Bank Nifty Market Trends 27-July

Nifty levels:  

Nifty spot close @8521

Nifty future close @8540

Today’s view on Nifty

Nifty future closed around its suppot level, no selling remain above 8520 keep buying, we may see buying from lower level.

Bank Nifty levels:  

Bank nifty spot close @18640

Bank nifty future close @18895

View on Bank nifty

Profit booking is expected from upper level, keep buy on dips. No selling above 18300 please.  

MARKET COMMENTERY

Key benchmark indices dropped sharply on last trading day of the week. After trading with small losses in first half of the day's trade, key benchmark indices extended fall and hit fresh intraday low in late trade. The barometer index, the S&P BSE Sensex was provisionally off 229.67 points or 0.81% at 28,141.17. The market breadth indicating the overall health of the market was negative. Key benchmark indices edged lower today, 24 July 2015, as complete washout of Lok Sabha proceedings in the first week of the monsoon session, because of a political tussle between the National Democratic Alliance (NDA) government and the Congress party triggered concerns about the passage of key reform bills.

STOCK BUZZ

1. Axis Bank's gross non-performing assets on absolute basis edged higher to Rs 4251.18 crore as on 30 June 2015 from Rs 4110.19 crore as on 31 March 2015 and Rs 3463.27 crore as on 30 June 2014. The ratio of gross non-performing assets to gross advances stood at 1.38% as on 30 June 2015, higher than 1.34% each as on 31 March 2015 and 30 June 2014. The ratio of net non-performing assets to net advances stood at 0.48% as on 30 June 2015, higher than 0.44% each as on 31 March 2015 and 30 June 2014.

2. ABB India's revenue rose 6.03% to Rs 1932 crore in Q2 June 2015. The company said the growth in revenue was on account of efficient execution and conversion of order backlog across divisions. ABB India said that over the years, the company's initiatives towards operational excellence have been yielding results, fortifying profit margins.

HOT PURSUIT

1. Meanwhile, the Ministry of Water Resources said today, 24 July 2015, that water storage available in 91 important reservoirs of the country as on 16 July 2015 was 58.96 billion cubic metres (BCM) which is 37% of total storage capacity of these reservoirs. This storage is 115% of the storage of corresponding period of last year and 108% 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. The total storage capacity of these 91 reservoirs is 157.799 BCM which is about 62% of the total storage capacity of 253.388 BCM which is estimated to have been created in the country.

2. Greece yesterday, 23 July 2015 reportedly moved another step closer to receiving its third bailout package, after the country's parliament approved a second set of economic overhauls required by lenders. The legislative approval is a precondition by the Greece's international creditors for starting official negotiations on the 86-billion-euro ($94.51 billion) aid program, aimed at helping the country stave off a debt default and get back on an economic-growth track.

OPTION STRATEGY

1. In today’s session we have seen put writing in nifty 8500 put so we can consider this as a strong support.

2. RELIANCE 1020/1000 calls were so active, we have seen good rally in stock more upside is expected as remain above 1020, we may see 1100/1120 level in coming days. 

3. AXIS BANK 590/600 calls were so active, more buy side is expected, major resistance for the stock will be 611 once close above this level we may see 630/640 level. 

STOCKS TO WATCH

TATAMOTORS:  

Buy TATAMOTORS above 395 stock may show some good rally we may see 410/420 level in coming days.

CEAT

Buy CEAT above 760 stock may show 790/800 level, remain below 760 more down side is expected.

ACC: 

Sell ACC below 1460 we may see 1420/1390 level as remain below 1460 levels.

TOP PICKS OF THE DAY

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

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

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