Nifty levels:
Nifty spot close @8013
Nifty future close @8005
Buying opportunity above 7980 index may show 8100-8150 level, consolidation is expected from lower level.
Bank Nifty levels:
Bank nifty spot close @17410
Bank nifty future close @17396
Short covering was expected today, selling opportunity below 17600. We may see 16900-17100 level below 17600.
MARKET COMMENTERY
Expectations that above-average monsoon rain will improve the odds for further monetary policy easing from Reserve Bank of India (RBI) helped key benchmark indices register modest gains on the first trading session of the week today, 15 June 2015. But, benchmark indices pared gains during the latter part of the trading session after extending intraday gains in mid-afternoon trade as fears about possible Greek default pulled European stocks lower.
The barometer index, the S&P BSE Sensex, was provisionally up 144.24 points or 0.55% at 26,569.54. In percentage terms, the gains for the Sensex were higher than those for the Nifty. The Nifty was provisionally up 23.60 points or 0.3% at 8,006.50. The market breadth indicating the overall health of the market was positive.
STOCK BUZZ
1. Auto stocks were in demand. Tata Motors rose after reporting data on global wholesale volumes for May 2015. Shares of Vedanta fell while those of Cairn India edged higher after Vedanta and Cairn India yesterday, 14 June 2015, announced that Cairn India will be merged with Vedanta.
2. Axis Bank fell 3.24%. The Ministry of Urban Development after trading hours yesterday, 10 June 2015, announced that Axis Bank has decided to issue co-branded cards to the users of Kochi Metro for paying the fares. Axis Bank will issue co-branded cards to the users of Kochi Metro for paying the fares as well as using them for all kinds of merchandise including e-commerce, according to a statement from the Ministry of Urban Development.
HOT PURSUIT
1. Meanwhile, the government's indirect tax revenue collections jumped 37.3% at Rs 49993 crore in May 2015 over May 2014, according to provisional figures released by the finance ministry after trading hours yesterday, 10 June 2015. Central excise collections jumped 84.2% at Rs 21809 crore in May 2015 over May 2014. Customs collections rose 16% to Rs 15700 crore in May 2015 over May 2014. Service Tax collections rose 13.2% at Rs 12484 crore in May 2015 over May 2014.
2. The India's industrial production rose at an accelerated pace of 4.1% in April 2015 over a year ago compared with the revised growth of 2.5% in March 2015. The growth in industrial production for March 2015 was scaled up to 2.5% in the first revision compared with 2.1% reported provisionally. Meanwhile, the growth in January 2015 has been revised slightly upwards to 2.83% in the second and final revision compared with 2.77% at the first revision and 2.55% released provisionally.
OPTION STRATEGY
1. In today’s session we have seen call writing in nifty 8100 call so we can consider this as a strong resistance.
2. BHEL 240 & 250 PUTS were so active, stock took profit booking from upper level.
3. ZEEL 340 calls were in action today, stock showed us selling from upper level, more selling below 340.
STOCKS TO WATCH
ICICIBANK:
Selling opportunity below 294 stocks may show 284/278 level in coming days. Above 294 major resistances will be 300.
DISHTV:
Buy DISHTV above 98, stock may show 106/110 level in coming days. Below 98 major supports will be 94.
PFC:
Selling seen on the card below 265, stock may show 245/235 levels in coming days. Though long term buyers can accumulate the stock from dips.
TOP PICKS OF THE DAY
1. BUY ONGC ABOVE….? TGT…..?STOP LOSS……?
2. BUY GAIL ABOVE…..?...TARGET….?..STOPLOSS…?
3. SELL CANBK BELOW….? STOCK MAY SHOW 295/290 LEVEL IN COMING DAYS WITH STOP LOSS…?
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