Nifty 8659 /Sensex 27984/ Bank Nifty 19412
25 Advances / 26 Declines/ 0 Unchanged
“Sensex closes below 28000 on profit booking in ITC, ICICI, HDFC”
After a sharp run in previous session, equity benchmarks paused for breath Wednesday, with the Sensex closing below 28000 level on profit booking in ITC, ICICI Bank and HDFC. Global markets too were volatile ahead of ECB policy meet on Thursday.
The 30-share BSE Sensex finally settled at 27984.37, down 66.51 points and the 50-share NSE Nifty closed at 8659.10, down 18.80 points after consolidation.
The broader markets outperformed benchmarks with the BSE Midcap index rising 0.06 percent and Smallcap 0.55 percent on positive breadth. About 1633 shares advanced against 1179 declining shares on the exchange. Oil, healthcare and select technology stocks continued to gain whereas FMCG, auto and select banks stocks were under pressure on profit booking.
Result 20th May: Reliance Industries
Expectation: RIL Q2 profit seen at Rs 7266 cr, Petchem margin may be strong.
Petrochemical major Reliance Industries (RIL) is expected to report standalone profit at Rs 7,266 crore for July-September quarter against Rs 7,548 crore in preceding period, according to average of estimates of analysts polled by CNBC-TV18. Revenue is seen rising 7.3 percent to Rs 57,384 crore in the quarter ended September 2016 compared with Rs 53,496.0 crore in June quarter.
EBITDA (earnings before interest, tax, depreciation and amortisation) is likely to be at Rs 10,475 crore against Rs 10,817.0 crore and margin may be at 18.3 percent against 20.2 percent on sequential basis.
Key issues to watch for would be GRM, Petchem margins, KG-D6 production and update on telecom venture.
Technical Levels of Reliance Industries
Reliance Industries has support at 1080 levels and resistance is at 1100 levels.
A break below 1080 can take it to 1060—1050 levels and it will be positionally weak below 1050 levels.
Else if breaks above 1100 level then it could test its next hurdle of 1120—1135++ levels .Further positionally strong on close above 1135 mark.
Our recommendations
Starting from BTST in DHFL Future we booked full profit in this around 327 and it was recommended to buy around 324—322.
Our Investment advice on Camlinfine proved great as we booked part profit in this around 102 and it was recommended to buy around 86---85 levels.
Last but not the least we booked full profit in KSCL future around 441 and we asked to buy around 428—427.
Now what to expect next??
Nifty levels
Nifty has support at 8620---8550 level and resistance is at 8700 level.
Above 8700 will see more upside move till 8750---8780 and then to 8850+ mark in days to come else it could test it's support level of 8620---8550 again.
Above 8700 will see more upside move till 8750---8780 and then to 8850+ mark in days to come else it could test it's support level of 8620---8550 again.
Today's Top Pick
IDEA... Bottom out around 72.00.
Buy and accumulate IDEA in cash around 78---75 with stop loss below 70.00 for the retracement upside target of 90
More will update soon!!
