Nifty 8709 /Sensex 28106/ Bank Nifty 19395
18 Advances /33 Declines/ 0 Unchanged
“Nifty ends tad above 8700, Sensex falls 115 pts; Reliance up 2%”
GAIL, Reliance, HUL, ONGC and HDFC were top gainers while Cipla, NTPC, M&M, Infosys and ICICI Bank were losers in the Sensex.
After a volatile day, the market ended lower dragged by banks. The Sensex closed down 114.77 points or 0.4 percent at 28106.21 and the Nifty was down 34.40 points or 0.4 percent at 8709.55. About 1367 shares have advanced, 1513 shares declined, and 132 shares are unchanged.
“India ready to take larger share in World Bank: Arun Jaitley”
In his meeting with World Bank President Jim Yong Kim, Jaitley acknowledged the long-standing and mutually beneficial relationship between the World Bank Group and India since its inception and called on the Bank to work together with the member countries to explore innovative financing solutions.
“Markets price in more easing by RBI, see risk in policy shift”
The Reserve Bank of India has embarked on a significant but potentially risky shift towards greater tolerance of higher inflation under new governor Urjit Patel, prompting markets to price in another rate cut.
Our Call To Sell Oriental Bank (FUT) around 132 proved great as it cracked and made low of 128.20 before settling at 129.60 on closing. We booked part profit at 129.50.
Our Call To Buy HindPetro (Fut) around 448 proven great as it flared and made high of 461.85 before settling at 456.20 on closing. We booked part profit at 458.
Our call to buy MothersonSumi 300 CE (Option) around 13 to17.30 before . We booked part profit around 17.30.
Now what to expect next??
Nifty and Bank nifty future levels
Nifty has immediate support at 8700 levels and resistance is at 8780---8850. Weekly close below 8700 will take to 8620---8550 mark else it could test it's resistance level of 8780---8850 again.
Further upside rally will see only close above 8850.
On the other hand, Bank Nifty has immediate support at 19400 and hurdle is intact at 19700.
Break and sustain below 19400 will take it to 19250 and then to 19050---18900 mark in days to come else could test it resistance level of 19700 again.
Trade with levels only
Today's Top Pick
INFY.... Negative news on card.
Support at 1025 and resistance at 1050. Break and close below 1025 will see sharp downside panic till 980----965 mark.
If break then maintain stop loss of 1050
