Nifty 8497 /Sensex 27458/ Bank Nifty 19356
35 Advances / 16 Declines/ 0 Unchanged
Equity benchmarks started off the week on a strong note Monday, tracking relief rally in global peers after a clean chit to US presidential candidate Hillary Clinton in email probe.
However, there was some profit booking in late trade as investors still maintained cautious stance ahead of US elections. The 30-share BSE Sensex snapped five-day losing streak, rising 184.84 points to close at 27458.99.
It surged more than 300 points intraday. The 50-share NSE Nifty failed to hold 8500 level due to late profit booking. The index climbed 63.30 points to 8497.05 at close.
European bourses were higher as confidence grew over a Hillary Clinton victory in the US presidential elections. France's CAC, Germany's DAX and Britain's FTSE were up 1.4-1.8 percent, at the time of writing this copy.
Asia also ended higher with Japan's Nikkei rising 1.6 percent after the Federal Bureau of Investigation again cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe.
We avoided making positions due to Global cues and mainly due to US Presidential Election. The result of this election can impact markets all around the wold.
Today's Result
ASHOKLEY
BBTC
SWARAJAUTO
BHARATFORG
BHEL
BOMDYEING
GANGAPHARM
INDIGO
KEC
KHAICHEM
MCLEODRUSS
NESCO
NITINSPIN
VESUVIUS
Important result: Ashok Leyland
Ashok Leyland 's net profit may slip 10.5 percent at Rs 257.4 crore in July-September quarter from Rs 286.8 crore in corresponding quarter last fiscal. According to a CNBC-TV18 poll, the auto major's revenue may also fall 8 percent at Rs 4538 crore against Rs 4939.7 crore in year-ago period.
During the period, its EBITDA is seen down 18 percent at Rs 490 crore against Rs 596.4 crore while operating profit margin may stand at 10.7 percent versus 12.1 percent year-on-year.
What to expect: Total volumes down 9 percent YoY at 33446 vs 36734 units Growth rates have slowed down substantially over last 5 quarters Volumes have fallen 9 percent in Q2 versus 10 percent growth in Q1, 28 percent growth in Q4 and 22 percent growth in Q3 Big fall in MHCV volumes seen in September Total MHCV volumes in Q2 down 15 percent YoY at 25346 vs 29884 units LCV up 8 percent YoY at 8100 vs 7497 units Due to fall in volumes, margins to decline
Technical Levels: Ashok Leyland has strong hurdle at 93.00 and support at 89.00. Below 89.00, it could test its next support of 86.00---84.50 and it will be positionally weak on close below 84.50 else it could test its resistance.
On close and sustain above 93.00 will take to its next resistance level of 96---97.50+++ mark.
Now what to expect??
Nifty future levels
Nifty has immediate support at 8480 and immediate resistance is at 8580 levels
A move and sustain above 8580 will take to 8630---8680 and then to 8750 levels else a move below 8480 level will take it to 8430—8380 mark.
It will be further positionally weak on close below the level of 8380.
Today's Top Pick
Hope you all minted money in Lupin. From 1500---1539. Hold and accumulate in panic. Target looks 1880+++
Today you can bet on ICICI Bank. Looks positive and could test 285---288++ mark.
Support and stop loss below 270
