Update on Nifty levels, Bank Nifty levels and Derivative Outlook of the day 8th Nov 2017
Nifty 10350 /Sensex 33685/ Bank Nifty 25300
13 Advances / 37 Declines/ 0 Unchanged
Benchmarks end dismal session with a percent cut
Tuesday turned out to be a dismal day of trade for Indian equity benchmarks, where key gauges went home with a cut of around a percent, breaching their crucial 33,400 (Sensex) and 10,400 (Nifty) levels. After making an optimistic start, markets failed to hold momentum and entered into red terrain with traders shifting focus on corporate earnings and developments related to PSUs. Sentiments remained dampened with oil prices hitting their highest since July 2015 on Monday as Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown. Traders also remained concerned with a foreign brokerage which reported that a year after the Indian government scrapped high denomination currency notes, a wide range of indicators suggest the economy is still coming to terms with the move. The report highlighted that while the initial scenes of long queues of people exchanging notes disappeared within a month or so, the shock measure left a rather lasting impact on informal economic activities, bank deposits and digital transactions. It added that in an economy where 90 percent of employment and over 50 percent of Gross Domestic Product (GDP) is derived from informal activities, this is bound to be a highly disruptive process.
Markets extended its southward journey in second half of the trade to end near intraday lows. Traders failed to get any sense of relief with Finance Minister Arun Jaitley’s statement that excessive cash in the economy has 'its own cost' and India is gradually moving towards digital transactions. Investors paid no heed to the BMI Research’s latest report that the ongoing economic reforms and improvements to the business environment will continue to support India's economic growth over the coming years, and they expect the country to be one of the best performing emerging market economies, with real GDP growth set to average 6.5 percent over the next five fiscal years.
Weakness in European counters too dampened sentiments, while sluggishness in the euro boosted the export-oriented DAX to a new record high. A survey showed that British retail spending fell last month at the fastest pace for any October since 2008 as consumers curbed purchases of non-food goods in the face of rising inflation. Asian markets ended mostly in green, boosted by rallying oil prices and corporate deal-making news.
Back home, IT stocks remained on buyers’ radar in today’s trade, on account of weak rupee. Engineering sector stocks remained buzzing on report that Indian engineering exports are benefiting from an impressive turnaround in demand in most of the developed economies, including the US and Europe. Cement stocks remained on buyers’ radar, as some of the Cement major increased prices. However, the oil marketing companies (OMCs) edged lower despite the international crude oil prices edging down on Tuesday after posting the biggest gains in six weeks a day earlier. Shares of aviation companies like Jet Airways, SpiceJet, and InterGlobe Aviation edged lower on back of surge in crude oil prices on a global scale.
FII’s Activity 7th-Nov-17
The FIIs as per Tuesday’s data were net buyers in equity segment, while they were net sellers in debt segment, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 5141.15 crore against gross selling of Rs 4403.05 crore. Thus, FIIs stood as net buyers of Rs 738.10 crore in equities.
In the debt segment, the gross purchase was of Rs 782.70 crore with gross sales of Rs 1332.75 crore. Thus, FIIs stood as net sellers of Rs 550.05 crore in debt.
Now what to expect ??
Nifty Levels
Below 10350 will see more downside panic till 10280---10250 mark else it could test its resistance level of 10550 again.
Trade within a range
Bank Nifty
Below 25350 will see more downside panic till 25200 and then to 25000---24900 mark else it could test its resistance level of 25700 again.
Trade with in a range only
Daily Derivative Outlook 08th Nov 2017
• Nifty (Oct) futures closed at a Premium of 59.90 points versus a premium of 37.75 points.
• Call writing was seen at Nifty 10500 strike and Maximum Put buying was seen at Nifty 10000 strikes.
• Maximum positions are at 10400 CE and 10000 PE.
• OFSS (34%), LUPIN(33%), NBCC (16.10%), ARVIND(15%) and MUTHOOTHFIN(13.9%) were the top gainers in terms of open interest.
• CASTROL (-11.05%), DCBBANK(-10.90%), INFRATEL(-10.30%), BALKRISHND(-10.3%) and JUSTDIAL(-9.1%) were the top losers in terms of open interest.
Corporate Action
TVS Motor Company Limited-Interim Dividend - Rs 2/- Per Share (Purpose Revised)
Godrej Consumer Products Limited-Interim Dividend - Re 1/- Per Share (Purpose Revised)
Result Today
Bharat Forge Limited
Voltas Limited
Shree Cements Limited
United Breweries Limited
Oriental Bank of Commerce
Muthoot Finance Limited
Pidilite Industries Limited
Petronet LNG Limited
Mahanagar Gas Limited
IRB Infrastructure Developers Limited
Gujarat State Fertilizers & Chemicals Limited
Chennai Petroleum Corporation Limited
CESC Limited
Balkrishna Industries Limited
Ashok Leyland Limited
Arvind Limited
Bharat Forge Limited
More Will Update Soon!!
