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Thursday, 2 July 2015

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Nifty and Bank Nifty News Summary For Today

Nifty levels:  

Nifty spot close @8453
Nifty future close @8454

Today’s view on Nifty
   
Profit booking from upper level will be seen today, but keep buy on dips, we may see 8500 as a resistance level, and 8370 as a support level for nifty.    

Bank Nifty levels:  
Bank nifty spot close @18606
Bank nifty future close @18550

View on Banknifty  

Good recovery from lower level buys above 18400 for the target of 18800-18900.

MARKET COMMENTERY

Banking and IT stocks led gains as key benchmark indices edged higher after a report that Greek Prime Minister Alexis Tsipras is ready to accept the creditors' bailout terms. A bout of volatility was witnessed in late trade as benchmark indices trimmed gains after extending intraday gains. The barometer index, the S&P BSE Sensex, trimmed gains after hitting its highest level in more than ten weeks. The 50-unit CNX Nifty trimmed gains after hitting its highest level in almost six weeks. The Sensex provisionally closed above the psychological 28,000 mark after alternately moving above and below that level in intraday trade. The Sensex hit the psychological 28,000 mark today, 1 July 2015, for the first time in almost 6 weeks.

STOCK BUZZ
1. Kotak Mahindra Bank rose 1.86% after the bank reduced its base rate to 9.75% per annum from 9.85% per annum with effect from 2 July 2015. All categories of loans (other than the exceptions permitted by the Reserve Bank of India) will be priced with reference to the revised base rate, Kotak Mahindra Bank said. The bank made announcement during market hours today, 1 July 2015.

2. Mahindra & Mahindra (M&M) rose 0.62%. M&M said its total auto sector sales fell 6% to 36,134 units in June 2015 over June 2014. Total domestic sales fell 9% to 33,282 units in June 2015 over June 2014. Total exports rose 42% to 2852 units in June 2015 over June 2014. The sales figure was announced during trading hours today.

HOT PURSUIT
1. Meanwhile, Growth in India's manufacturing sector output eased last month as new orders rose at weaker rate, according to a monthly survey released by Markit Economics today, 1 July 2015. The seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) dropped to 51.3 in June 2015 from 52.6 in May 2015. Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at Markit and author of the report, said that new business expanded at a noticeably weaker pace, in part reflecting a loss of momentum in export business. Moreover, manufacturers remained in cautious spirits and employment numbers were unchanged once again. 

2. Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 30 June 2015, that the Southwest Monsoon was vigorous over East Uttar Pradesh and active over Arunachal Pradesh, Uttarakhand and East Madhya Pradesh during the past 24 hours until 8:30 IST.

OPTION STRATEGY

1. In today’s session we have seen call buying in nifty 8300 call so we can consider this as a strong support.

2. RELIANCE 1020 & 1050 CALLS were so active, stock is really in bullish move more rally is expected up to 1050. 

3. ZEEL 350 calls were in action today, stock showed us gain from lower level, more buying above 350. 

STOCKS TO WATCH

TITAN:  
Buy TITAN above 360 stocks may show 375-380 in coming days.
ITC:
Buy ITC above 310 stock may show 320/330 in coming days. Below 310 major resistances will be 303.
SBIN: 
Buy SBIN as remain above 263 stock may show 280/290 level in coming days, below 263 major support 254.
TOP PICKS OF THE DAY

1. BUY ONGC ABOVE….? TGT…..?STOP LOSS……?
2. BUY GAIL ABOVE…..?...TARGET….?..STOPLOSS…?
3. SELL AMBUJA BELOW….? STOCK MAY SHOW 210/200 LEVEL IN COMING DAYS WITH STOP LOSS…?

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