Nifty 8743 /Sensex 28220/ Bank Nifty 19536
18 Advances / 33 Declines/ 0 Unchanged
“Mkt snaps 3-day gaining streak; Nifty ends below 8750, steel up”
Metal index was up around 0.7 percent from previous close. HUL, Tata Motors, Asian Paints, L&T and NTPC were other top gainers in the Sensex.
It was a volatile day of trade on Dalal Street with the benchmark indices snapping 3-day gaining streak. However, midcap index gained for fourth day ending at record closing high.
The Sensex closed down 113.57 points or 0.4 percent at 28220.98 and the Nifty slipped 25.20 points or 0.3 percent at 8743.95. About 1721 shares advanced, 1158 shares declined, and 131 shares were unchanged.
Analysts are bullish on India but say US elections and September quarter earnings will be crucial for market now.
IMF has also retained global growth forecast for 2016 at 3.1 percent and for 2017 at 3.4 percent. The international body has warned of economic stagnation on back of subdued global growth following weakness in the US as well as Brexit vote in Europe.
Our recommendations
We booked part profit in our options recommendation of LIC housing Finance 600 CE around 24—27 and it was recommended to buy around 16. Lot size 1100.
And then we were able to book full profit in Petronet BTST recommendation around 272 and it was recommended to buy at 370. Lot size 3000
Nifty and Bank Nifty levels
Nifty future has immediate support at 8760 levels and resistance is at 8840.
A move below 8760 will see sharp downside panic till 8680---8630 and then to 8550 mark. More and more downside panic will initiate only close below 8550 mark.
Else a move and sustain above the level of 8840 will take Nifty future to 8880---8930 and then to 9000 mark.
Bank Nifty has immediate support at 19570 and hurdle is intact at 19850.
Break and sustain below 19570 will take to 19350---19200 and then to 18900 mark in days to come, else could test it resistance level of 19850.
Above 19850 it can touch 20100---20250 mark.
Trade with levels only.
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