Nifty levels:
Nifty spot close @8485
Nifty future close @8495
Today’s view on Nifty
Good recovery from lower level keep buying 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 @18529
Bank nifty future close @18750
View on Banknifty
Buy as remain above 18400, consolidation seen from upper level, so be cautious we may see profit booking. No sell keep buy on dips.
MARKET COMMENTERY
Banking stocks and index heavyweight HDFC led gains for key benchmark indices on the last trading session of the week today, 3 July 2015. The barometer index, the S&P BSE Sensex, regained the psychological 28,000 level. A small decline had pushed the Sensex below the psychological 28,000 level yesterday, 2 July 2015. The market breadth indicating the overall health of the market was positive. The Sensex provisionally rose 145.33 points or 0.52% to 28,091.13. Metal shares declined.
STOCK BUZZ
1. Most PSU banks stocks edged higher. Union Bank of India (up 4.67%), Central Bank of India (up 2.36%), Vijaya Bank (up 1.22%), Bank of India (up 0.95%), Syndicate Bank (up 0.85%), Canara Bank (up 0.67%), United Bank of India (up 0.62%), Bank of Baroda (up 0.60%), State Bank of India (up 0.50%), Punjab National Bank (up 0.32%), Allahabad Bank (up 0.28%), IDBI Bank (up 0.16%) and Indian Bank (up 0.04%), edged higher. UCO Bank (down 0.28%), Corporation Bank (down 0.39%), Punjab and Sind Bank (down 0.47%), Andhra Bank (down 0.72%) and Bank of Maharashtra (down 2.07%) edged lower.
2. Metal shares declined. Steel Authority of India (down 2.32%), Vedanta (down 2.01%), JSW Steel (down 1.97%), Bhushan Steel (down 1.83%), Hindustan Zinc (down 1.46%), Tata Steel (down 1.12%), Hindustan Copper (down 0.71%), Hindalco Industries (down 0.45%) and National Aluminum Company (down 0.13%) edged lower. NMDC was up 0.17%.
HOT PURSUIT
1. Meanwhile, the Reserve Bank of India (RBI) Governor Dr. Raghuram G. Rajan yesterday, 2 July 2015, said that the Indian economy was recovering and there were signs of capital investments picking up. Rajan said that the government was trying to put stalled projects back on track. He said that the monsoon, thus far, was above normal. Exports were relatively weak and the weakness was on account of global factors. The RBI governor said that the RBI will continue to do spade work for sustainable growth in the coming year. The RBI governor was speaking to the media after the conclusion of a meeting of the Central Board of Reserve Bank of India in Chennai.
2. The IMD expects rainfall to be above normal over northwest, central and over some parts of east India during the period from 6 to 10 July 2015. Rainfall activity may remain above normal over west India during 11-15 July 2015 and over northern plains during 16-20 July 2015, as per IMD's Extended Range Forecast. The IMD has forecast below normal rainfall activity over interior Peninsular India.
OPTION STRATEGY
1. In today’s session we have seen call writing in nifty 8500 call so we can consider this as a strong resistance.
2. RELIANCE 1020 & 1050 CALLS were so active, stock is really in bullish move more rally is expected up to 1050.
3. AMBUJA 240 calls were in action today, stock showed us gain from lower level, more buying above 230.
STOCKS TO WATCH
TITAN:
Buy TITAN above 360 stocks may show 375-380 in coming days, Below 360 major support will be 353.
TATASTEEL:
Sell TATASTEEL as remain below 300 we may see some new lows. Buy only above 300.
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…?
