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Nifty levels:
Nifty spot close @7795
Nifty future close @7832
Today’s view on Nifty
Please do not buy below 8025, below that every rise will be a selling opportunity. We may see 7600/7450 level in coming days.
Bank Nifty levels:
Bank nifty spot close @17100
Bank nifty future close @17201
View on Banknifty
Sell as remain below 17500, we may see 16900/16800 level in coming days. Once break 16800 level it may show 16350/16100 level.
MARKET COMMENTERY
Key benchmark indices dropped sharply on first trading day of the week on weak global cues. After gyrating in small range between positive and negative zone for most part of the day, key indices saw a sell-off in last hour of trade. The barometer index, the S&P BSE Sensex, was down 236.03 points or 0.91% at 25,627.47, as per provisional closing data. The 50-unit CNX Nifty was down 72.80 points or 0.93% at 7,795.70, as per provisional closing data.
STOCK BUZZ
• Vedanta (down 4.25%), JSW Steel (down 2.27%), Tata Steel (down 2.83%), Steel Authority of India (Sail) (down 2.65%), Hindustan Zinc (down 4.62%), Jindal Steel & Power (down 2.34%), National Aluminium Company (down 1.37%), Hindalco Industries (down 1.12%), Hindustan Copper (down 2.29%) edged lower.
• Auto stocks declined. Hero MotoCorp (down 1.41%), Eicher Motors (down 2.88%), Bajaj Auto (down 0.14%), Ashok Leyland (down 0.33%), Mahindra & Mahindra (down 0.36%), TVS Motor Company (down 2.21%) and Maruti Suzuki (India) (down 0.99%) edged lower.
HOT PURSUIT
1. The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, shares 1,578 declined and 1,132 shares rose. A total of 131 shares were unchanged. The BSE Mid-Cap index was off 0.28%. The BSE Small-Cap index was off 0.21%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
2. In overseas markets, European and Asian stock markets edged lower with trading sentiment hurt by another weak data release from China. Markets in Hong Kong, Taiwan and South Korea are closed for holiday. Economic data showed that China's industrial profits fell 8.8% in August from a year ago, extending July's 2.9% fall as the slowing economy hit enterprises' profitability. US markets ended on a mixed note on Friday, 25 September 2015 due to a sharp sell-off in biotech and healthcare stocks. Prospects for the US economy generally appear solid, Federal Reserve Chairwoman Janet Yellen said in her speech late Thursday, 24 September 2015 after US markets had closed. She argued in favor of hiking interest rates this year, giving more clarity to Fed watchers.
OPTION STRATEGY
1. In today’s session we have seen call buying in 7800 and 7900 strike price, we may see 7900 as a strong resistance level in coming days.
2. HINDALCO 75 and 80 calls and puts were so active, we may see buying above 75 level.
3. HDIL 65/70 calls were so active today, we may see more buying as remain above 58.
STOCKS TO WATCH
TITAN:
Sell TITAN as remain below 330 we may see 315/300 LEVELS, above 330 major resistance will be 342.
UPL:
Keep selling but only on rise 440/400 levels are waiting………
VOLTAS:
Buy VOLTAS above 250 for the target of 270/280, below 250 major support will be 244.
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…?
