Nifty levels:
Nifty spot close @7843
Nifty future close @7859
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 @17281
Bank nifty future close @17359
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 logged modest gains in an intensely choppy session of trade. The barometer index, the S&P BSE Sensex, was up 122.88 points or 0.48% at 25,739.72, as per provisional closing data. The 50-unit CNX Nifty was up 47.60 points or 0.61% at 7,843.30, as per provisional closing data. The Sensex provisionally settled below the psychological 26,000 mark after hitting one week high above that level in mid-afternoon trade. Gains triggered by a steeper-than-expected rate cut by the Reserve Bank of India (RBI) after its fourth bi-monthly monetary policy review for the year 2015-16 today, 29 September 2015 helped domestic bourses outpace losses caused by weak global cues.
STOCK BUZZ
• Realty stocks reversed intraday fall in volatile trade after the RBI surprised the financial markets by announcing a steeper-than-expected cut in repo rate by 50 basis points to 6.75% at its fourth bi-monthly monetary policy review for the year 2015-16 today, 29 September 2015. Purchases of both residential and commercial property are largely driven by finance.
• Housing Development and Infrastructure (up 9.38%), DLF (up 3.83%), Indiabulls Real Estate (up 3.65%), D B Realty (up 3.27%), Unitech (up 1.48%), Sobha (up 3.84%), and Orbit Corporation (up 1.81%) gained. Godrej Properties (down 1.79%) and Oberoi Realty (down 2.33%) declined.
HOT PURSUIT
• The Reserve Bank of India (RBI) surprised the financial markets by announcing a steeper-than-expected cut in the policy repo rate under the liquidity adjustment facility by 50 basis points to 6.75% at its fourth bi-monthly monetary policy review for the year 2015-16 today, 29 September 2015. The RBI has kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liability (NDTL). The RBI marked down slightly the FY16 gross domestic product (GDP) growth target to 7.4% from 7.6% earlier as global growth and trade were slower than initial expectations, a continuing lack of appetite for new investment in the private sector, the constraint imposed by stressed assets on bank lending and waning business confidence. Inflation has dropped to a nine-month low in August, and despite the monsoon shortfall and the uneven distribution of seasonal rains, food inflation pressures have been contained by the government's supply-management policies, the RBI said.
In overseas markets, European equities were hovering near 2015 lows and Asian stocks dropped to 3-1/2-year as global economy worries continue to batter risk assets. Taiwan's market was closed because of Typhoon Dujuan. South Korea's market was closed for holiday. US stocks settled yesterday, 28 September 2015 at their lowest levels since late August as concerns about slowing economic growth in China and mixed domestic economic data unnerved investors.
OPTION STRATEGY
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.
HDFC 1300 and 1350 calls and puts were so active, we may see buying above 1250 level.
MARUTI 4800 calls were so active today, we may see more buying as remain above 4650.
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
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