Nifty 8592 /Sensex 28060/Bank Nifty 19355
15 Advances /36 Declines/ 0 Unchanged
Sensex falls 224pts, Nifty below 8600 on F&O expiry, global cues
BHEL, GAIL, ITC, Dr Reddy's Labs and Lupin were top gainers in the Sensex while Adani Ports, Wipro, Tata Steel, Infosys and SBI were losers in the Sensex.
Nifty is behaving unusually and it’s been a whole month that we have seen this volatility. Today as well it was a highly volatile session as Nifty opened in green and could not sustain the highs making a high of 8685, and crashed vertically afterwards closing at 2592.
The 50-share index ended down 58.10 points or 0.7 percent at 8592.20 while the Sensex slipped 224.03 points or 0.8 percent at 27835.91.
European market also posted sharp losses, dragged down by mining and healthcare stocks as investors trod cautiously ahead of a speech by the Federal Reserve Chair that could provide hints on the timing of a US interest rate hike.
Our recommendations
Proved great despite the volatility in the market.
Full Profit was booked in Cipla around 274 which was recommended to buy above 266.
We continued our good day by booking another part profit in Reliance Capital around 490 and it was recommended to buy around 474
Not only this, Oil India was recommended to buy above 280 and we booked full profit at 284.
Enough??? NO !!!
Our options recommendation too are proving great
Tata power 77.5 CE was recommended to buy around 1.75—1.85 and we booked profit in this around 3.50—4.00.
Our investment recommendation too are now in rally, Atul auto was asked to buy around 400 levels and we booked profit in this around 450.
Need more??Still need trials??
Now what to expect next??
Nifty and Bank Nifty future levels
Now it is September contract which is starting from today and we will have to revise the levels for this contract.
Nifty: has immediate support at 8600 levels and below this level we can expect panic to the next support of 8560 and there are chances that nifty will become positionally weak if 8560 is broken on closing basis and we can expect some correction in Nifty.
Else immediate hurdle is at 8665—8730, and if the level of 8730 is breached we can expect it to test its next resistance of 8780 and then to 8710 level. We need consecutive closes and a weekly close above 8710 for the next rally in nifty.
Bank Nifty: on the other hand has immediate support at 18330 and if this is breached it can test its next support of 18900. Bank nifty will get positionally weak if the level of 18630 is breached on closing basis.
Else immediate hurdle is at 19610 levels and we need a close and sustain above this level for the next bullish rally in Bank nifty.
Today's Top Pick
No top pick for today... We will initiate fresh entry form Monday onwards as all eye on Fed Chair Jannet Yellen speech tonight 7.30 pm IST.
