Nifty 8193 /Sensex 26560/ Bank Nifty 18428
36 Advances /15 Declines/ 0 Unchanged
“Sensex snaps 4-day gains, Nifty below 8200; banks, telecom drag”
Equity benchmarks as well as broader markets snapped four-day winning streak Thursday with the Nifty breaking 8200 level in late sell-off, weighed by banks and telecom stocks. Profit booking after a relief rally, weak European cues and domestic liquidity concerns caused selling pressure.
The 30-share BSE Sensex was down 92.89 points at 26559.92 and the 50-share NSE Nifty lost 31.60 points to 8192.90 amid consolidation while the broader markets underperformed benchmarks.
"The continued selling by FIIs is likely to pull the market to consolidation and at the same time investors are awaiting RBI’s monetary policy for taking further bet," Vinod Nair of Geojit BNP Paribas Financial Services said.
Telecom stocks like Bharti Airtel (down 1.66 percent), Idea Cellular (down 5.93 percent) and Reliance Communications (down 5.05 percent) were under pressure after Reliance Jio Chairman Mukesh Ambani said all subscribers will get voice, data, video and full bouquet free till March 31, 2017. Reliance Industries gained 1 percent.
“Over Rs 11 lakh crore back into banking system: Sources”
Over Rs 11 lakh crore has been brought into banking system till November 30, people close to the government’s demonetisation drive told CNBC-TV18. The government had declared as invalid Rs 500 and Rs 1,000 notes worth about Rs 14 lakh crore.
With a nearly a month to go before the December 30 deadline for deposit of invalid currency notes expires, the revelation now raises questions whether the demonetisation drive can successfully target black money hoarders.
Earlier in the week, the Reserve Bank of India had said that deposits worth Rs 8.4 lakh crore were made till November 27. Also, in a recent submission to the Supreme Court, the Attorney General had said that the government expects only Rs 10 lakh crore back as deposits.
Key Results Today
Ashoka Buildcon
BGR Energy
Dredging Corp
GE Power India
Gokak Textiles
Hathway
RESULT ANALYSIS & POLL
-IMPORTANT RESULT:Dredging Corp
TECHNICAL LEVELS: Dredging Corp
CMP 416 Dredging Corp has immediate support at 408 and resistance at 424
If immediate support of 408 is negatively breached and sustained then lower support seen around (400—394).Else a move and sustain above 424 will take it to (430—436).
OUR RECOMMENDATIONS
Our call to Sell Bharti Airtel (Fut) around 320 proved great as it cracked and made low of 315.15 before settling at 319.05 on closing. We booked part profit around 315.15
[Profit of 7275 on 1 Lot]
Our call to Buy TVS Motor (Fut) around 362--360 proved great as it flared and made high of 369.40 before settling at 363 on closing. We booked part profit around 369
[Profit of 14000 on 1 Lot]
Our call to Buy ICICI Bank 260 CE (option) around 10—9 proved great as it flared and made high of 15.20 before settling at 10 on closing. We booked full profit around 15.20
[Profit of 15500 on 1 Lot]
Our call to Buy Reliance 1000 CE (option) around 16 proved great as it flared and made high of 34.45 before settling at 21.50 on closing. We booked full profit around 34.
[Profit of 9000 on 1 Lot]
Now what to expect??
Nifty future levels
-Nifty has immediate resistance at 8220 and support at 8200.
Break and sustain below 8200 will take to 8140---8080 mark else it could test it's resistance again.
Further upside rally will see only close above 8280 mark.
Traders can trade with levels only and wait for confirmation.
Today's Top Pick
Today's top pick will update you soon..!!
More will update soon!!
