Nifty 8672/Sensex 28152/Bank Nifty 18963
Advances 33 /18 Declines/ 0 Unchanged
Nifty Forms bullish reversal and closes above 8650
WPI inflation data, progress of monsoon rains to drive mkts: Experts
It was a much awaited session as Nifty and Bank nifty flared after falling for consecutively three days. Nifty gained 80 points while Sensex put up a rally of 250 points . Nifty formed a bullish reversal pattern which suggests that there is high probability that the bulls can continue its run and there is chance that they can break its resistance level of 8760.
Bank Nifty stayed strong as well and gained 292 points to close at 18932 . Banking stocks played a great role in helping the market gain momentum. Normally it is also found that Banking stocks always show first rally and act as head lights of the market.
Key highlights of 12th August 2016
Asia shares recoup losses as China hits 7-month top
PM focuses on reforms, terrorism in his Independence Day speech
SBI Q1 profit falls 32%, fresh slippages slip sharply to Rs 8790 cr
7 decades of Independence but pursuit of Freedom still not over
Sun Pharma Q1 profit soars 266% to Rs 2034cr, EBITDA surges 65%
Wockhardt Q1 profit sinks 83% on weak EBITDA; US, EM biz dip 16%
NSE to delist 14 companies from its platform from August 31
Hindalco Q1 profit jumps 5-fold to Rs 294 cr, revenue falls 11%
Pfizer plans to bring more global drugs to India
Five PSU banks post loss of Rs 2,564 cr in Q1
Lupin looks to launch 25 products in US this fiscal
BSE plans to hire banks for $150 million IPO
Supreme Court allows registration of 2.0-litre diesel cars in Delhi-NCR
We were able to catch this bullish rally and our subscribers gained from our recommendation.
Our investment recommendation Jubliant Life Sciences gained 6 % in the very next day and it was recommended to buy around 350—360 levels.
We booked full profit in Nifty around 8688 and it was recommended to buy above 8630.
Full profit was booked in Bank Nifty as well at around 18980. It was recommended to buy around 18880—18850.
Still need trial... need not to worry at all. Watch more
Nifty future levels.
Nifty formed a bullish reversal patter on Friday as it rallied almost 1 % after falling consecutively for four days.
Now it has taken a support from the levels of 8550 and this level would remain crucial for further turn of events as a break of this level will bring weakness in Nifty. Now nearest hurdle is at 8700 level which needs to be crossed for the further rally. A cross of this level will take nifty to 8760 level which is a crucial resistance and nifty has to close and sustain above this level for the next long term target of 9100—9200 level. Weakness only below the level of 8550 is possible.
Now what to expect next??
Today's top pick
Concentrate on VEDL on long term prospective.
Hurdle at 175. It rallied sharply from lower levels and now consolidating at upper levels. We need fresh breakout at upper levels for further move.
Three consecutive closes + weekly close above 175 will take to 250+ mark in days to come.
Positional traders can buy and accumulate VEDL in cash segment and forget.
Outlook Positive....
