Nifty 8541/Sensex 27803/Bank Nifty 18674
32 Advances/ 18 Declines/ 1 Unchanged
Tata Motors, HDFC, L&T, Cipla and Lupin were top gainers while Bajaj Auto, SBI, HUL, Sun Pharma and Wipro among Top Losers.
The market ended higher but the Nifty was below 8550. The 50-share was up 31.10 points or 0.4 percent at 8541.20. The Sensex is up 92.72 points or 0.3 percent at 27803.24. About 1490 shares have advanced, 1187 shares declined, and 190 shares are unchanged.
Bank nifty too gained and closed at 18690.40
Analysts are still positive and have been following and advising on the same strategy of buying on dips in this raging bull run and it is believed that the best of market is yet to come.
Key highlights of 21h July 2016
FPIs pump in $2 bn in July on GST traction, earnings outlook
NSE revamps board; appoints Mohandas Pai, 2 others as directors
Vedanta sweetens Cairn merger, revises terms
FIPB to consider 12 foreign investment proposals on August 2
IOC in talks to buy GSPC's stake in Mundra LNG terminal
Essar Power may sell gas-based plants in Gujarat to pare debt
Q1 earnings to remain in focus; mkts to see volatility: Experts
Digvijay Singh taken aback after seeing his name in BPL list
Over 40% allottees returned DDA flats: Government
Our Recommendation proved great in this volatile market.
Part profit was booked in PFC 220 CE around 2.30—3.00. It was asked to buy around 1.50.
Part profit was booked in Vedanta (Cash) at 172, it was asked to buy above 163.
Another part profit was booked in Amar Raja batteries around 904,it was asked to buy around 894—892.
Now what to expect today??
Nifty futures has immediate resistance at 8565, a move above this levels will take it to 8595--8605 level.
There is a strong resistance at the levels of 8605, so it would require nifty futures to give consecutive daily and a weekly close above this level for a fresh bullish rally. Our long term target is intact at 9100 levels.
Nifty futures has a support at 8530—8480. Weakness can be expected below this level only.
Bank nifty on the other hand has an immediate resistance of 18770, a move and sustain above this level can make bank nifty to test 19080—19180 levels.
Support is intact at 18630—18580 levels. It this support is broken then it can show weakness up to the levels of 18380—18250 levels.
Today's Top Pick
BHEL... last week we have seen up and down in this stock after positive break out rally.
It has support at 138---130 and resistance at 146. Looks positive and could test its resistance level of 146.
Three consecutive closes + weekly close above 146 will see sharp upside rally in it.
Traders can buy and accumulate BHEL in panic around 138---135 with stop loss below 130 for the initial upside target of 146
More will update soon!!
