Nifty 8201/Sensex 26777/Bank Nifty 17671
33 Advances/18 Declines/0 Unchanged
“Sensex falls 100 pts, Nifty breaks 8200; PSU Bank up 2%”
“S&P BSE Healthcare, S&P BSE Consumer Durable, S&P Oil & Gas, S&P BSE Tech among Dragging Sectors and S&P Small Cap, S&P BSE Auto, S&P BSE Capital Goods among gaining Sectors.”
Nifty 50 traded on expected note as consolidation was the theme of the day as Nifty has previously given a strong bull rally and hence it opened on a hawkish note as investors were trading with caution among RBI policy meet ahead on Tuesday and traded with weakness as it opened at 8229 and made low of 8186 before closing at 8201 and was able to hold 8200 on closing basis and therefore shredded 19.75 points or decrease of 0.24% to the index.
Key highlights of 6th June 2016
• Nifty ends at 8201, Sensex in red ahead of RBI policy; SBI up 1%.
• Back in the black, Suzlon eyes 40% market share this year .
• Ujjivan slides 9%; are anchor investors cashing out after rally?
• RBI to hold rates tomorrow, 'final' cut in August: BofA-ML
• Brexit woes drag sterling to 3-week low, volatility jumps.
• Delisting of suspended cos: BSE sends notices to 509 firms .
• Will cut oil import dependency by 10% in 5-6 years: Pradhan.
• NBCC secures Rs 1,900 crore business in May.
• Government to soon clear merger of SBI & associates: FM
• Rains to damp agflation, support Aug 9 RBI rate cut: BofA ML.
• Expect 14% Sensex earnings growth for FY17: Citi .
• Bharat Forge down 2% on sharp fall in North America order inflow.
• Commercial vehicle market share up at 12% on strong demand: Eicher.
Our BTST call To Buy Godrej Industries (Fut) around 359 proved great as Godrej industries made high of 368.50 before settling at 363.50 on closing. We booked part profit around 365.
Else no charm seeing in it...
Our calls proved fruitful even in sluggish move.
“Hope you all minted money” Just trade with level and you will mint money.
Now what to expect today?
Nifty futures settled at 8227. It is showing near term crucial resistance at 8280 and support at 8180. Still looks positive and could test its resistance level of 8280. Two consecutive closes above 8280 will see more upside move till 8400---8500+ mark in days to come else it could test its support level of 8180 again.
Close below 8180 will take to 8120---8020 and then to 8000 mark.
Remember... Above 8000. Target intact 9100----9200+ mark in coming weeks.
Today's Top Pick
Bharti Airtel... Panic continues in this stock after launch of Reliance Jio 4g net. Analyst expect that this may hit sales of Bharti Airtel.
Last hope is 340. If breach and sustain below 340 with volume then we will see sharp downside panic in it.
If breach 340 then exit from this stock from long side. We will buy again on reversal or above 370 mark.
Let see... it will breach 340 or take U-turn.
Technically... Support at 340 and resistance at 370. Break and close below 340 will see free fall till 280---250 mark in days to come. Looks weak on charts.
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