Nifty 8514/Sensex 27527/Bank Nifty 19227
6 Advances/ 44 Decline/ 1 Unchanged
US election jitters drag Sensex 349 pts; ONGC down 4%, M&M up 3%
Equity benchmarks caught in bear grip on Wednesday, with the Sensex falling 376 points intraday as US elections jitters dampened the global markets sentiment. Investors also maintained cautious stance ahead of outcome of the two-day Federal Reserve meeting tonight.
Benchmark indices ended at over 3-month closing lows. The 30-share BSE Sensex was down 349.39 points or 1.25 percent at 27527.22 and the 50-share NSE Nifty fell 112.25 points or 1.30 percent to 8514. The volatility will rise until the expectation on US election result is really factored in
Globally investors may have to reconsider their bets as the latest opinion poll ahead of US presidential elections (on November 8) indicated that the gap between Democratic party candidate Hillary Clinton and Republican party's Donald Trump has been narrowing.
Key Results on 3rd November 2016
AMBUJACEM
LALPATHLAB
ICRA
BERGEPAINT
CHEMFALKAL
MONSANTO
MPHASIS
MAGMA
WHIRLPOOL
Important Result :
Ambuja Cement
Ambuja Cements third quarter standalone profit is seen rising 41.6 percent year-on-year to Rs 220 crore on strong operational performance, according to average of estimates of analysts polled by CNBC-TV18.
Revenue during the quarter may decline 0.5 percent to Rs 2,100 crore on lower volume YoY. Sales volume is expected to be marginally negative, down 1 percent year-on-year (down 17 percent QoQ) to 4.76 million tonnes in Q3.
Analysts say blended realisations are expected to be higher by 2/3 percent YoY. During the quarter, central & north prices have increased 7-10 percent YoY, which may be offset by weakness in East and West India.
Ambuja has no exposure to South India where prices are lower YoY but spiked QoQ. It follows January-December as its financial year.
Technical Levels of Ambuja Cement
Ambuja cement has support at 238 levels and resistance is at 246 levels. A break below 238 could test its next support of 228---223 levels else it could test its resistance level 246 again. Further upside rally will see only above 246 mark.
Our recommendations...
We booked full profit in Infosys future around 985 and it was recommended to sell around 990.
Our Intraday traders booked full profit in PNB future 136.50 around and it was recommended to sell around 138.20
Intraday, Another full profit was booked in Sunpharma future around 718 and it was recommended to sell around 726.
Now what to expect??
Nifty Future levels
Nifty has immediate support at 8530 and resistance is at 8580. A move and sustain below 8530 will take to test its lower support of 8480---8450. Nifty gets positionally weak on close below the level of 8450 else above 8580 it can test its next hurdle of 8630---8680 mark.
Trade with levels only
Today's Top Pick
PNB... Support at 136 and resistance at 142.50.
Break and sustain below 136 will take to 132---128 and then to 121 in days to come.
Hurdle intact at 142.50
More will update soon!!
