Nifty above 10,900, Sensex gains 250 points; IT stocks trade higher

Market Opens: Benchmark indices started the day on positive note with Nifty is trading above 10,900 level.

The Sensex is up 201.85 points at 36396.95, while Nifty is up 59.60 points at 10909.40. About 445 shares have advanced, 240 shares declined, and 35 shares are unchanged.

Yes Bank gained 10 percent in early trade on appointment of Ravneet Gill as new MD & CEO. UPL, Bharti Infratel, Sun Pharma, Bhrati Airtel, RIL, Axis Bank, TCS are other mojor gainers, while ICICI Bank and HDFC Bank are trading lower.

Rupee Opens: The Indian rupee opened higher at 71 per dollar on Friday against previous close 71.07.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sgx-nifty-indicates-gap-up-opening-for-indian-indices-3433321.html

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Nifty forms 'Doji' pattern, may consolidate unless index breaks 10,985 on upside

The Nifty50 closed rangebound session on a positive note Thursday and formed a 'Doji' kind of indecisive formation on daily candlestick charts. Positive global cues and the rally in Reliance Industries, TCS, HDFC and ITC helped the benchmark index end higher.

The 8 percent rally in Yes Bank after the appointment of Ravneet Singh Gill as new MD & CEO also lifted sentiment.

A 'Doji' is formed when the index opens and then closes approximately around the same level. However, it remains volatile throughout the trading day which is indicated by its long shadow on either side. The candle appears like a cross or a plus sign.

A Doji usually means indecisiveness among the bulls as well as bears, hence there could be some consolidation in coming sessions before directional move on either side, experts said.

The Nifty50 after opening marginally higher immediately slipped into red and hit an intraday low of 10,798.65, followed by rangebound move. The index after consolidation gained strength in late trade and touched a day's high of 10,866.60. It closed 18.30 points higher at 10,849.80.

Interestingly Nifty appears to be taking support around its 100-day simple moving average (10,795) which in the past acted as a resistnace point.

"Inline with its recent behaviour Nifty50 once again attracted buying on a dip towards its critical short term support points which resulted in a Doji kind of indecisive formation with a slightly longer lower shadow hinting positive price action for the day," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

He said lack of follow through selling to Wednesday's fall is suggesting that indices are caught up in a sideways zone and unless they emerge out if this sideways range a directional move will not emerge.

Today's bounce also coincided with the test of its 14-day old ascending channel support whose value is placed around 10,792 levels, he added.

Hence, he said in near term 10,790 appears to be a critical support breach of which may strengthen bearish sentiment for the short term with targets placed around 10,590 kind of levels where as upsides shall remain capped around 10,950.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-doji-pattern-may-consolidate-unless-index-breaks-10985-on-upside-3431151.html

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2019 is the year for accumulation, probability of big fall low: Narnolia

There are not much of leveraged positions by traders in the market. So probability for any big correction in 2019 appears low. 2019 is more of an accumulation phase for harvesting thereafter, Shailendra Kumar, Chief Investment Officer, Narnolia Financial Advisors said in an interview to Moneycontrol's Sunil Shankar Matkar.

Edited excerpts:

Q. Auto stocks corrected significantly in 2018 and now Maruti Suzuki, Eicher Motors, Tata Motors December sales numbers added to investors disappointment. What is your expectation from the space in 2019?

A. December is cyclically a weak month for auto sales. This time it got even worse as dealers were carrying large stocks after poor festival season sales. Rural demand had been a strong driver for auto volume post GST related trade channel disruption but there are concerns building up there.

At the same time, high competition in the marketplace negates the possibility of price rise barring some on account of new emission norms. Going forward auto volume growth will remain in single digits only and pricing growth too will be absent. The saving grace for the sector would be margin revival if commodity prices remain benign.

Q. Do you foresee any big correction in 2019 after a positive close in 2018? What risks should investors stay wary of in 2019?

A. There are steady domestic inflows through mutual fund routes and that gives stability to this market. This fresh buying by retail investors is large enough to negate any sells that may be triggered by foreign investors on account of global concern in 2019.

Also, there are not much of leveraged positions by traders in the market. So probability for any big correction in 2019 appears low. Our base hypothesis for 2019 is that the volatility will fall in the second half of the calendar year and return would be benign but positive. Our near-term target for Nifty is 11,800. 2019 is more of an accumulation phase for harvesting thereafter.

Q. Analysts suggest public capex could continue next year due to general elections but private capex pickup will take time. What is your take on capex?

A. We are not seeing any such incrementally large move this time. The government would be tilting more towards some direct transfer scheme to appease voters than improving sentiments using infra capex.

Private capex is surely in a take-off mode as capacity utilisation has improved and post demonetisation and GST implementation related initial weakness, demand outlook is again improving.

Q. Which among largecap, midcap and smallcap will do good in 2019?

A. 2019 will prove to be a very neutral year in terms of various sub-segments of the market. Earnings growth of various cap, sector or themes will be very similar in 2019. Valuation differential, too, has narrowed for various sub-segments of the market.

And these two factors that mean that portfolio return this year would be more a function of stock selection skill than the exposure to a particular segment.

Source: https://www.moneycontrol.com/news/business/markets/probability-for-big-fall-in-2019-appears-low-bet-on-3-largecaps-2-midcaps-for-15-28-short-term-return-3368111.html

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MCX Support and Resistance Levels

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Indices trade higher, Nifty around 10,900; Indiabulls Housing, DHFL most active

  

MARKET OPENS Equities have begun the week on a good note, with the Nifty surging to 10,900-mark. 

The Bank Nifty, too, has seen a positive opening, up around half percent in early morning trade. 

The Sensex is up 165.73 points or 0.46% at 36242.45, while the Nifty is higher by 52.60 points or 0.48% at 10912.50. The market breadth is positive as 407 shares advanced, against a decline of 107 shares, while 25 shares were unchanged.

Other sectoral gainers include automobiles, metals, and pharmaceuticals, among others. The Nifty Midcap index has opened around half a percent higher. 

IndusInd Bank, State Bank of India, Indiabulls Housing and Hindalco have gained the most, while Kotak Mahindra Bank, Power Grid, and NTPC were the big losers.

RUPEE OPENS The Indian rupee has opened at 69.80 per US dollar against previous close of 69.94 per dollar.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-indices-trade-higher-nifty-around-10900-indiabulls-housing-dhfl-most-active-3337721.html

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Options data indicates short-term trading range of 10,600-10,900

Nifty has taken resistance from previous swing high and formed shooting star candle which is justifying the selling pressure on higher side around the strong psychological mark of 11,000 and 100-DMA at 10,950.

ADX indicator is trading around 17 mark, which is less than crucial levels considered for a trending market, expresses no strength in current trend on either side suggesting market to take support at a lower level and close the month sideways.

However, weekly RSI is still placed near 50 for the last four weeks indicating sideways to positive momentum intact. Also, looking at market movement since 2001, there is 95% probability that markets will have positive Christmas week.

On the downside, Nifty has strong support from the line of parity around 10,700 and 50-DMA at 10,574. A major unwinding of Put writing and shifting of writing to lower strikes was seen on Friday. Option data suggests an immediate trading range of 10,600 and 10,900.

Bank Nifty

Banking index is trading in rising wedge pattern having lower side support around 26,300 and upper trend line resistance is placed near 27,250 levels. Since Bank Nifty is trading above major moving averages, its short-term & mid-term trend is positive and immediate trading range is 27,250-26,300 levels.

Source:https://www.moneycontrol.com/news/business/markets/options-data-indicates-short-term-trading-range-of-10600-10900-3319041.html

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NCDEX SUPPORT & RESISTANCE LEVEL (23 AUG 2018)

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Equity benchmarks continued to trade flat after giving up almost all gains, with the Nifty hovering around 11,550.

At 11:15 hrs IST, the Sensex is down 12.30 points or 0.03% at 38266.45, and the Nifty down 0.00 points or 0.00% at 11551.80. The market breadth is narrow as 1,194 shares advanced, against a decline of 1,046 shares, while 142 shares are unchanged.

Banks continue to be the losers along with metals, infra, and FMCG names. Meanwhile, IT continues to be the lead gainer.

Wipro and Coal India are the top gainers on both indices, while Tata Steel, ICICI Bank and BPCL have lost the most.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-subdued-moves-continue-on-d-street-nifty-hovers-around-11550-banks-fall-2864321.html

INTERNATIONAL MARKET UPDATE (10 Aug 2018)

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Sensex opens at fresh record high, Nifty above 11,100; Asian Paints down 2%

It’s a subdued start to the market on this Wednesday morning, a deviation from the pre-opening rate trends where the larger index hit a fresh record high. Meanwhile, the Sensex has hit a fresh record high as well. The Nifty is well above 11,100, but is a good thirty points away from its record high.

Metals have extended their rally from the previous sessions and a strong trade in the midcaps space is also aiding the market.

The Sensex is up 62.41 points or 0.17% at 36887.51, while the Nifty is up 7.20 points or 0.06% at 11141.50. The market breadth is positive as 389 shares advanced, against a decline of 106 shares, while 60 shares were unchanged.

Shares of Asian Paints are trading over 2.5 percent lower after its June quarter results. Oil marketing companies are taking a hit on the back of rising crude oil price.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-nifty-hits-fresh-record-high-in-pre-opening-sensex-up-around-100-points-2758331.html

Reliance Industries hits record high, gains 46% in last one year

Since the beginning of January, Reliance Industries' share price has risen 23 percent, while its market capitalisation has risen 21 percent to Rs 7.09 lakh crore.

stock price has had a stellar run over the past 12 months and the stock continued its upward journey to touch a record high of Rs 1,138.25 intraday on Friday. It closed 2.23 percent higher at Rs 1,128.55 on the BSE.

The stock has surged more than 16 percent since the conclusion of its 41st annual general meeting, held on July 5, 2018. The company had announced launch of its 'Jio GigaFiber' fiber-to-home service, and its 'Jio Giga TV' set-top box at the meeting.

At the AGM, Reliance Industries Chairman and Managing Director Mukesh Ambani said that the company has doubled its customer base for Jio to 215 million within 22 months of starting operations.

Ambani said that data usage increased to 240 crore GB from 125 crore GB in a span of one year, and that voice usage more than doubled from 250 crore minutes a day to 530 crore minutes a day.

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Source: https://www.moneycontrol.com/news/business/markets/reliance-industries-hits-record-high-gains-46-in-last-one-year-2738311.html

Stocks in the news: HCL Technologies, TCS, IndusInd Bank, Dish TV, SRF, Capital First

HCL Technologies | TCS | IndusInd Bank | Dish TV and HDFC Bank are stocks, which are in news today:


Results Today: TCS, IndusInd Bank, Prakash Industries, Kore Foods

Ex-Split: Otco International - Rs 10 to Rs 2


Ex-Bonus: City Union Bank 1:10

Karnataka Bank introduces cash@PoS facility

HCL Technologies: Company to consider a proposal to buyback equity shares of company on July 12

Bajaj Hindusthan Sugar EGM on August 4 to consider sale of Lalitpur Power Generation to Bajaj Energy

Dish TV: Q1 consolidated net profit at Rs 27.9 crore against loss of Rs 11.7 crore (YoY).

L&T Infotech: The firm has approved allotment of 3.52 lakh shares under ESOP scheme



J&K Bank: The company held its annual general meeting on July 9, 2018.

Hindustan Copper: Sukhen Kumar Bandyopadhyay appointed as Director (Finance) in Hindustan Copper

Astral Poly Technik aprroved acquisition of 51% stake of Rex Polyextrusion by cash

SRF announces setting up of a polyester film and resin plant in Thailand

HDFC Bank: Company's Q1 loan book grows 22 percent to Rs 7.08 lakh crore, deposits growth at 20 percent

Shree Renuka Sugars - creditors of Brazil unit Renuka Vale do Ivai approves new recovery plan

PPAP Automative started commercial production from its newly setup Gujarat plant

Uttam Galva Steel June qtr net loss widens to Rs 366 cr

PNC Infratech received two EPC packages of Purvanchal expressway project for Rs 2520 crore

SRF to set up new plant in Thailand at Rs 410 cr cost

Network18 appoints Rahul Joshi as MD

TV18 Broadcast approved appointment of Jyoti Deshpande as non-executive director and also decided to appoint Rahul Joshi as managing director after necessary approvals

HUBTOWN board meeting on July 12 to consider augmenting long-term fund requirements of the company including by way of issue of securities and other means

Lupin gets USFDA nod for generic malaria drug

Capital First plans to raise up to Rs 100 cr via debt

Lodha Developers gets Sebi's go-ahead for Rs 5,500-cr IPO

Va Tech Wabag board gives nod to raise funds

Gayatri Projects declared as L-1 bidder for development of Purvanchal expressway project (Package-I) value at Rs 1483 crore and Package-II value at Rs1276 crore

Sadbhav Infra received Rs 2749.9 million toll revenue from 10 operational SPVs in Q1FY19

Ceat to make passenger car, 2-wheeler tyres at TN plant

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Source: https://www.moneycontrol.com/news/business/stocks/stocks-in-the-news-hcl-technologies-tcs-indusind-bank-dish-tv-srf-capital-first-2690191.html