Nifty 8219/Sensex 26812 /Bank Nifty 17619
14 Advances/37 Declines/Unchanged 0
Sensex, Nifty take breather; banks & infra drag, textile stocks shine.
Market remained from flat to weak yesterday, as nifty saw small bouts of profit booking and consolidation. Banks, infra, healthcare and select IT stocks lost momentum while textile shares hogged the limelight.
The 30-share BSE Sensex fell 54.14 points to 26812.78 and the 50-share NSE Nifty declined 18.60 points to 8219.90 while the BSE Midcap and Small cap indices outperformed, up 0.12 percent & 0.36 percent, respectively.
Bank nifty fell 99 points and closed at 17619 remaining in correction for most of the trading period.
Analysts believe the market to be range bound where 8300 is the major hurdle and 8080 is the major support for Nifty. It can remain in range till the Britain's referendum on June 23 that will decide whether UK to stay in European Union or leave. According to them, global markets already priced in the easing of Brexit concerns but there can be further rally if Britain remains in 28-member union.
Key highlights of 22nd June 2016
SEBI begins probe against CARE, CRISIL on rating suspension:Srcs
Higher customer base to boost growth 7-8%: Mahanagar Gas
Brexit vote countdown could outweigh Yellen
Mandhana slumps another 20%, in process of demerging retail biz
Nomura cautious on ITC cigarette biz growth but sees volume boost in FY17
Hot deals, foreign investors to breathe life into pharma sector
Hindalco up 3%; BoAML retains buy on balance sheet, Novelis product mix
Sights set on winning Rs 1000 cr orders: Supreme Infra
Our recommendations
We booked profit in out BTST call Jet airways at 595, it was recommended to buy around 580—585.
In KPIT we booked part profit around 196,it was recommended to buy at 190—191.
Our subscribers are holding long in many other recommendations and we will be booking profit very soon.
Till then keep trading with our levels.
Now what to expect today?
Nifty futures is trading in a range between because all eye on the BRXIT event which is scheduled on 23rd June. Although the trend is still positive for Nifty futures and should continue its upward trend after the event.
Nifty Futures have immediate resistance at 8265, and a move above it will make it test its next hurdle of 8280---8320 level else it could test the immediate support level of 8180. If it breach 8180 then it could test its major support at 8180---8080 level again. Trades remain Jerky... So trade safely with levels only.
Bank Nifty futures has a strong hurdle at 17900--18000 level, and only a daily close above this level will bring back the positive rally in this index.
Support is intact at 17470—17340. Below the level of 17340 we can expect correction to come test its next support at 17170 level.
More will update during market hours
Today's Top Pick
Yesterday we have seen slightly panic in HDFC and yesterday's low is crucial.
HDFC Bank (Cash)... Below 1160. We will see sharp downside panic till 1145----1130. Hurdle at 1176.
More will update soon!!
