Nifty 8638/Sensex 28051/Bank Nifty 18953
24 Advances/ 26 Declines/ 1 Unchanged
“Sensex ends 157 pts down, but bears wary of helicopter money”
L&T Q1 net up 46%; retains FY17 order inflows.
Provisions drag ICICI Bank Q1 profit 25%, net NPAs rise to 3.35%
The Sensex continued to struggle around the 28,000 mark to finish lower on Friday even as benchmark indices gained on the week. The weakness in Indian equities was in line with the subdued mood in Asian markets.
The Sensex closed at 28,051.86, down 156.76 points over its previous close, and the Nifty shed 27.80 points to close at 8,638.50. For the week, the Sensex rose 0.9 percent, and the Nifty by 1.1 percent.
About 1221 shares have advanced, 1462 shares declined, and 209 shares are unchanged.
The subject of intense debate among market players is how long the liquidity-fuelled upswing can continue, given the wide gap between fundamentals and stock valuations.
On the contrary,brokers say bears are wary of going short on the market as more liquidity measures—known in market parlance as helicopter money—could push stock prices higher.
Key highlights of 29th July
Tech shares and muted GDP growth push S&P 500 to record
Automation to replace lakhs of entry, mid-level IT execs: Pai
Govt open to deliberating on merger of oil firms: Pradhan
Funding, policy to keep road & railways projects on track
Advanced Enzyme Tech to list shares on Monday
Motherson Sumi board to meet next week to evaluate fund-raising
DLF's rental arm stake sale by September, may fetch Rs 12,000 cr
FPI inflows in equities hit 4-month high of Rs 12,600 cr in July
Sleepwell parent Sheela Foam files Rs 510-cr.
Our Recommendations
Our Maruti Premium Futures recommendation proved great as we booked full profit in this around 4850, it was asked to buy above 4645.
We booked another part profit in Sun pharma 820 CE around 38—41, It was recommended to buy around 30.
Not only this ,we booked profit in Biocon futures as well around 836, it was asked to buy above 832.
Our clients are hold in our recommendations and we will be booking profit in them very soon.
Now what to expect next??
Nifty Future levels.
Nifty futures has resistance at 8750. It looks positive and could test its resistance level of 8750. Once break and close above 8750 will take to 8820---8850 and then to 9100---9200+ mark in days to come.
Nifty futures has nearest support at 8665 and a move below this level can take nifty futures to 8610 levels where a good support can be expected, but a break of this level can bring weakness and we may again see nifty to 8530---8420 mark
Our Top Pick
This week positive....
Strong rupee
Negative crude
Good mansoon
GST hope.
Nifty support 8665 resistance 8750.
