Nifty levels:
Nifty spot close @7558
Nifty future close @7563
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 @15790
Bank nifty future close @15800
View on Banknifty
Enjoyyyy in our selling call in bank nifty 14800 is coming……..
MARKET COMMENTERY
Stocks from mining and banking sector led losses as key benchmark indices edged lower in choppy trade. The barometer index, the S&P BSE Sensex, lost 324.18 points or 1.29% at 24,877.72, as per the provisional closing data. The 50-unit CNX Nifty shed 96.25 points or 1.26% at 7,558.80, as per the provisional closing data. The Sensex provisionally settled below the psychological 25,000 mark after extending losses in late trade. The barometer index hit its lowest level in more than 15 months when it plunged 350.13 points at the day's low of 24,851.77 in late trade. The Nifty hit its lowest level in almost 13 months when it dropped 109.15 points at the day's low of 7,545.90 in late trade. Pharma stocks edged lower.
STOCK BUZZ
• Dr Reddy's Laboratories dropped 2.84%. The company after market hours on Friday, 4 September 2015, announced that it has entered the hair serum market with the launch of its brand MINTOP PRO. The product will be available in a 75 ml pack carrying MRP of Rs 995 at all leading pharmacy stores across India.
• Pharma stocks declined. Glenmark Pharmaceuticals (down 2.73%), Aurobindo Pharma (down 2.48%), Cadila Healthcare (down 0.99%), Lupin (down 2.7%), Strides Arcolab (down 6.68%), Divi's Laboratories (down 3.55%), Wockhardt (down 6.69%), Cipla (down 0.06%) and Sun Pharmaceutical Industries (down 2.74%) declined.
HOT PURSUIT
• Reliance Infrastructure rose 0.96%. The company said during market hours today, 7 September 2015, that Reliance Defence, a wholly owned subsidiary of the company, has signed a memorandum of understanding (MoU) with Abu Dhabi Ship Building (ADSB).
• The broad market depicted weakness. On BSE, there were more than two losers against every gainer. 1,981 shares declined and 693 shares rose. A total of 100 shares were unchanged. The BSE Mid-Cap index was provisionally down 2.19%. The BSE Small-Cap index was provisionally down 1.76%. The decline in both these indices was higher than the Sensex's fall in percentage terms. All the 12 sectoral indices on BSE provisionally ended with losses.
OPTION STRATEGY
In today’s session we have seen call writing in 7800 and 7900 strike price, we may see 7800 as a strong resistance level in coming days.
MARUTI 4100 and 4150 calls and puts were so active, we may see selling below 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.
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