Nifty 8033 /Sensex 26052/ Bank Nifty 18541
37 Advances /14 Declines/ 0 Unchanged
"Sensex gains for 2nd day; Nifty holds 8000 ahead of F&O expiry"
After consolidation, the NSE Nifty managed to hold 8000 level for the second consecutive session Wednesday ahead of expiry of November futures & options contracts tomorrow. The broader markets smartly outperformed benchmarks, rising more than 1.2 percent on value buying. Investors continued to accumulate quality stocks at reasonable valuations, though they are worried over quarterly earnings growth after currency demonetisation.
The 30-share BSE Sensex was up 91.03 points at 26051.81 and the 50-share NSE Nifty gained 31 points at 8033.30. The market breadth was strong as about 1920 shares advanced against 671 declining shares on the Bombay Stock Exchange.
Markets are still not out of the woods and need alignment between banking and Nifty for any sustainable recovery, Jayant Manglik of Religare Securities said.
Needless to say, derivative expiry of November month contract will add to the volatility on Thursday's trade, he feels. So, he reiterated cautious view and suggested restricting leveraged positions.
From here on, the government's Budget announcements will be key indicators of a recovery, Samir Arora, Helios Capital Management Founder said. The Union Budget will be presented on February 1, 2017.
Arora hopes that the government makes sufficient provisions for the poor in the Budget. According to him, the rich may lose 30 percent, but the poor lose 100 percent of their net worth, he said.
“Nifty ends above 8000, Sensex firm; M&M,
twins laggards”
Equity benchmarks gained strength in afternoon trade with the Sensex rising more than 100 points, led by banks, healthcare and infra stocks.
After a volatile session, the market has ended on firm note. The Sensex closed up 91.03 points or 0.3 percent at 26051.81, and the Nifty up 31.00 points or 0.4 percent at 8033.30. About 1906 shares have advanced, 682 shares declined, and 168 shares are unchanged.
Lupin, Tata Steel, Asian Paints, Tata Steel, NTPC and L&T were gainers while M&M, HDFC twins, Bharti Airtel and Maruti were losers in the Sensex.
*Key Results Today:
Aditya Birla
Flex Foods
Jindal PolyFilm
Karuturi Global
Manpasand Bever
Suven Life Science
RESULT ANALYSIS & POLL:
IMPORTANT RESULT: Suven Life Science
TECHNICAL LEVELS :Suven Life Science
Suven Life Science has immediate resistance at 180 and immediate support at (170—168).
Break and sustain above 180 will take it to 185 and then to 190 mark. Above 190 next resistance seen around (196—200).
Break and sustain below 168 will take it to (162—160).Below 160 its positionally weak lower support seen around 156.
*OUR RECOMMENDATIONS:
Our call to Buy HUL(Cash/FUT) around 820 proved great as it flared and made high of 833 before settling at 829.70 on closing. We booked full profit around 831.50
[Profit of 6900 on 1 Lot]
Our call to Buy ZEEL (FUT) around 448--445 proved great as it flared and made high of 462.60 before settling at 455 on closing. We booked part profit around 458—460.
[Profit of 19500 on 1 Lot]
Our BTST call to Buy NIFTY (FUT) around 8010—8000 proved great as it flared and made high of 8058 before settling at 8015 on closing. We booked part profit around 8040.
[Profit of 3000 on 1 Lot]
Now what next??
Nifty and Bank Nifty future levels
Nifty has immediate support at 7930--7880 and resistance is at 8050.
Sustain above 8050 will see further upside rally till 8130—8180 mark else it could test it's support level of 7930---7880 mark.
Further downside panic will see only close below 7880 level only.
-On the other hand, Bank Nifty has immediate resistance at 18700. A move and sustain above 18700 will take bank nifty to 19000—19250 mark.
Otherwise it can test its support of 18350---18200 again. Further downside panic will see only close below 18200 mark.
Trade with levels only. More will update during market hours.
Top Pick of the day
We will update Top pick of the day during market hours on our Blog and Android App so keep watching this space.
More will update soon!!
