Nifty levels:
Nifty spot close @7718
Nifty future close @7831
Today’s view on Nifty
Selling opportunity as remain below 8000 we may see 7500-7450 in coming days. Above 8000 major resistance zone will be 8200-8250.
Bank Nifty levels:
Bank nifty spot close @16597
Bank nifty future close @16413
View on Banknifty
Now be cautious, fresh selling only below 16300, and fresh buy will above 16900, we may consider these levels as a support and resistance levels we may see consolidation on these levels.
MARKET COMMENTERY
Banking and auto stocks led a strong intraday rebound for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 9.16 points or 0.04% at 25,728.74, as per the provisional closing data. The 50-unit CNX Nifty lost 30.50 points or 0.39% at 7,788.10, as per the provisional closing data. Overseas stock markets continued to drive sentiment on the domestic bourses. Intraday rebound on the domestic bourses accentuated towards the fag end of the trading session as European stocks recovered and as trading in US index futures indicated a recovery for US stocks from previous trading session's sharp slide. Earlier during the trading session, the Sensex lost 432.08 points at the day's low of 25,287.50 in early trade. The Nifty lost 140.10 points at the day's low of 7,678.50 in early trade.
STOCK BUZZ
• Power sector stocks witnessed mixed trend. Torrent Power (up 0.29%), Tata Power Company (up 3.21%), Adani Power (up 1.13%), Reliance Infrastructure (up 1.43%), JSW Energy (up 5.57%) and Reliance Power (up 0.92%) gained. NHPC (down 2.99%), CESC (down 1.95%) and Power Grid Corporation of India (down 1.94%) declined.
• Shares of state-run power generation major NTPC shed 0.95%. The company after market hours yesterday, 9 September 2015, announced that the company proposes to raise up to Rs 400 crore with an option to retain over subscription of up to Rs 300 crore from public issue of tax-free secured redeemable non-convertible bonds during the year ending 31 March 2016. The government has authorized the company to raise up to Rs 1000 crore through tax free bonds, including Rs 700 crore through public issue.
HOT PURSUIT
• Trading in US index futures indicated that the Dow could gain 101 points at the opening bell. Earlier during the global day, stocks in China and Japan led decline in Asian equities after weak Japanese economic data and as a report showing a record rise in job openings in the United States in July sparked worries about a potential interest-rate hike from the US Federal Reserve. Higher US interest rates will reduce the attraction of riskier emerging-markets assets.
• A firm trend in global markets aided the upmove on the domestic bourses. Chinese stocks jumped on expectations that the Chinese central bank will inject more stimulus for the economy after weak trade data for August. European stocks surged after the latest data showed German exports and imports rose to their highest level on record in July. Trading in US index futures indicated that the Dow could gain more than 300 points at the opening bell.
OPTION STRATEGY
In today’s session we have seen call writing in 7900 and 8000 strike price, we may see 7900 as a strong resistance level in coming days.
MARUTI 4200 and 4350 calls and puts were so active, we may see buying above 4100 level.
DLF 110/120 puts were so active today, we may see more selling as remain below 120.
STOCKS TO WATCH
TATASTEEL:
Sell TATASTEEL below 235 stock may show 210/200 LEVELS.
VEDANTA:
Keep selling but only on rise 60/50 levels are waiting………
HDFC:
Sell HDFCL below 1170 for the target of 1110/1080 in coming days, keep sell on rise.
Top PICKS OF THE DAY
• GAIL ABOVE….? TGT…..?STOP LOSS……?
• SELL ICICI BANK BELOW…..?...TARGET….?..STOPLOSS…?
• SELL ONGC BELOW….? STOCK MAY SHOW 190/210 LEVEL IN COMING DAYS WITH STOP LOSS…?
