Nifty 8236/Sensex 27140/ Bank Nifty 18286
42 Advances /9 Declines/ 1 Unchanged
Indian benchmarks stage a remarkable rally; Nifty ends above 8350 mark
Indian benchmark indices staged a blockbuster performance on Wednesday by vivaciously rallying close to a percent in the session and settling above the psychological 8,350 (Nifty) and 27,100 (Sensex) levels. Tuesday’s optimism got spilled over into the Wednesday’s session helping the frontline indices in extending the winning momentum for second successive session as investors are hoping that Budget 2017 to be unveiled on February 1, would contain incentives for companies to help prop up an economy being hit by a ban on higher-value cash notes. Market percipients continued to build hefty positions across the board as sentiments got a boost with Prime Minister Narendra Modi’s statement that India is on threshold of becoming most digitised economy in the world.
While he also declared his ambition to bring about a paradigm shift through a series of historic changes, reiterating the government's commitment to reforms and projecting India as a bright spot amid global gloom after having emerged as the world's fastest-growing economy. Some support also came with Finance Minister Arun Jaitley’s statement that the Centre is still aiming to roll out the Goods and Services Tax (GST) regime from April 1. He further said while most of the issues have been resolved, there are a few critical issues that still need to be addressed. However, caution prevailed ahead of President-elect Donald Trump's first presser due later in the day and quarterly earnings from blue-chip companies. Market participants also await the key quarterly corporate results from software services firm TCS and Infosys.
On the global front, Asian markets ended mixed on Wednesday, as investors looked to US President-elect Donald Trump's press conference later in the day for clues on his policies. While his plan for tax cuts and infrastructure spending has boosted U.S. shares and the dollar, his protectionist statements have kept many investors on guard. Resources stocks advanced on higher commodity prices, while crude oil prices rebounded in Asian trades. Further, Japanese shares edged higher as a weaker yen boosted exporters, while Chinese shares ended in red, pressured by an increase in equity supply and as investors took profits on state-owned stocks which had soared on reform hopes.
Back home, the local benchmark got off to a positive start in the morning trade as investors were largely influenced by the supportive leads from Asian markets. Thereafter, the frontline indices gathered further momentum and traded with over half a percent gains through the morning session of trade. The bourses further capitalized on the momentum and spurted in afternoon trades on the back of broad based bottom fishing in undervalued stocks. The northbound journey only concluded with the close of the session
FII Activity (11th January 2017)
The FIIs as per Wednesday’s data were net sellers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 3597.89 crore against gross selling of Rs 3711.12 crore. Thus, FIIs stood as net sellers of Rs 113.23 crore in equities.
In the debt segment, the gross purchase was of Rs 729.43 crore with gross sales of Rs 2139.49 crore. Thus, FIIs stood as net sellers of Rs 1410.06 crore in debt.
Key Results
TCS
Bajaj Corp
NHPC
Zee Learn
Now what to expect??
Nifty Future Levels
We clearly indicated Nifty looks positive above 8320...it made high of 8399.90
Now what to expect??
Nifty future has support at 8320 and resistance at 8450---8520.
Trend looks positive and could test its resistance level of 8450---8520.
Fresh selling can be initiated below 8320 mark
Trade with levels only.
Bank Nifty Future Levels
Above 18400 our target was 18900—19050…it made high 18904.
Now what to expect???
Support at 18500 and resistance at 19050.
Looks positive and could test its resistance level of 19050. Two consecutive close + weekly close above 19050 will take it to 19300—19550 and then to 19800+ mark in days to come, else could test its support level of 18500.
Fresh selling can be initiated below 18500
Trade with levels only.
Today's Top Pick
M&M Finance
Support at 270 and Resistance at 285
Two consecutive close + weekly close above 285 will take it to 300—310 and then to 325+ mark in days to come, else could test its resistance level of 270.
Looks weak only below 270
