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Friday, 21 August 2015

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Nifty Market Trends for Today 21-Aug-2015

Nifty levels:  
Nifty spot close @8372
Nifty future close @8388

Today’s view on Nifty

Selling opportunity on rise, sell as remain below 8500 we may see 8300-8350 level in coming days. Above 8500 we may see some fresh buying and it may touch 8600-8650 level.

Bank Nifty levels: 
Bank nifty spot close @18283
Bank nifty future close @18330

View on Bank nifty  

Banknifty selling opportunity below 18700 we may see 18200/18100 level in coming days. Major support zone will be 18200-18150.

MARKET COMMENTERY

Banking and oil stocks led losses for key benchmark indices. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit one-week low. The decline on the domestic bourses was broad based. There were more than two losers against every gainer on BSE. The weakness on the domestic bourses was due to weakness in global stocks. The Sensex was provisionally off 284.24 points or 1.02% to 27,647.40. The decline in the Nifty was higher in percentage terms compared with the decline in the Sensex. The Nifty was provisionally off 122.40 points or 1.44% at 8,372.75. 

STOCK BUZZ
1. Metal and mining stocks edged lower on weakness in industrial metal prices in the global commodities markets. Jindal Steel & Power (down 8.43%), Tata Steel (down 3.28%), NMDC (down 2.86%), Steel Authority of India (down 2.52%), Hindalco Industries (down 1.45%), JSW Steel (down 1.22%), Hindustan Zinc (down 1.1%) and National Aluminium Company (down 1.88%) edged lower. 

2. Vedanta was off 4.19% at Rs 98.30. The stock hit a high of Rs 102.50 and a low of Rs 95.90 in intraday trade. Vedanta after trading hours yesterday, 19 August 2015, reiterated that its subsidiary Bharat Aluminium Company (BALCO) has decided to close down its Rolled Product business due to a steep fall in aluminium prices globally, negative margins and huge imports. The Rolled Product Business produced 46,000 tonnes of the product in the year ended 31 March 2015, Vedanta said. 

HOT PURSUIT
1. India imports about 80% of its crude requirements and a decline in crude prices eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports. State-run oil marketing companies have been cutting petrol and diesel prices on the back of falling international prices. Lower diesel prices will reduce transportation costs which in turn will reduce fuel price inflation. Diesel is a key transportation fuel. 

2. Chinese stocks reversed sharp intraday decline and ended higher after the central bank injected more funds into the financial system for a second day in a bid to calm panicky markets. The Shanghai Composite rose 1.23%. In Hong Kong, the Hang Seng index lost 1.31%. Meanwhile, the Chinese central bank has reportedly announced that it will offer new medium-term lending facility (MLF) loans to some select banks. The Shanghai Composite Index had tumbled 6.1% yesterday, 20 August 2015, amid fresh anxieties about China's commitment to steadying the stock market. 

OPTION STRATEGY

1. In today’s session we have seen call writing in 8500 and 8400 strike price, we may see 8500 as a strong resistance level in coming days. 

2. ADANIPORT  380 and  390 calls and puts were so active, we may see 390 level in coming days.

3. TATASTEEL 250/240 puts were so active today, we may see more selling as remain below 250.

STOCKS TO WATCH

DRREDDYS:  
Buy DRREDDYS above 4250 stock may show 4350/4400 level in coming days, below 4250 major support will be 4180.

CEAT
Buy stock above 1080 stock may show 1150/1200 level, remain below 1080 more down side is expected.

AUROPHARMA: 
Buy AUROPHARMA above 800 for the target of 840/855 in coming days, keep buy on dips.
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1 comment:

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