Nifty 9,899 /Sensex 31,955/ Bank Nifty 24,152
41 Advances / 10 Declines/ 0 Unchanged
Bulls back on Dalal Street after a day off; Sensex ends shy of 32k mark
Indian equity benchmarks once again back on track with frontline gauges, erasing most of their previous session losses, settled almost at 32,000 (Sensex) and 9,900 (Nifty) levels. Markets traded with full traction throughout the session, as sentiments remained up-beat with NITI Aayog Vice Chairman Arvind Panagariya’s statement that India’s GDP could rise to about $8 trillion over the next 15 years if the country registers an economic growth of 8 percent annually and come very close to eliminating abject poverty entirely. Traders also took some encouragement with rating agency Fitch’s latest report stating that new indirect tax regime Goods and Services Tax (GST) is likely to be beneficial for auto, cement and organised retail sectors, but will have a negative impact on oil and gas, and SME sectors.
Rally got extended in last leg of trade with private report stating that India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system and bolstered by an expected central bank interest rate cut. Finance Minister Arun Jaitley’s statements that the GST is a win- win deal for all as it will expand the tax net, end inspector raj and bring down prices of goods too supported the sentiments.
Positive opening in European counters too aided sentiments, as investors took stock of a series of corporate announcements from across the continent. Asian markets ended mostly in green, with China turning around after a few days of losses. A poll found Japanese manufacturers and service providers’ business confidence held steady at high levels in July, underlining the central bank’s upbeat view on the economy.
Back home, pharma stocks remained on buyers’ radar on report that the government is looking at introducing a new National Pharmaceuticals Policy and is already in the process of working out details. The oil & gas stocks too remained in action, as the government is likely to consider the sale of government's 51.11 per cent stake in Hindustan Petroleum Corp (HPCL) to Oil and Natural Gas Corporation (ONGC) for over Rs 28,000 crore.
FII’s Activity 19-July-17
The FIIs as per Wednesday’s data were net buyers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 6645.22 crore against gross selling of Rs 6269.37 crore. Thus, FIIs stood as net buyers of Rs 375.85 crore in equities.
In the debt segment, the gross purchase was of Rs 1445.59 crore with gross sales of Rs 574.35 crore. Thus, FIIs stood as net buyers of Rs 871.24 crore in debt.
Now what to expect??
Nifty Levels
Above 9950 will see rally till 9980---10035 mark.
Panic will see only close below 9830 level only
Bank Nifty Levels
Support at 24000 and resistance at 24250
Close above 24250 will take to 24500---24650+++ mark.
Support and stop loss below 24000 on closing basis
Trade with levels only
Daily Derivative Outlook 20th July
• Nifty (Jul) futures closed at a Premium of 19.55 points versus a Premium of 19.15 points.
• Maximum call writing was seen at 9900 strikes, and maximum put writing was seen at 9900 strikes.
• Maximum positions are at 10000 CE and 9800 PE. Nifty likely to trade in range of 10000--9800
• JPASSOCIAT (39%), PIDILITIND (20%), RELCAPITAL (18%), INDIANB (16%) and MINDTREE (15%) were the top open interest gainers in the market.
• CHOLAFIN (-19%), GRASIM (-19%), HEXAWARE (-10%), ITC (-10%) and ACC (-9%) were the top open interest losers in the market.
• The Nifty Put Call Ratio (PCR) finally stood at 1.49 against 1.29 for Tuesday’s trade.
Around 3.41 lakh shares were shaded in open interest with an increase in price. This is indicative
of short covering by market participants in today’s trade.
• On the options front, the volatility index has decreased in today’s trade by around 2%
Derivative Idea
DISHTV added around 11.30% of open interest as long build up on Daily basis.
On Daily charts, Above 82.00 rally remain continue till 87.50—90.00 and then to 93.00. Support and stop loss below 77.30.
Current chart pattern and derivatives data suggest that we expect further rally in coming sessions.
Trading Recommendation
Buy DISHTV (July) Future above 83.00. Stop Loss 77.30. Target 87.50—90.00 and then to 93.00++
Today's Top Pick
SAIL
Above 63.50 will see upside rally till 64.50---65.50++ mark in days to come.
Looks bearish only if close below 62.50.
Corporate Action
Idfc Bank Limited - Dividend - Re 0.75 Per Share
Bharti Infratel Limited- Dividend - Rs 4 Per Share
Idfc Limited- Dividend - Re 0.25 Per Share
Biocon Limited - Annual General Meeting/Dividend - Rs 1/- Per Share
Tata Steel Limited- Annual General Meeting/Dividend - Rs 10/- Per Share
Result Today
Bajaj Auto Limited
Wipro Limited
NIIT Technologies Limited
RBL Bank Limited
Reliance Industries Limited
Kotak Mahindra Bank Limited
Hindustan Zinc Limited
More Will Update Soon!!
