Bank Nifty Market News 22-July-2015

Nifty levels:  

Nifty spot close @8529

Nifty future close @8546

Today’s view on Nifty

As yesterday we said that markets will show some profit booking from upper level, same thing happened today, keep buy on dips as remain above 8450, we may see some more bullish move ahead.

Bank Nifty levels:  

Bank nifty spot close @18723

Bank nifty future close @19159

View on Banknifty  

Short covering is expected from lower level, keep buy dips as remain above 18300 no selling please.

MARKET COMMENTERY

Pharma and cement stocks led losses as key benchmark indices witnessed a sudden slide during the last one hour or so of the trading session. Until about 14:30 IST, benchmark indices moved in a narrow range near the flat line. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their lowest level in almost a week as these two key benchmark indices extended intraday losses in late trade. The broad market depicted weakness. There were almost two losers against every gainer on BSE. The Sensex was provisionally off 230.44 points or 0.81% to 28,189.68. The BSE Mid-Cap index was off 1.42%. The BSE Small-Cap index was down 1.59%. The decline in both these indices was higher than Sensex's decline in percentage terms.

STOCK BUZZ

1. Shares of IT major Infosys jumped after the company raised its full year revenue growth guidance in dollar terms at the time of announcing its Q1 June 2015 results during market hours today, 21 July 2015. The stock jumped 11.29% at Rs 1,115. The stock hit a high of Rs 1,127.75 and a low of Rs 1,022.20 intraday. Infosys now expects its revenue to grow 7.2%-9.2% in dollar terms for the year ending 31 March 2016 (FY 2016). At the time of announcing Q4 March 2015 results in April 2015, Infosys had forecast 6.2% to 8.2% growth in the company's revenue in dollar terms for FY 2016.

2. HDFC Bank dropped amid volatility after announcing Q1 results. The stock lost 1.89% at Rs 1,094.50. The stock hit a high of Rs 1,127.90 and a low of Rs 1,094.05 intraday. HDFC Bank's net profit rose 20.7% to Rs 2695.70 crore on 26.3% growth in total income to Rs 16503 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 21 July 2015.

HOT PURSUIT

1. Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 20 July 2015, that the Southwest Monsoon was vigorous over West Madhya Pradesh and active over Gangetic West Bengal, East Rajasthan, Coastal Karnataka and South Interior Karnataka during 24 hours ending until 8:30 IST.

2. Asian stocks edged higher today, 21 July 2015, on the tail of strong corporate earnings in the US and China's stabilizing markets. In mainland China, the Shanghai Composite index rose 0.66%. In Hong Kong, the Hang Seng index was up 0.52%. In other Asian markets, key benchmark indices in Japan, Singapore, Taiwan and South Korea were up 0.02% to 0.93%. Indonesian stock market was shut for a holiday.

OPTION STRATEGY

1. In today’s session we have seen put buying in nifty 8600 put so we can consider this as a strong resistance.

2. CAIRN 170 PUTS were so active, stock is really in bearish move more rally is expected below 162. 

3. ACC 1450 PUTS were in action today, stock showed us short position from upper level, more selling below 1460. 

STOCKS TO WATCH

ONGC:  

Sell ONGC below 290 stock may show 278/270 levels in coming days.

GAIL

Sell GAIL as remain below 370 stock may show 358/355 level in coming days.

TATAMOTORS: 

Sell TATAMOTORS below 400 we may see 380/370 level as remain below 400 levels.

TOP PICKS OF THE DAY

1. BUY RELIANCS ABOVE….? TGT…..?STOP LOSS……?

2. BUY ICICI BANK ABOVE…..?...TARGET….?..STOPLOSS…?

3. SELL VOLTAS BELOW….? STOCK MAY SHOW 290/280 LEVEL IN COMING DAYS WITH STOP LOSS…?

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Nifty and Bank Nifty Market News

Nifty levels:  

Nifty spot close @8603

Nifty future close @8626

Today’s view on Nifty

Now we may see little profit booking from upper level, any ways we have witnessed good and strong recovery from lower level, midcap is outperforming the index, buying opportunity on dips more bullish move ahead.  

Bank Nifty levels:  

Bank nifty spot close @19032

Bank nifty future close @19159

View on Banknifty

Fresh buying seen in intraday trade, be cautious, we may see little profit booking, so make fresh buy only on dips. So keep buy we may see 19300-19400 level.

MARKET COMMENTERY

Key benchmark indices registered small losses in the first trading session of the week today, 20 July 2015. Key indices pared intraday losses towards the last one hour or so of the trading session. Key indices once again extended losses towards the close of the trading session. The barometer index, the S&P BSE Sensex was provisionally off 54.89 points or 0.19% to 28,408.42. The 50-unit CNX Nifty was provisionally off 6.40 points or 0.07% at 8,603.45. The decline in the Nifty in percentage terms was lower than the Sensex's decline on provisional basis as cement stocks viz. UltraTech Cement, Ambuja Cements and Grasim Industries which are part of Nifty but are not in Sensex edged higher. The market breadth indicating the overall health of the market was positive.

STOCK BUZZ

Cement stocks edged higher. UltraTech Cement shrugged off weak Q1 earnings. ACC dropped after the company reported weak Q2 numbers after market hours on Friday, 17 July 2015. Punjab National Bank (PNB) dropped on reports that a foreign brokerage has reiterated its 'underweight' stance on the stock.

Punjab National Bank (PNB) dropped on reports that a foreign brokerage has reiterated its 'underweight' stance on the stock. The stock was off 2.94% at Rs 140.55. The brokerage reportedly said that elevated credit costs of PNB will likely keep re-rating at bay and reverting back to historical high profitability would be very difficult. The brokerage further added that given the weakness in PNB's balance sheet, one should expect further cuts.

HOT PURSUIT

Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 19 July 2015, that the Southwest Monsoon was vigorous over Nagaland, Manipur, Mizoram & Tripura and West Madhya Pradesh and active over Haryana, Chandigarh & Delhi, South Interior Karnataka and Kerala during 24 hours ending until 8:30 IST.

Meanwhile, the Ministry of Water Resources announced in its weekly report issued after trading hours on Friday, 17 July 2015, that the water storage available in 91 important reservoirs of the country was 51.22 BCM as on 16 July 2015, which is 33% of total storage capacity of these reservoirs. This storage is 133% of the storage of corresponding period of last year and 112% 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.

OPTION STRATEGY

In today’s session we have seen call buying in nifty 8400 call so we can consider this as a strong support.

AMBUJA 250 & 260 CALLS were so active, stock is really in bullish move more rally is expected up to 260. 

ACC 1450 PUTS were in action today, stock showed us short position from upper level, more selling below 1460. 

STOCKS TO WATCH

CROMPTON GREVES: 

Buy CROMPTON GREVE above 186 stocks may show 210/220 in coming days, Below 186 major support will be 175.

ITC:

Buy ITC as remain above 314 we may see some good move. Buy only above 314.

TVSMOTORS: 

Buy TVSMOTORS as remain above 260 stock may show 270/280 level in coming days, below 260 major support 252.

TOP PICKS OF THE DAY

1. BUY RELIANCS ABOVE….? TGT…..?STOP LOSS……?

2. BUY ICICI BANK ABOVE…..?...TARGET….?..STOPLOSS…?

3. SELL VOLTAS BELOW….? STOCK MAY SHOW 290/280 LEVEL IN COMING DAYS WITH STOP LOSS…?

Nifty and Bank Nifty Levels For Today

Nifty levels:  

Nifty spot close @8609

Nifty future close @8631

Today’s view on Nifty

Good and strong recovery, midcap is outperforming the index, buying opportunity on dips more bullish move ahead.  

Bank Nifty levels:  

Bank nifty spot close @19094

Bank nifty future close @19159

View on Bank nifty  

Fresh buying seen in intraday trade, be cautious, we may see little profit booking, so make fresh buy only on dips. So keep buy we may see 19300-19400 level.

MARKET COMMENTERY

Auto stocks and index heavyweights ITC and Infosys led gains for benchmark indices on the last trading session of the week today, 17 July 2015. Benchmark indices registered minuscule gains. The intraday movement for the benchmark indices was within a narrow range. The barometer index, the S&P BSE Sensex, was provisionally up 28.09 points or 0.1% at 28,474.21. The market breadth indicating the overall health of the market was positive. In overseas markets, Chinese shares recovered further after a series of government support measures to halt their recent crash.

STOCK BUZZ

1. MindTree said that the Board of Directors of the company has approved the acquisition of 100% equity interest in Bluefin Solutions ('Bluefin'), a leading UK based IT solutions provider specializing in SAP HANA solutions, in an all cash transaction for GBP 42.3 million, and the definitive agreements have also been signed on 16 July 2015. The considerations include an upfront payment of GBP 34 million and earn out of GBP 8.3 million payable over the next three years.

2. IT stocks edged higher on renewed buying. Tech Mahindra (up 2.48%), TCS (up 0.86%), Oracle Financial Services Software (up 0.68%), MphasiS (up 0.91%) and Infosys (up 1.53%), edged higher. Wipro (down 0.57%) and HCL Technologies (down 0.16%) declined.

HOT PURSUIT

1. Meanwhile, the India's weather office, the India Meteorological Department (IMD), said in a weekly monsoon report issued yesterday, 16 July 2015, that rainfall was below normal by 14% over the country as a whole during the period from 9 to 15 July 2015. Region wise, the rainfall was 39% below the Long Period Average (LPA) in South Peninsula, 32% below the LPA in Central India and 15% below the LPA in East & Northeast India during the period from 9 to 15 July 2015. Northwest India received above normal rainfall activity during the week with heavy to very heavy rainfall. The rainfall was 28% above the LPA in Northwest India during the period from 9 to 15 July 2015.

2. The European Central Bank (ECB) yesterday, 16 July 2015, increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday, 20 July 2015. European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to Greece, allowing it to make a bond payment to the ECB on Monday, 20 July 2015, and clear its arrears with the International Monetary Fund. Greece's parliament yesterday, 16 July 2015, approved tough austerity measures needed for the country to receive financial aid.

OPTION STRATEGY

1. In today’s session we have seen call buying in nifty 8400 call so we can consider this as a strong support.

2. AMBUJA 250 & 260 CALLS were so active, stock is really in bullish move more rally is expected up to 260. 

3. ONGC 280 PUTS were in action today, stock showed us short position from upper level, more selling below 300. 

STOCKS TO WATCH

CROMPTON GREVES:

Buy CROMPTON GREVE above 186 stocks may show 210/220 in coming days, Below 186 major support will be 175.

ITC:

Buy ITC as remain above 314 we may see some good move. Buy only above 314.

TATAMOTOR: 

Buy TATAMOTOR as remain above 395 stock may show 410/415 level in coming days, below 395 major support 382.

TOP PICKS OF THE DAY

1. BUY RELIANCS ABOVE….? TGT…..?STOP LOSS……?

2. BUY ICICI BANK ABOVE…..?...TARGET….?..STOPLOSS…?

3. SELL VOLTAS BELOW….? STOCK MAY SHOW 290/280 LEVEL IN COMING DAYS WITH STOP LOSS…?