Nifty 8565/Sensex 27915/Bank Nifty 18968
33 Advances/ 18 Declines/ 0 Unchanged
Sensex gains over 100 pts, Nifty ends above 8550; pharma rallies
BHEL, Coal India, GAIL, Cipla and Dr Reddy's Labs were top gainers while Wipro, Axis Bank, Tata Motors, Tata Steel and Maruti Suzuki were losers in the Sensex.
Market looked to again pick up momentum and both Nifty and Sensex looked to gain momentum as now new sector pharma looks to join into the Bullish rally. The market has ended higher on support from pharma, FMCG and energy stocks. The Sensex ended up 128.27 points or 0.5 percent at 27915.89, and the Nifty was up 37.30 points or 0.4 percent at 8565.85. About 1663 shares have advanced, 1039 shares declined, and 173 shares are unchanged.
Bank Nifty gained 63 points and closed at 18968.
Key highlights of 20th July 2016
Monsoon cheer forecast to continue as La Nina kicks in
L&T Infotech to make stock market debut on July 21
Macquarie sees 'huge gap' between PSBs' capital needs and govt infusion
SBI signs JV with Canada's Brookfield for stressed assets fund
Wipro dives 7% on low guidance; analysts cautious on co outlook
ITI Reinsurance may kick off ops in October this year: Sources
Infographic: GST's impact on various sectors decoded
63 Moons Tech slips 18%, EOW seizes company assets in NSEL scam
'Role of rating agencies needs to be probed in Ricoh India'
Indian businesses look to cash in on Pokemon GO rage
Anant Raj zooms 17% after demerger news; Porinju says stock a multibagger
Hyundai, Renault and Toyota among top-selling cars in June 2016
Our recommendations
We booked full profit in our BTST call of Hind Petro around 1100, it was recommended to buy at 1090.
Another BTST proved good, Jsw steel was asked to buy around 1627 and we booked profit in this around 1632—1633.
With the coming up expected rally our clients are holding position at crucial levels and we will be booking profit very soon.
Now what to expect??
Nifty and bank nifty future levels
Nifty futures remained volatile throughout the session but picked up momentum in the last trading hours with help from the positive opening of the European markets.
Nifty futures has an immediate hurdle 8600 levels. Positive momentum could expect on weekly close above the psychological and technical resistance level of 8600.
Above this level we will be slowly moving towards our target of 9100. Remember correction and consolidation will be part of the process.
Support is intact at 8520---8480. Weakness only on close below the level of 8480 can come.
Bank nifty on the other hand followed nifty and rallied from the level of 18860 and closed above 19000 at 19034. Bank nifty futures has an immediate resistance at 19075 level. A move above this level can make it to test 19185 level. A fresh bullish rally will be expected only on close above the level of 19185 levels. A weekly close above this level will give it more confirmation.
Support remains intact at 18850. Below this level bank nifty can test 18700---18600 mark.
Traders can trade with levels only. More levels will update during market hours
Today's Top Pick
Yesterday we have seen gain of more than 3% in Coal India and we will expect that this rally remain continue in today's trading session too.
Above 330.. we will see more upside rally till 336---340+ mark in days to come.
Support at 324.
More will update soon!!
