Nifty 8520 /Sensex 27529/ Bank Nifty 19070
7 Advances / 44 Declines/ 0 Unchanged
“Global cues drag Sensex 144pts; RIL & HDFC Bank dip, ICICI up 7%”
The sell-off continued on Monday as equity benchmarks lost over half a percent, in addition to 1.3 percent loss in last week as investors remained cautious ahead of September quarter earnings. Weakness across the globe and fall in index heavyweights drove the market down.
The 30-share BSE Sensex was down 143.63 points at 27529.97 and the 50-share NSE Nifty fell 63 points to 8520.40. The broader markets also caught in bear grip as the BSE Midcap falling nearly a percent on weak breadth. About 1513 shares declined against 1298 advancing shares on the exchange.
Global volatility, and broader markets may stay range bound till signs of a broad-based economic pick-up become visible. Investors can remain cautious and watchful on broader markets for now.
Our recommendations
We booked full profit in our BTST recommendation of HT Media around 94.50 and it was recommended to buy around 90.
Another full profit was booked in Ceat futures around 1294 and it was recommended to sell around 1327—1330.
Last but not the least, we booked full profit in IGL futures around 823 and it was recommended to buy around 835.
Havells Result 18th October 2016
Expectation : Electrical equipment manufacturer Havells India 's second quarter profit is likely to jump 28 percent year-on-year to Rs 155 crore, according to average of estimates of analysts polled by CNBC-TV18.
Likely fall in interest cost after selling loss making Sylvania business and higher other income may support bottomline.
Revenue is seen rising 13 percent to Rs 1,528 crore on yearly basis on account of better demand across segments and launch of new products. Even the low base in year-ago period may support top line.
Technical levels of Havells
Havells has support at 420, below 420 it can test 415. On close below 415 it will be positionally weak.
Resistance is at 445—460 levels. Positionally it is strong on close above 460 levels
Now what to expect next??
Nifty and Bank Nifty future levels
Nifty has immediate support at 8520 and resistance is at 8620.
A move and sustain below 8520 will take to 8450--8400 and then to 8350 mark else it could test it's resistance level of 8620 again.
On the other hand, Bank Nifty has immediate support at 18850 and hurdle is intact at 19300.
Break and sustain below 18850 will take it to 18450---18200 else could test it resistance level of 19300 again.
Today's Top Pick
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