Nifty 8615 /Sensex 27915/ Bank Nifty 19514
16 Advances / 35 Declines/ 0 Unchanged
Late recovery helps Nifty end Oct series above 8600; HDFC up 3%
Late recovery helped the 50-share NSE Nifty close the October series above psychological 8600-mark, driven by index heavyweights ITC, ICICI Bank and HDFC Group stocks. Short covering after two-day fall and second quarter earnings lifted market sentiment but upside capped due to asset quality concerns and weak global cues.
Equity benchmarks outperformed global peers as well as broader markets. The BSE Sensex was up 79.39 points at 27915.90 while the NSE Nifty closed flat at 8615.25 after hitting an intraday high of 8624.85 and low of 8550.25.
In October series, the Nifty gained 0.3 percent and the Sensex was up 0.2 percent but broader markets outperformed. The Nifty Midcap jumped 3.5 percent and BSE Smallcap index gained 6.5 percent.
AVANTI
AVIVA
BAJAJ-AUTO
CENTURYTEX
COLPAL
DISHTV
GRASIM
IDFC
INOXWIND
MARICO
NTPC
STAR
UPL
VEDL
Important Result: Grasim Ltd
Grasim Industries Q2 PAT seen down 12% to Rs 732 cr
Kotak Securities has come out with its second quarter (July-September) earnings estimates for the Cement sector. The brokerage house expects Grasim Industries to report net profit at Rs 732.2 crore, down 11.8 percent quarter-on-quarter.
Net Sales are expected to decrease by 3.2 percent Q-o-Q (up 5 percent Y-o-Y) to Rs 8714.7 crore, according to Kotak Securities. Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 5.9 percent Q-o-Q (up 40.2 percent Y-o-Y) to Rs 1826.2 crore.
Technical Levels
Grasim has support at 950 levels,on close below this it can test next support of 920 level. Resistance is at 990 levels, a move above this level will can make it test to test next hurdle of 1030 levels.
Our recommendations
We booked part profit in Bank Nifty around 19266 and it was recommended to sell around
In options we booked full profit in Maruti Suzuki 5800 CE around 115—120 and it was recommended to sell around 70.
Our intraday traders booked full profit in Reliance Capital 510 PE around 18.50—20 and it was asked to buy around 15.
Now what to expect??
Nifty future levels
Nifty has immediate support at 8580 and resistance is at 8650
A move and sustain below 8580 will take to test its lower support of 8550---8520. It will be positionally weak on close below 8450 this level.
Break and sustain above 8650 will take it to its next hurdle at 8680--- 8720 and then to 8750 mark
Diwali Investment Pick
Buy KEC International at CMP and accumulate in panic. Target 194. More clear view will update on our blog
More will update soon!!
