Nifty levels:
Nifty spot close @8525
Nifty future close @8599
Today’s view on Nifty
Nifty closed above its resistance level, more buying opportunity as remain above 8500 we may see 8620/8650 level soon.
Bank Nifty levels:
Bank nifty spot close @18875
Bank nifty future close @18558
View on Bank nifty
Buy no selling as remain above 18700, good move in PSU banks, major support zone will be 18650-18800.
MARKET COMMENTERY
A bout of volatility was witnessed in late trade as key benchmark indices tumbled into the red and hit fresh intraday low after remaining in positive terrain for the most part of the trading session. Metal stocks led losses on the bourses. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, hit almost one-week low in late trade. The Sensex was provisionally down 204.36 points or 0.72% at 28,032.03. The market breadth indicating the overall health of the market was turned negative from positive in late trade.
STOCK BUZZ
1. Metal & mining stocks declined on weak economic data in China. JSW Steel (down 0.76%), Hindustan Copper (down 0.78%), Hindalco Industries (down 1.92%), National Aluminum Company (down 0.78%), Hindustan Zinc (down 1.16%), Tata Steel (down 0.34%), Steel Authority of India (Sail) (down 2.04%), and NMDC (down 0.05%) declined. Jindal Steel & Power rose 4.39%. China is the world's largest consumer of steel, copper and aluminum.
2. Tata Motors declined after announcing weak Q1 results. The stock fell 1.71% to Rs 385.85. The stock hit high of Rs 395.60 and low of Rs 382.20. On a consolidated basis, Tata Motors reported 48.7% fall in net profit to Rs 2768.91 crore on 5.5% fall in total income to Rs 61326.75 crore in Q1 June 2015 over Q1 June 2014. The company announced the result after market hours on Friday, 7 August 2015.
HOT PURSUIT
1. Meanwhile, India's weather office, the India Meteorological Department (IMD), said in a daily report issued on 9 August 2015 that for the country as a whole, cumulative rainfall during this year's monsoon season was 9% below the Long Period Average (LPA) until 9 August 2015. Region wise, the rainfall was 22% below the LPA in South Peninsula, 11% below the LPA in East & Northeast India, 8% below the LPA in Central India and 3% above the LPA in Northwest India until 9 August 2015.
2. Meanwhile, the Ministry of Water Resources announced in its weekly report issued after trading hours on Friday, 7 August 2015, that the Water storage available in 91 important reservoirs of the country as on 6 August 2015 was 78.366 BCM which is 50% of total storage capacity of these reservoirs. This storage is 93% of the storage of corresponding period of last year and 99% of storage of average of last ten years. The present storage position during current year is better than the storage position of last year and is also better than the storage of average of last ten years. tates having better storage than last year for corresponding period are Himachal Pradesh, Punjab, Rajasthan, Jharkhand, West Bengal, Tripura, Uttar Pradesh, Uttarakhand, Madhya Pradesh, and Tamil Nadu. States having lesser storage than last year for corresponding period are Odisha, Gujarat, Maharashtra, Chhattisgarh, (Two combined project in both states), Andhra Pradesh, Telangana, Karnataka, Kerala.
OPTION STRATEGY
1. In today’s session we have seen call writing in 8600 strike price, we may see 8600 as a strong resistance level in coming days.
2. KOTAK BANK 700 and 720 calls and puts were so active, we may see some profit booking from upper level.
3. TATASTEEL 260/270 calls were so active today, we may see more buying as remain below 256.
STOCKS TO WATCH
L&T:
Buy L&T above 1800 stock may show 1860-1880 level in coming days, below 1800 major support will be 1860.
ICICIBANK:
Buy ICICIBANK above 299 stock may show 325/335 level, remain below 299 more down side is expected.
UNIONBANK:
Buy UNIONBANK above 201 for the target of 218/224 in coming days, keep buy on dips.
Top PICKS OF THE DAY
1. BUY M&M ABOVE….? TGT…..?STOP LOSS……?
2. SELL ICICI BANK BELOW…..?...TARGET….?..STOPLOSS…?
3. SELL VOLTAS BELOW….? STOCK MAY SHOW 290/280 LEVEL IN COMING DAYS WITH STOP LOSS…?
