Nifty 7965 /Sensex 25860/ Bank Nifty 18256
19 Advances /32 Declines/ 0 Unchanged
“Sensex sinks 192 pts; Nifty below 8000, loses 7.6% in Nov series
Equity benchmarks snapped two-day winning streak Thursday with the Nifty closing below 8000 level amid consistent weakness in rupee and expiry of November derivative contracts. Continued disruption in Rajya Sabha by opposition parties over demonetisation also dented market sentiment.
The 30-share BSE Sensex was down 191.64 points at 25860.17 and the 50-share NSE Nifty slipped 67.80 points to 7965.50 while the broader markets outperformed benchmarks on positive market breadth for the second consecutive session. The BSE Midcap and Smallcap indices declined only 0.1 percent as about 1350 shares advanced against 1205 declining shares on the exchange.
The tepid interest in rolling over to December series suggested that traders are a bit circumspect, especially with RBI and FOMC rate decisions scheduled in the early part of December, Anand James of Geojit BNP Paribas Financial Services said. However, the premium given to Nifty December futures suggested that bulls have not given up yet, he added.
According to Vinod Nair of Geojit BNP, this phase of consolidation is likely to continue in the near-term given the domestic setbacks and losing strength of the emerging markets due to buoyant bond yield.
Ajay Srivastava of Dimensions Consulting believes the Indian markets have already entered the bear market and the economy is likely to contract for the next few quarters.
“Analysts revise Sensex, Nifty target as demonetisation hits biz”
Ambit has scrapped its March 2017 Sensex target of 29500 and has set March 2018 Sensex target of 29000 stating that demonetisation will paralyse economic activity in the short term.
As the Indian market struggles to stay afloat amid weakness and cash shortage due to demonetisation, analysts think there is more downside on the cards. Few brokerage firms have also slashed target price of Sensex and Nifty.
Ambit has scrapped its March 2017 Sensex target of 29500 and has set March 2018 Sensex target of 29000 stating that demonetisation will paralyse economic activity in the short term. The brokerage firm says that the Sensex earnings estimates face sharp revision downwards and FY17 Sensex earnings per share (EPS) is likely to be revised downwards.
Top Monthly Nifty 50 Gainers
Top Gainers Current Price Previous Close Change Change %
Hindalco 180.45 151.85 28.60 18.83%
Bank Of Baroda 167.05 156.10 10.95 7.01%
Tech Mahindra 458.65 434.10 25.55 5.66%
NTPC 157 149.50 7.50 5.02%
Top Monthly Nifty 50 Losers
Top Losers Current Price Previous Close Change Change %
Zee Entertainment 439.10 457.10 -18 -3.94%
Tata Motors 452.95 471.50 -18.55 -3.39%
Tata Motors – DVR 286.55 296.50 -9.95 -3.36%
Kotak Bank 752.10 766.15 -24.05 -3.14%
Key Results Today
Balaji Telefilm
Bata India
BEML
Borosil Glass
Indo Count
Navkar Corp
Shilpa
Tide Water Oil
Uflex
Waterbase
RESULT ANALYSIS & POLL
IMPORTANT RESULT: BATA
TECHNICAL LEVELS:BATA
CMP BATA has immediate support at (390—385) and immediate Resistance at (415--420).
Break and sustain below 185 will make it positionally weak as lower support seen around (375—360).
Break and sustain above 420 will provide it with upside strength as next resistance seen around (435—440).
OUR RECOMMENDATIONS
Our call to Buy Hindalco (Cash) around 173 proved great as it flared and made high of 181.15 before settling at 180.45 on closing. We booked full profit around 180.15
[Return of 4.13% in 1 Day]
Our call to Buy Asian Paints(FUT) around 942--940 proved great as it flared and made high of 964.85 before settling at 936 on closing. We booked full profit around 964
[Profit of 14400 on 1 Lot]
Now what to expect 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 again.
Further downside panic will see only close below 7880 level only.
On the other hand Bank Nifty (DEC) has immediate support at 18200.A move and sustain below 18200 will take bank nifty to 18750—17500 mark otherwise it can test its resistance of 18700 again. A move and sustain above 18700 will take bank nifty to 19000 and then to 19350 mark.
Trade with levels only. More will update during market hours
Today's Top Pick
TCS... Hurdle at 2210. Once break and close above 2210 will take to 2240---2255++ mark.
Support at 2180
ACC.... Too looks positive on charts. Recent low is very crucial. Traders can buy and accumulate ACC in panic.
Close above ,1335 sill see sharp upside rally till 1370---1385 and then to 1420+++ mark.
Trade with levels only
More will update soon!!
