Nifty 8590 /Sensex 27976/Bank Nifty 18860
13 Advances/ 38 Declines/ 0 Unchanged
Late sell-off, Q1 earnings drag Sensex 119 points, Nifty below 8600.
After a consolidation, equity benchmarks extended losses in late trade session yesterday on profit booking, especially after June quarter earnings.
The 30-share BSE Sensex was down 118.82 points at 27976.52 and the 50-share NSE Nifty dropped 45 points to 8590.65. About 1659 shares declined against 1040 advancing shares on the Bombay Stock Exchange.
Bank Nifty also remained in a negative emotion where it fell 128 points and closed at 18860.
Analysts are of the view that market is in uptrend and any correction is an opportunity to buy and investors can remain stock specific to build their portfolios.
Our recommendations...
We booked full profit in India bulls Housing finance 740CE around 30, it was recommended to buy around 13—14.Lot Size is 800.
We booked part profit in Jubilant Food around 1220—1225. It was recommended to buy above 1190. Lot Size is 500.
We also booked profit in currencies as well, JPYINR was asked to buy around 64.28-64.30 and we booked profit at 64.57.
Key highlights of 26th July 2016
Other income lifts Maruti Q1 profit 23%, revenue misses forecast
Dr Reddy's Q1 disappoints; profit cracks 76%, US sales fall 16%
Philip Capital tells you which telcos may be hit by a higher SUC
NIIT Tech promoters mull strategic sale: Sources
SUUTI sale: ITC, Axis Bank, L&T first up on govt plan to divest
Govt bonds short of the crease, FPIs bid for Rs 7,227 cr
ACC Q2 profit up 81% on operational growth, realisation down 3%
Adani Ports, TCS, Infosys among Forbes super 50 list
Bajaj Finance Q1 profit up 54%; board approves stock split, bonus
Now what to expect next??
Nifty struggled to hold highs of 8600 levels, and finally closed at 8585. For the next rally to continue in Nifty futures has to close and sustain above the level of 8600 mark for two consecutive closes.
Nifty futures has a support at 8520---8480 mark.
Bank nifty too could not sustain 19000 levels, and slipped down to close at 18860. Bank nifty futures has an immediate support at 18830 levels. Below this the next support is present at 18650 levels.
Bank nifty has to give consecutive close and sustain above the levels of 19180 for the further upside rally. If this level is positively breached and sustained then next resistance around 19350--19420 mark.
Traders can trade with levels only. More will update during market hours
Today's Top Pick
Today... we have to remain cautious about Bank Nifty. A steep fall could expect in the market as most of the stocks are unable to breach their resistance level.
We will keep an eye on ICICI Bank and Axis Bank.
Break and close below 259 will take ICICI Bank to 248---244 mark. Hurdle at 272.
Axis Bank... Hurdle at 580. On rise sell it around 560---565 mark. We will expect sharp downside fall till 532---528 and then to 510 mark.
Be cautious in PNB and SBI too at upper levels. Any positive indication will see in Banking stocks then we will update.
Trade safely with strict stop loss.
More will update soon!!
