Nifty 8624/Sensex 28005/Bank Nifty 19031
24 Advances /27 Declines/ 0 Unchanged
Nifty dips for 2nd day, Sensex manages to hold 28k; Midcap rises, IT & FMCG drag.
The broader markets outperformed benchmarks on consistent inflow of foreign money and partially supported by positive breadth. About 1455 shares advanced against 1258 declining shares on the BSE.
Equity benchmarks remained lackluster for the second consecutive session Wednesday and closed lower amid mixed global cues as investors maintained cautious stance ahead of the minutes of the US Federal Reserve's latest policy meeting later today. Lack of domestic cues also caused the listless trade.
It was the second consecutive day that the nifty remained week, although bank nifty remained strong.
The 30-share BSE Sensex was down 59.24 points at 28005.37 and the 50-share NSE Nifty fell 18.50 points to 8624.05.
Bank nifty on the contrary gained 40 points and closed at 19031.
Key highlights of 17 August, 2016.
Two Fed rate hikes 'conceivable' in 2016, Sept in play: Lockhart
Analysts bet on aviation despite weak Q1; InterGlobe, Jet up
Tree House board approves Zee Learn revised merger, ratio at 1:1
Dish TV, Videocon D2H in final stages of merger deal: Sources
Need to raise farm sector's credit absorption capacity: Mundra
Hope for double-digit revenue run rate by Q4FY17: Just Dial
Cisco Systems to lay off about 14,000 employees: Report
FinMin rejects Road Min's 'green fund' initiative for highways
Gold treads water on US Fed rate views; awaits July minutes.
Skoda Octavia recalled in India to fix faulty child locks.
Our Recommendations
We booked part profit in Sintex 73.7 CE around 1.50--2.00. It was told to buy around 1.00.
Full Profit was booked In Coal India 340 CE around 11--12, it was recommended to buy around 5.50--5.00.
Our Jubilant life sciences investment recommendation was 13 % up today, we recommended buying around 360. It made a high of 445 today.
Our favorite, Tata steel flared and we booked part profit at 387.90, it was recommended to buy at 344.
We booked another part profit in Coal India around 349, it was recommended to buy above 340.
We are minting money daily... Are you???
Now what to expect today??
Nifty future has support at 8580---8550 and resistance at 8700---8760. Weekly close below 8550 will take to 8400---8300 mark in days to come else it could test its resistance level of 8700---8760 again.
8800 act as major hurdle and we will expect further major upside rally only weekly close above 8800 mark.
On the other hand, Bank Nifty has immediate resistance at 19200, bank nifty must close above this level for the next up move else it could test its support level of 19000 and then to 18700---18600 mark again.
Both are trading in a very tight range. So trade safely with levels only.
Today's Top Pick
ONGC... Hurdle and Target looks 244----250 as ONGC moved up sharply above 230 mark.
ONGC is forming Head and Shoulder pattern on daily chart. Weekly close above 250 will see sharp upside rally in it.
Head and Shoulder pattern target looks 280---310+ mark in days to come.
Support and Stop loss 220.
