Bank Nifty Market Updates 24-July

Nifty levels: CapitalStars

Nifty spot close @8589

Nifty future close @8604

Today’s view on Nifty : CapitalStars

Nifty future closed around its resistance level, so we may see little profit booking and nifty may show 8520-8550 level, buy keep buy on dips no selling will be advisable.

Bank Nifty levels:   CapitalStars

Bank nifty spot close @18865

Bank nifty future close @18895

View on Banknifty  : CapitalStars

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

MARKET COMMENTERY : CapitalStars

IT and cement stocks led losses for key benchmark indices. Benchmark indices witnessed intraday volatility. The barometer index, the S&P BSE Sensex, was provisionally off 143.41 points or 0.5% at 28,361.52. The market breadth indicating the overall health of the market was positive.

STOCK BUZZ

1. Shares of public sector oil marketing companies (PSU OMCs) edged higher as global crude oil prices dropped yesterday, 22 July 2015. Lupin tumbled after the company reported weak Q1 results. Bajaj Auto dropped in volatile trade as the company's Q1 June 2015 results fell short of market expectations. Shares of car major Maruti Suzuki India hit record high after the company announced the launch of its new premium sales channel under the brand NEXA

2. Lupin tumbled after the company reported weak Q1 results. The stock fell 5.3% at Rs 1,727.35. The stock hit a high of Rs 1,835 and a low of Rs 1,716 in intraday trade. Lupin's consolidated net profit fell 16% to Rs 525 crore on 6.4% decline in net sales to Rs 3074.30 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 23 July 2015.

HOT PURSUIT : CapitalStars

1. Meanwhile, Lupin during market hours today, 23 July 2015, announced that it has entered into a definitive agreement to acquire privately held GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS), subject to certain closing conditions, in a transaction valued at $880 million, cash free and debt free. The transaction has been unanimously approved by the boards of directors of Lupin and GAVIS. The acquisition enhances Lupin's scale in the US generic market and also broadens Lupin's pipeline in dermatology, controlled substance products other high-value and niche generics. 

2. Bajaj Auto dropped in volatile trade as the company's Q1 June 2015 results fell short of market expectations. The stock fell 5.01% at Rs 2,488. The stock hit a high of Rs 2,655 and a low of Rs 2,478.90 in intraday trade. Bajaj Auto's net profit jumped 37.13% to Rs 1014.80 crore on 10.57% increase in total income to Rs 6050.30 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 23 July 2015. 

OPTION STRATEGY : CapitalStars

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 1050/1080 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 : CapitalStars

TATAMOTORS:  

Buy TATAMOTORS above 395 stock may show some good rally we may see 310/320 level in coming days.

HINDALCO

Buy HINDALCO above 111 stock may show 115/118 level, remain below 111 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

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

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

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