Nifty 8432 /Sensex 27252/ Bank Nifty 19518
15 Advances /36 Declines/ 0 Unchanged
“Sensex recovers amid Trump win & black money curb, down 339 pts”
Equity benchmarks recovered sharply from day's lows on Wednesday amid the victory of Donald Trump in US presidential elections and the government's move to curb the black money. Recovery in global peers and short covering in healthcare & select banks helped the market cut losses.
The 30-share BSE BSE Sensex lost nearly 1700 points intraday, before closing down 338.61 points or 1.23 percent at 27252.53.
The 50-share NSE Nifty went closer to 8000 level but short covering drove it above 8400. The index settled the trade at 8432, down 111.55 points or 1.31 percent from the previous close.
The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices falling 1.85 percent and 2.66 percent, respectively. More than 3 shares declined for every share rising on the exchange.
“Midcap index crashes 5% on black money crackdown”
Indiabulls Housing, Shriram Transport, Oberoi Realty, Reliance Capital and Reliance Communications are major losers among BSE Midcap indices. Stocks those are in green among BSE Smallcap indices are VA Tech Wabag, Swan Energy, Ujaas Energy, Orbit Exports and Accelya Kale.
Midcap stocks have fallen off the cliff suffering from a double whammy. BSE Midcap index fell 5.6 percent from previous close as the government cracked whip on black money while Donald Trump is on his way to win US elections.
Key Results Today
AB Nuvo
Ashok Alco-Chem
Balmer Lawrie
Bank of India
BF Investment
BF Utilities
Blue Star
Bombay Oxygen
Butterfly
Camlin Fine
Capri Global
Cigniti Tech
City Union Bank
Eros Intl
Finolex Cables
Fortis Health
GE T&D India
GNFC
GRP
Guj Alkali
Igarashi Motors
Indo-National
L&T Technology
Lincoln Pharma
Manappuram Fin
Mangalam Drugs
Page Industries
Pennar Inds
Sun Pharma
Wockhardt
Reliance Def
RESULT ANALYSIS & POLL
IMPORTANT RESULT:MAMNAPURAM FINANCE
EXPECTATAION: Manappuram Finance Q2 PAT seen up 6% to Rs 170.2 cr: KR Choksey
Analysis
-Net Interest Income is expected to increase by 0.7 percent Q-o-Q (up 57.5 percent Y-o-Y) to Rs 481.8 crore, according to KR Choksey.
-KR Choksey has come out with its second quarter (July-September) earnings estimates for the Financial Services sector. The brokerage house expects Manappuram Finance to report net profit at Rs 170.2 crore, up 6.1 percent quarter-on-quarter.
-With higher disbursements and in turn elevated AUMs during the quarter to drive NII; NII expected to clock robust 57%+ y/y growth.
-The overall asset quality too should stand in good stead. PAT to record healthy growth on lower bas
TECHNICAL LEVELS Manapuram General Finance
Manapuram General Finance is a low Beta stock and one can concentrate in it for safe and fruitful returns among highly volatile market.
CMP 98 Manapuram has immediate resistance at 106--107 and immediate support at 95
Above 106—107... Stock will be at fresh 52-week high and if breakout at 107 is sustained then we may see more upside move till 115—120
Below 95 its weak as lower support seen around 90. Below 90 next support seen at 86--80
OUR RECOMMENDATIONS
We have recommended to sell Maruti stock yesterday in our blog call as it was looking weak technically below 5650
Our call proven great as Maruti made a low of 5315.
Now what to expect??
Nifty and Bank Nifty future levels
-Nifty has immediate support at 8420—8350 and immediate resistance is at 8550 levels
A move and sustain above 8550 will take to 8630—8680 and then to 8750 else it could test its support level of 8420---8350 again.
It will be further positionally weak on close below the level of 8350
-On the other hand, Bank Nifty has immediate support at 19400 and immediate hurdle at 19700.
Break and sustain below 19400 can take Bank Nifty to 19200—19050 levels else it could test its resistance level of 19700 again. A break above 19700 will take it to next hurdle of 19900--20050 levels.
Today's Top Pick
Yesterday we clearly indicated that we are bullish in Banking stocks. Concentrate on SBI... Buy and accumulate on dips. Target looks 280+++ mark in days to come.
