Nifty 8224 /Sensex 26653/ Bank Nifty 18628
36 Advances /15 Declines/ 0 Unchanged
“Banks, auto stocks lift Nifty above 8200; Sensex, Midcap gain 1%”
Equity benchmarks as well as broader markets gained for the fourth consecutive session on Wednesday with the Nifty closing above 8200 for the first time since November 11 despite continued selling by FIIs.
The easing of demonetisation impact, appreciation in rupee, positive global cues and hopes of oil production cut by OPEC boosted the market sentiment. Banks and auto stocks led the charge.
The 30-share BSE Sensex surged 258.80 points or 0.98 percent to 26652.81 and the 50-share NSE Nifty jumped 82.35 points or 1.01 percent to 8224.50 ahead of Q2 GDP data due later today.
Investors are gradually showing interest in equities with a bottom up approach, Vinod Nair of Geojit BNP Paribas Financial Services feels.
According to Anand James of Geojit BNP Paribas, uniquely enough, being at the month’s end salary disbursals are also in focus, which is expected to inject more life into the cash starved economy.
Thursday's session is going to be a decisive one for the equity markets. Markets will first react to the GDP data and outcome of OPEC meeting in early trades tomorrow. Besides, data of auto sales will also start pouring in, Jayant Manglik of Religare Securities says.
He feels the Nifty has immediate hurdle at 8300 and continuous recovery in banking pack is essential for any sustainable move ahead. So, he suggests keeping close eye on the banking space for further cues.
“April-Oct fiscal deficit reaches 79.3% of full-year target”
The fiscal deficit for the April-October period widened marginally to Rs 4.2 lakh crore against Rs 4.1 lakh crore on a year on year basis.
The deficit figure for the first seven months of this fiscal year was 79.3 percent of Rs 5.34 Lakh crore FY17 Budget target.
The April-October revenue gap was Rs 3.28 lakh crore against Rs 2.87 lakh crore on a year on year basis.
Fiscal deficit in April-September widened to 83.9 percent of its total Budget estimate of Rs 5.34 lakh crore for 2016-17 as against 68.1 per cent of the Budget target last year.
Key Results Today
A2Z Infra Eng
Clariant Chem
Dilip Buildcon
Gillette India
Graphite India
Guj State Petro
Karur KCP
Responsive Ind
Srikalahasthi
RESULT ANALYSIS & POLL
IMPORTANT RESULT
Clariant Chem
TECHNICAL LEVELS: Clariant Chem
CMP 734. Clariant Chem has immediate resistance 750 and crucial support at 726
If resistance of 750 is positively breached and sustained then it could test it's upper resistance level of 768—774 else it could test its support level of 726 again. Break and sustain below 726 will make it positionally weak.
OUR RECOMMENDATIONS
Our call to Buy Asian Paints 460 CE (option) around 25 proved great as it flared and made high of 38.30 before settling at 37 on closing. We booked full profit around 38.30--39
[Profit of 7980 on 1 Lot]
Our call to Buy ICICI Bank 260 CE (option) around 10--9 proved great as it flared and made high of 14.10 before settling at 13.30 on closing. We booked part profit around 13.40—14.10
[Profit of 12750 on 1 Lot]
In Morning we clearly indicated that Ratnamani Metal looks positive above 590. Flared and made a high of 605
Now what to expect next??
Nifty future levels
-Nifty has immediate resistance at 8280—8330 and support at 8180---8150
Break and sustain above 8330 will take Nifty to 8400---8480+ mark else it can test its support level of 8180—8150 again
Traders can trade with levels only.
Today's Top Pick
ICICI Bank... Buy around 265---262. Stop loss 250 for the upside target of 280+++
More will update soon!!
