Nifty 8129 /Sensex 26349/ Bank Nifty 18409
36 Advances /15 Declines/ 0 Unchanged
“Nifty ends above 8100, Sensex ends over 100 pts; TCS, HDFC drag”
Equity benchmarks recouped losses in afternoon trade with the Nifty climbing above 8100 level, tracking recovery in European peers. FMCG, auto and telecom stocks led the market higher.
The market has ended on a higher note as European market showed a comeback post initial weakness. The Sensex closes up 118.44 points or 0.4 percent at 26349.10 and the Nifty was up 41.95 points or 0.5 percent at 8128.75. About 1511 shares have advanced, 1114 shares declined, and 154 shares are unchanged.
M&M, Asian Paints, Lupin, Maruti and Bharti were gainers while TCS, HDFC, GAIL, Sun Pharma and Wipro were losers in the Sensex.
“Italian referendum not a Brexit, impact will be limited: Experts”
Italian Prime Minister Matteo Renzi resigned after suffering a heavy defeat in a referendum over his plan to reform the constitution. The defeat has raised questions about market stability, but analysts at UBS and JP Morgan feel that the markets will take the jitters in their stride.
The Indian market specifically may not react as it has no immediate connection to the Italian Referendum, says Hartmut Issel, Head Equity & Credit for Asia Pacific and Chief Investment Officer for Weal of UBS.
Strong US jobs data only adds to the view that the US Federal Reserve will raise rates now, he said, adding that global markets have already priced in a rate hike by the US Fed mid-December. He further said that UBS expects two rate hikes by the US Fed next year.
Key Results Today
Future retail
DPSC
RESULT ANALYSIS & POLL
IMPORTANT RESULT: Future Retail
-TECHNICAL LEVELS: Future Retail
CMP 120. Future Retail has immediate resistance at 124 and support is intact at 116
If immediate resistance of 124 is positively breached and sustained then next resistance seen around 129---132 otherwise it can test it support of 116 again. Below 116 will see sharp downside panic till 112---108 mark.
OUR RECOMMENDATIONS
Our call to buy M&M 1160 CE around 37—35 proved great as it flared and made high of 50 before settling at 47.20 on closing. We booked part profit around 47.65—50.
[Profit of Rs 7500 on 1 Lot]
Now what to expect next??
Nifty and Bank Nifty Levels
-Nifty has resistance at 8190---8230 and support is intact at 8070.
Break and sustain above 8230 will take Nifty to 8280—8350 mark else it can test its support level of 8070 mark again.
On the other hand....
Bank Nifty has resistance at 18500 and crucial support intact at 18200.
Break and sustain above 18500 will take Bank Nifty to 18800—19050 else it could test its support level of 18200 again.
Further downside panic will see only close below 18200.
Trade with levels only.
Today's Top Pick....
Axis Bank (Cash)... Trading near to crucial support of 455. Break and sustain below 455 will see sharp downside fall in it else it could test its resistance level of 465 again
Break and sustain above 465 will take to 478---484+++ mark
Trade with levels only
More will update soon!!
