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Wednesday, 22 July 2015

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Bank Nifty Market News 22-July-2015

Nifty levels:  
Nifty spot close @8529
Nifty future close @8546

Today’s view on Nifty

As yesterday we said that markets will show some profit booking from upper level, same thing happened today, keep buy on dips as remain above 8450, we may see some more bullish move ahead.

Bank Nifty levels:  

Bank nifty spot close @18723
Bank nifty future close @19159

View on Banknifty  

Short covering is expected from lower level, keep buy dips as remain above 18300 no selling please.

MARKET COMMENTERY

Pharma and cement stocks led losses as key benchmark indices witnessed a sudden slide during the last one hour or so of the trading session. Until about 14:30 IST, benchmark indices moved in a narrow range near the flat line. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their lowest level in almost a week as these two key benchmark indices extended intraday losses in late trade. The broad market depicted weakness. There were almost two losers against every gainer on BSE. The Sensex was provisionally off 230.44 points or 0.81% to 28,189.68. The BSE Mid-Cap index was off 1.42%. The BSE Small-Cap index was down 1.59%. The decline in both these indices was higher than Sensex's decline in percentage terms.

STOCK BUZZ

1. Shares of IT major Infosys jumped after the company raised its full year revenue growth guidance in dollar terms at the time of announcing its Q1 June 2015 results during market hours today, 21 July 2015. The stock jumped 11.29% at Rs 1,115. The stock hit a high of Rs 1,127.75 and a low of Rs 1,022.20 intraday. Infosys now expects its revenue to grow 7.2%-9.2% in dollar terms for the year ending 31 March 2016 (FY 2016). At the time of announcing Q4 March 2015 results in April 2015, Infosys had forecast 6.2% to 8.2% growth in the company's revenue in dollar terms for FY 2016.

2. HDFC Bank dropped amid volatility after announcing Q1 results. The stock lost 1.89% at Rs 1,094.50. The stock hit a high of Rs 1,127.90 and a low of Rs 1,094.05 intraday. HDFC Bank's net profit rose 20.7% to Rs 2695.70 crore on 26.3% growth in total income to Rs 16503 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 21 July 2015.

HOT PURSUIT

1. Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 20 July 2015, that the Southwest Monsoon was vigorous over West Madhya Pradesh and active over Gangetic West Bengal, East Rajasthan, Coastal Karnataka and South Interior Karnataka during 24 hours ending until 8:30 IST.

2. Asian stocks edged higher today, 21 July 2015, on the tail of strong corporate earnings in the US and China's stabilizing markets. In mainland China, the Shanghai Composite index rose 0.66%. In Hong Kong, the Hang Seng index was up 0.52%. In other Asian markets, key benchmark indices in Japan, Singapore, Taiwan and South Korea were up 0.02% to 0.93%. Indonesian stock market was shut for a holiday.

OPTION STRATEGY

1. In today’s session we have seen put buying in nifty 8600 put so we can consider this as a strong resistance.

2. CAIRN 170 PUTS were so active, stock is really in bearish move more rally is expected below 162. 

3. ACC 1450 PUTS were in action today, stock showed us short position from upper level, more selling below 1460. 

STOCKS TO WATCH

ONGC:  

Sell ONGC below 290 stock may show 278/270 levels in coming days.

GAIL

Sell GAIL as remain below 370 stock may show 358/355 level in coming days.

TATAMOTORS: 

Sell TATAMOTORS below 400 we may see 380/370 level as remain below 400 levels.
TOP PICKS OF THE DAY

1. BUY RELIANCS ABOVE….? TGT…..?STOP LOSS……?

2. BUY ICICI BANK ABOVE…..?...TARGET….?..STOPLOSS…?

3. SELL VOLTAS BELOW….? STOCK MAY SHOW 290/280 LEVEL IN COMING DAYS WITH STOP LOSS…?

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