Nifty 8508/Sensex 27746/Bank Nifty 18923
17 Advances/ 34 Declines/ 0 Unchanged
Profit booking drives Sensex lower, Nifty manages to hold 8500
GST still faces troubles
Equity benchmarks wiped out all gains in last hour of trade with the Nifty falling below 8500 level intraday Monday after showing a 2.6 percent rally in previous week.
However, the market started off trade on a positive note following Reliance's Q1 results and firm Asian peers. Oil, infra, telecom and select banking & financials dragged the market.
The 30-share BSE Sensex fell 89.84 points to 27746.66 and the 50-share NSE Nifty declined 32.70 points to 8508.70.
Analysts believe that after the strong rally of close to 3% , market can go in a small consolidation phase. The upcoming company events and GST will further decide the direction of market. 8500 remains a crucial support level and below this level we can expect weakness and correction for some time.
Key highlights of 18h July 2016
ED probe suffers a setback as Jignesh Shah seeks bail
HUL Q1 net up 10%, revenue below estimates; volume growth at 4%
Big-ticket deals to see a spurt on strong macros: Grant Thornton
Current position of rupee is pretty reasonable: Raghuram Rajan
Wipro Q1 $ revenue seen up 2%, may guide 1.5-3.5% growth in Q2
JSW Energy to buy Jaiprakash Power's Bina plant for Rs 2700 cr
Inflation hits rural India more than urban folks: Crisil
Idea cuts data rates by up to 67%; Fitch negative on sector
A digital India to give financiers a $600 bn facelift
Mindtree Q1 profit misses estimates, tanks 7%; revenue in line
Q1 lifts RIL; analysts say downstream expansion, Jio launch key
We booked full profit in Apollo tyres around 161,it was recommended to buy at 160 and we will be waiting for fresh entry in this.
Also booked part profit in Ceat futures, It was recommended to buy above 881,and we booked part profit around 891—894.
Now what to do next??
Nifty And Bank Nifty future levels.
Nifty took resistance from 8605 levels and came down yesterday. Now 8605 has become a strong hurdle level for Nifty futures and it would require to close and sustain above 8605 for next rally.
Since correction was pending and it can come now, Nifty futures has major support at 8480 levels now. If nifty goes below this level then there are chances that it can test its next support at 8420—8360 levels.
Bank nifty on the other hand could not sustain and slipped form 19180 levels. This level of 19180 would become a hurdle for bank Nifty to cross.
As some correction is expected Bank Nifty futures can test its next support of 18770 levels, below this it can test its next support of 18490. Break or sustain of this level will decide the further direction of Bank nifty
Just following our levels and keep minting money
Today's Top Pick
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