Nifty 8545/Sensex 27297/Bank Nifty 18602
12 Advances/ 39 Declines/ 0 Unchanged
Most Active Stocks: Maruti Suzuki ,SBI, Axis Bank
“Sensex falls 284 pts on profit booking ahead of GST vote; ITC, Tata Motors sink 3%”
“GST a significant move, but implementation is key: India Inc “
Nifty 50 showed intense volatility for the day as investors were hawkish and undecided as GST news could take market in either direction as crucial Bill is to be tabled on Rajya Sabha for discussion and voting hence Nifty 50 traded with weakness as it opened at 8635 and looked to sustain 8600 mark as positive sentiments were created in market regarding GST passage but eventually panic loomed over the market as discussion started and hence Nifty 50 made low of 8530 before closing the weak and hawkish session at 8545 and was unable to hold 8600 on closing and almost sustained 8550 and therefore shredded 78 points or decrease of 0.91% to the index.
GST NEWS
*Industry can live with up to 20% GST rate: CII President.
*FY18 Budget likely to have estimate on GST compensation.
Key highlights of 3rd August 2016
• HCL Tech Q1 profit, revenue up 6%; expects FY17 revenue growth at 12-14%.
• Reforms, supportive monetary policy to push growth to 8%: S&P.
• GST won't affect earnings till 2nd half of FY18: Ampersand Cap.
• Titan Q1 net falls 16% on exceptional loss of Rs 97 cr, high gold price.
• Emami Q1 profit plunges 35% despite 49% operational growth.
• Berger Paints Q1 profit up 54% on strong operational performance.
• L&T Power wins Rs 3,860 crore order from Neyveli UP Power.
• Berger Paints to invest Rs 100 cr in Jejuri plant.
• India's July Iranian crude imports surge 21% to 5 mth high:Trade.
• HSBC's first-half pre-tax profit drops almost 29%.
Today's Results
3MINDIA
ALSTONE
ARVIND
BAMBINO
CUMMINSINDIA
DAICHI
FORTIS
FORTIS
GATI
ORIENTPPR MONSANTO
KAYA
SIEMENS
SNOWMAN LOGISTICS
THOMAS COOK
TANLA
Now what to expect next??
NIFTY FUTURES: Nifty 50 was in same trajectory to spot nifty and showed immense volatility and hawkishness among the GST news as uncertainty loomed in market regarding direction of the market and therefore Nifty 50 futures opened with gap down at 8630 and tried to sustain 8600 for most of the session but soon panic dominated the market and hence it made low of 8566 before closing the hawkish weak session at 8582 and shredded 82 points or decrease of 0.95% to the index.
Nifty 50 Futures settled at 8582 or at a premium of 37 to spot nifty and this shows some positional strength with respect to spot nifty.
Nifty futures is settled at 8582. Nifty 50 futures is showing immediate resistance intact at 8640. If this level is positively breached and sustained then next resistance around 8700--8750.
Nifty 50 Futures has support intact at 8560 .If this level is negatively breached and sustained then we may see next support building around 8480--8450 and then to 8380 mark.
BANK NIFTY: Bank nifty futures showed a weak trading session among the GST news and looked weak throughout the session as panic picked up pace in market and hence we saw bank Nifty open with a gap down at 18783 and from there made low of 18635 before closing the weak and volatile session at 18702 and lost 120 points to the index or decrease of 0.64% to the index.
Bank Nifty futures is showing immediate resistance at 19000---19200 while support intact at 18600. If this level is negatively breached and not sustained then we may see next support building around 18450—18200.
Today's top pick
Buy Asian paints... above 1150 will see sharp upside rally till 1180---1210+ mark.
Stop loss below 1120.
