. The market breadth is positive as 1,046 shares advanced, against a decline of 626 shares, while 98 shares were unchanged.
THE BENCHMARK INDICES SETTLED AT THEIR RECORD CLOSING HIGHS ON TUESDAY TAKING POSITIVE CUES FROM GLOBAL MARKETS AFTER THE UNITED STATES AND MEXICO AGREED TO OVERHAUL THE NORTH AMERICAN FREE TRADE AGREEMENT. THE S&P BSE SENSEX SETTLED AT A FRESH RECORD CLOSING HIGH OF 38,897, UP 203 POINTS, WHILE THE BROADER NIFTY 50 INDEX CLOSED AT A NEW HIGH OF 11,739, UP 47 POINTS. IN INTRA-DAY DEALS, THE S&P BSE SENSEX HIT A NEW ALL-TIME HIGH OF 38938.91. THE NIFTY50 INDEX, ON THE OTHER HAND, TOUCHED ITS RECORD HIGH LEVEL OF 11,760.20. AMONG INDIVIDUAL STOCKS, MARKET HEAVYWEIGHT RELIANCE INDUSTRIES (RIL) SETTLED A NEW ALL-TIME HIGH OF RS 1,323, UP 2.4 PER CENT.
Buy Balkrishna Ind Future Above 1412 Target 1425-1440 With Stop Loss 1398
Sell Canfin Homes Below 317 Target 314-310 With Stop Loss 321
Equity benchmark indices remained in the positive territory amid positive global clue. The Nifty managed to hold the 11,700-mark and was up 32 points, while Sensex was trading up 167 points at 38,853. On the sectoral front, metal, IT, and auto stocks gained, while consumer durables, PSU, realty and infrastructure succumbed to selling pressure.
After opening at fresh record highs, equities have erased some of their gains on the back of selling in banks. The Bank Nifty is down one-third of a percent. Weakness in midcaps, too, has weighed on the indices. The Nifty is now trading just above 11,700-mark. Other sectoral gainers include pharmaceuticals, IT and energy names. Among stocks, shares of Jet Airways rose 3 percent, even as the airline reported a loss of Rs 1,300 crore for the June quarter. Meanwhile, RIL has hit another milestone, touching Rs 1,300 apiece. The Sensex is up 80.75 points or 0.21% at 38774.86, while the Nifty is up 24.00 points or 0.21% at 11716.00. The market breadth is narrow as 913 shares advanced, against a decline of 909 shares, while 108 shares were unchanged.
BUY AJANTA PHARMA FUTURE ABOVE 1250 TARGET 1265 WITH SL 1235
TOTAL 7 LOTS
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BENCHMARK INDICES ENDED AT ALL-TIME CLOSING HIGH ON MONDAY, THE NINTH TIME THIS MONTH, FOLLOWING POSITIVE GLOBAL CUES AND BOOSTED BY GAINS IN BANK STOCKS INCLUDING ICICI BANK AND SBI. THE AUGUST SERIES FUTURES AND OPTIONS EXPIRY ON THURSDAY MAY LEAD TO SOME VOLATILITY IN THE MARKET. THE S&P BSE SENSEX ENDED THE DAY AT AN ALL-TIME CLOSING HIGH OF 38,694, UP 442 POINTS WHILE THE BROADER NIFTY50 INDEX SETTLED AT A NEW CLOSING HIGH OF 11,691, UP 135 POINTS. IN INTRADAY DEALS, THE BROADER NIFTY50 INDEX CLIMBED OVER 1.5 PER CENT TO HIT 11,700 FOR THE FIRST TIME EVER, WHILE THE S&P BSE SENSEX ALSO HIT A RECORD, RISING OVER 1 PER CENT TO 38,736.88.
BUY SIEMENS FUTURE ABOVE 1031 TARGET 1040-1050 WITH SL 1018
BUY UBL FUTURE ABOVE 1390 TARGET 1400-1412 WITH SL 1378
After 4 consecutive wins Nifty future closes last day of the week on negative note mainly due to sell off in banks, IT and auto. Nifty future closed today with a loss of 22.45 at 11572.95 and Bank Nifty future was down by 187.05 points at 27912.00. Rupee was once again open above 70 levels and at the time of equity market closing it were around 70.06 levels.
Among stocks, Vedanta, ONGC and Grasim were the top gainers, while Yes Bank, Adani Ports, and Titan emerged as the top losers today.
China and USA officials ended two days of talks on Thursday with no major breakthrough as their trade war escalated with activation of another tariffs on $16 billion worth of each country’s good.
Technical view of market movement for next week is expected to be sideways with major support of Nifty future is 11500-11390 and Resistance for the same is 11640-11780. On Thursday Nifty future has formed hanging man candlestick pattern which is bearish in nature but in confirmation of negative pattern Nifty future on Friday formed doji candlestick pattern which shows indecisiveness of market as bulls and bears are participating equally.
If we talk about Bank Nifty future it was trading in a range of 27825-28390 from 6th of Aug 2018. We may see directional movement in Bank Nifty future if it gives breakout of above resistance level but in downside it has support at the level of 27660 and 27390 which bares Bank Nifty future to move downside. 27825 is crucial support level for Bank Nifty future and if it doesn’t break then we may see buying from current levels.
From the above evidence we believe that market will trade in sideways movement and buying around support level and selling on high strategy to be follow.
|BANK NIFTY FUTURE||28290.00||28377.60||27861.25||27908.80|
Extended selling pressure on pharmaceuticals, FMCG and banking names has turned the market negative, with the Sensex trading lower by 100 points, while the Nifty still continued to hold 11,550. The Sensex is down 90.52 points or 0.24% at 38246.24, and the Nifty down 27.30 points or 0.24% at 11555.50. The market breadth is negative as 1024 shares advanced, against a decline of 1,322 shares, while 168 shares are unchanged. ONGC, Power Grid, and UPL are the top gainers, while Yes Bank and ICICI Bank are the top losers.
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Equity benchmark indices edged higher in early morning trade, with the Nifty breaching 11,600 mark for the first time. The stock market erased early gains amid weakness in rupee, metal and banking stocks. Sensex was trading at 38,266.35 levels, down 19.40 points, while Nifty was trading at 11,559.65 levels, down 11.25 points. The Nifty Metal index fell over 1.5% led by Vedanta, Jindal Steel and Jindal Stainless Hisa. In line with expectations, microfinance institution CreditAccess Grameen (CAG) made a lukewarm debut on the exchanges today. The scrip listed at Rs385, an 8.77% discount to its issue price of Rs422. The MFI’s stock is currently trading at Rs410.40 down by Rs11.6 or 2.75% from its previous closing of Rs422 on the BSE.
BUY STAR FUT ABOVE 477 TARGET 484 WITH SL 470 TOTAL 7 LOTS
BUY RELCAPITAL FUT ABOVE 448.50 TARGET 453.50 WITH SL 443.50 TOTAL 7 LOTS
Once again Nifty future today open and closed at (10586.55) record high but market was trading in narrow range, Selling has been seen in Reality. Banking, Metal and FMCG and bullish trend had been seen in Pharma, Media and IT shares.
Lot will depends on meeting between US and China to ease trade war in which world is optimism whereas Trump doesn’t believe any major relief from the meeting. Tomorrow market is closed on the occasion of Barka ID.
If we talk about option data, maximum OI is placed at 11600 CALL where investors are looking for resistance and maximum OI in case PUT at 11400 followed by 11500.
We suggest you to trade with caution on Thursday market and take a look at tomorrow’s world market movement which will give investors clue for Thursday market. Stock specific movements will be seen on Thursday market.
WE SUGGEST YOU TO CLOSELY WATCH BBTC AS IT HAS GIVEN ALL IMPORTANT BREAKOUT TODAY ON DAILY CHART, WE EXPECT LOT MORE IN BBTC IN COMING DAYS.
BUY BBTC ABOVE 1680 TARGET 1710-1730 WITH SL 1640
BUY BF INVESTMENT ABOVE 351 TARGET 355-361 WITH SL 345