Nifty 8718/Sensex 28182/Bank Nifty 18939
33 Advances/ 18 Declines/ 0 Unchanged
Market ends at new 52-week high, Nifty above 8700 ahead of RBI policy; Britannia up 9%
“The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7-1 percent due to liquidity.”
Equity benchmarks extended upside for the second consecutive session on Monday, closing at fresh 52-week high on consistent inflow of foreign money, and positive global cues after US payroll data. Overall it was a consolidation today as investors turned cautious ahead of RBI monetary policy.
The 30-share BSE Sensex was up 104.22 points at 28,182.57 and the 50-share NSE Nifty gained 28.20 points at 8,711.35. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7-1 percent due to liquidity.
Bank Nifty remained in consolidation as well and broke a support in the last hour, so we can expect correction in this as well.
Nifty formed a Doji pattern, suggesting that market after opening higher remained undecided of the direction and broke an intraday support as well so next trading day we can expect some weakness.
Key highlights of 8th August 2016
NBFCs doing 'good service' but they're in a bubble: Dipen Sheth
LS to take up GST Bill today, PM may take part in debate
Q2 slippages may be in Rs 2,000-2,500 cr range: Andhra Bank
India defying global slowdown, poised to seize opportunity: FM
Hero Moto Q1 net seen up 16%, margins may improve on price hike
Wockhardt plunges 14% on import alert; Macquarie downgrades
GST may not lead to inflation if tax rate is about 18%: CAIT
Idea Q1 net may slip 23% at Rs 440cr, volume growth seen at 2.7%
Britannia Q1 profit up 13% at Rs 219 cr, revenue meets estimates
Our Recommendations proved great despite consolidating market.
We booked part profit in IIFL around 306, it was recommended to buy around 299—297.
Our recommendation
Our buy call in Hindalco proved great, It was asked to buy above 142 and we booked full profit in this at 149.
Another part profit was booked in BBTC which was recommended to buy around 408—405, and we booked profit in this at 440.
Another part profit was booked in Vedanta at 172, asked to buy around 168—165.
Now what to expect today?
Nifty and Bank Nifty Future levels
After the Gap up opening Nifty futures remained in consolidation. Support intact at 8690. If 8690 is broken then we can expect it to test its next support of 8650---8620 and then to 8550 mark else it could test its resistance level of 8760---8800 mark again.
Further upside rally will see only close above 8800 mark.
Today traders have a close eye on RBI policy. Till then keep trading with our levels and keep minting money.
More will update during market hours.
Today's Top Pick
Concentrate on Tata power. Looks positive on charts. Two consecutive closes above 72.00 will take to 78---80+ mark in days to come.
Support and stop loss 68.00
