Nifty 8592/Sensex 27860/Bank Nifty 18640
Advances 27 /24 Declines/ 0 Unchanged
Most Active Stocks: SBI , Axis Bank, SunPharma
“Short covering helps Sensex, Nifty rebound after 2-day fall”
Nifty 50 showed a highly volatile session for the day as bulls and bears were swinging market in either direction as crucial levels of 8600—8550 was being tested for the session and hence buyer were trying to enter at lower level for long term as correction provided investors to have an stock specific approach and we saw some strength coming on closing basis. Nifty was highly volatile throughout the day and hence we saw nifty 50 open at 8573 and from there made low of 8540 as panic loomed but showed some pullback to make high of 8601 before closing the highly volatile session at 8592 with gain of just 17 points or increase of 0.20% to the index.
Key highlights of 11th August 2016
• New listing: Dilip Buildcon debuts at Rs 240/sh, up 9% from issue price.
• Tata Comm at 7-yr high, investors rejoice VSNL land demerger .
• NCDEX raises buying margin to 45%; sugar stocks under pressure.
• Advanced Enzymes unfazed by Novozymes stock dip, says biz strong.
• BSE gets approval to establish International exchange at GIFT.
• Swamy writes to PM against GSTN, bats for govt-owned entity.
• AB Nuvo to merge with Grasim; financial svcs biz to be demerged.
• Drug formulation market grows 9.5% in July to Rs 9,125 cr.
• Vedanta merger: Cairn calls shareholders' meeting on Sep 12.
• Power generation up 7.13% in April-June at 391 bn units'.
• ArcelorMittal-SAIL JV to be operational by December.
• Have disbursement target of Rs 600 cr for this year: TFCI.
• Tal Benefit Trust sells 1.74 crore shares of Trident.
• Inox Wind says margins to increase with new orders .
• Expect demand to improve post monsoon: Mangalam Cement .
• India to benefit if global yields stay low: Principal Global.
• Minda Ind to acquire Roki Japan's 49% stake in JV for Rs 43cr
• Expect PAT growth of 10-12% for this fiscal: City Union Bank
Today Result Awaited
ABAN
ADHUNIKIND
ALBK
ALKEM
ARAVALIS.
AUROLAB
ASSAMCO
BAJAJELEC
BLUECHIP
BOSCHLTD
DHARSUGAR.
ENCORE.
GCL.
GLENMARK.
HINDALCO
JETAIRWAYS
QUICK RESULT SUMMARY
• BoB Q1 profit sinks 60% on provisions, fresh slippages at Rs 5,527 cr.
• IDBI Bank Q1 profit up 78% at Rs 241 cr, tax credit at Rs 1206 cr.
• IRB Infra Q1 profit beats estimates, up 10%; margin shrinks.
• Bank of India net loss seen at Rs 185cr, NII likely at Rs 2950cr.
• Godrej Industries reports Q1 net profit at Rs 64 cr.
• OBC Q1 net seen down 45%, NII likely at Rs 1339 cr.
• BoB Q1 profit sinks 60% on provisions, slippages at Rs 5527 cr .
Our call To sell SBI (Fut) Below 233 proven great as it made low 226.35 before settling at 227.90 on closing. We booked full profit around 227.75.
Our call on Andhra Bank (Fut) Below 56 too proven great as it made low 54.85 before settling at 55.10 on closing. We booked full profit around 55.00
Our call To Sell Hindalco (Fut) Below 144 proved great as it made low 139.10 before settling at 143.45 on closing. We booked full profit in hindalco too.
Our called proved fruitful even in turmoil market:
“Hope you all Minted money” Just trade with level and you will mint money.
Still need trial... need not to worry at all? Watch more!!
Now what to expect next??
NIFTY FUTURES : is settled at 8615.Nifty 50 futures is showing immediate Resistance intact at 8630. If this level is positively breached and sustained then next Resistance around 8680---8720---8760 mark.
Nifty Futures has support intact at 8580--8550 .If this level is negatively breached and not sustained then we may see next support building around 8520--8480---8450 mark.
BANK NIFTY: Bank Nifty futures traded with intense volatility as PSU sector dragged bank nifty below its positional support 18700 but was not sustained as buyers were entering at lower levels as an attractive buying for long positions and hence we saw bank nifty open at 18664 and from there made low of 18599 and showed some pullback to make high of 18769 before closing the session at 18752 with gain of 35 points or increase of 0.19% to the index.
Bank Nifty futures is showing immediate resistance at 18820--18860. If this level is positively breached and sustained then next Resistance around 19025--19075. Major hurdle intact at 19200.
Bank Nifty Futures has support intact at 18620--18575. If this level is negatively breached and not sustained then we may see next support building around 18400--18350.
Today's Top Pick
No top pick today.... we will have to wait for clear direction. Weekly close is important for Index and stocks. More will update during market hours
