Nifty and Bank Nifty Summary For Today

Nifty levels:

Nifty spot close @8318

Nifty future close @8328

Today’s view on Nifty

Due to the global weakness nifty opens gap down, but good recovery from lower level. Buy on every dip that will be a good strategy 8400-8450 will be a immediate targets.  

Bank Nifty levels:  

Bank nifty spot close @18268

Bank nifty future close @18240

View on Banknifty

Good recovery from lower level buys above 18200 for the target of 18600-18800.

lMARKET COMMENTERY

Banking stocks and index heavyweights ITC, HDFC, L&T and Reliance Industries (RIL) led a strong intraday rebound for key benchmark indices today, 29 June 2015. Recovery on the domestic bourses began in early afternoon trade. Earlier during the trading session, equity benchmark indices in India had slumped as the collapse of Greek rescue talks roiled global markets. The strong intraday recovery on the domestic bourses materialised as global crude oil prices fell. The barometer index, the S&P BSE Sensex, was provisionally off 127.97 points or 0.46% to 27683.87. The broad market depicted weakness. There were more than two losers against every gainer on BSE. The BSE Mid-Cap index was off 1.37%. The BSE Small-Cap index was off 1.49%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

STOCK BUZZ

Tech Mahindra fell 7.45% to Rs 483. In its business update, the company announced during trading hours today, 29 June 2015, that the company's Q1 June 2015 results have some headwinds and tailwinds which could see a risk of marginal decline in both revenue and EBITDA (earnings before interest, taxation, depreciation and amortization) margin of the company on sequential basis. Tech Mahindra said that a seasonally weak mobility business will be a drag on Q1 revenues and EBITDA of the company. H1 B visa costs will be another drag on margins, the company said. On the other hand, favourable currency movements could help both revenue and margins, the company said.

Index heavyweight and IT major Infosys fell 1.42% at Rs 991.85. The stock hit a high of Rs 999 and a low of Rs 980 in intraday trade. The company during trading hours today, 29 June 2015, announced the launch of Finacle SME Enable to help banks enhance support and service for their small and media enterprise (SME) customers. The first-of-its-kind, mobile-based financial and business management solution is exclusively designed to help SMEs not only experience banking services on the move, but also manage their business operations efficiently, Infosys said in a statement.

HOT PURSUIT

1. Meanwhile, the Reserve Bank of India (RBI) yesterday, 28 June 2015, clarified that RBI Governor Dr. Raghuram G. Rajan had not suggested at a London Business School conference on 25 June 2015 that the world risked sliding into another Great Depression as reported by sections of the media. The RBI clarified that what Rajan had said at that conference was that the policies followed by major central banks around the world were in danger of slipping into the kind of beggar-thy-neighbour strategies that were followed in the 1930s. Rajan called for new rules of the game in the international monetary system, a call that he has made before and is gaining some traction. The Great Depression was a period of great turmoil caused by many factors and not just beggar-thy-neighbor policies, according to the clarification issued by the RBI.

2. Foreign portfolio investors (FPIs) bought shares worth net Rs 328.20 crore from the secondary equity market yesterday, 25 June 2015, as per data from Central Depository Services (India). Domestic institutional investors (DIIs) sold shares worth a net Rs 8.45 crore yesterday, 25 June 2015, as per provisional data released by the stock exchanges.

OPTION STRATEGY

1. In today’s session we have seen call buying in nifty 8200 call so we can consider this as a strong support.

2. RELIANCE 1020 & 1050 CALLS were so active, stock is really in bullish move more rally is expected up to 1050.

3. ZEEL 350 calls were in action today, stock showed us gain from lower level, more buying above 340.

STOCKS TO WATCH

TITAN:  

Buy TITAN above 360 stock may show 370-380 in coming days.

ITC:

Sell ITC below 310 stock may show 300/295 in coming days. Above 310 major resistances will be 317.

SBIN: 

Buy SBIN as remain above 263 stock may show 280/290 level in coming days, below 263 major support 254.

TOP PICKS OF THE DAY

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

2. BUY GAIL ABOVE…..?...TARGET….?..STOPLOSS…?

3. SELL AMBUJA BELOW….? STOCK MAY SHOW 210/200 LEVEL IN COMING DAYS WITH STOP LOSS…?