Nifty Levels For Today

Nifty levels:  

Nifty spot close @8523

Nifty future close @8547

Today’s view on Nifty

Markets are facing resistance from upper level, we may see some selling pressure around 8550-8600 so be cautious while trading we may see some profit booking from these levels.  

Bank Nifty levels:  

Bank nifty spot close @18816

Bank nifty future close @18890

View on Banknifty  

As yesterday we said profit booking is expected from upper level, same thing happened today, banknifty could not maintain above 19000 level. But don’t be so panic buy on dips.

MARKET COMMENTERY

Key indices surged as a weak reading on US June retail sales fueled speculation that the US Federal Reserve may delay interest rate hike in the world's biggest economy. There had been concerns that higher interest rates in the United States will boost returns on US debt and bank deposits, drawing money back from riskier markets. The barometer index, the S&P BSE Sensex, reclaimed the psychological 28,000 mark. The Sensex was provisionally up 265.39 points or 0.95% at 28,198.29. The gains for the Sensex in percentage terms were higher than those for the 50-unit CNX Nifty. The Nifty was provisionally up 69.70 points or 0.82% at 8,523.80.

STOCK BUZZ

1. Zee Entertainment Enterprises edged higher in volatile trade after reporting Q1 June 2015 results. IT stocks advanced. Auto stocks also edged higher. Shares of small car major Maruti Suzuki India scaled record high on reports that a foreign brokerage has maintained its outperform rating on the stock.

2. Auto stocks edged higher on renewed buying. Eicher Motors (up 0.06%), Tata Motors (up 2.2%), Mahindra & Mahindra (M&M) (up 1.43%), Ashok Leyland (up 0.2%), Bajaj Auto (up 1.12%), Hero MotoCorp (up 1.13%) and TVS Motor Company (up 0.66%) rose.

HOT PURSUIT

1. The Prime Minister said that after formation of his government at the Centre, several state governments had raised concerns with regard to the implementation of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. He said many state governments had felt that development work was suffering due to the provisions of the 2013 Act; and some Chief Ministers had requested for changes in the Act, and sent letters to this effect. The Prime Minister said that the Ordinance was brought about in response to these development concerns of the states and also to ensure that farmers continue to receive their legitimate due. 

2. Greece is back in focus as Greece's parliament faces a deadline today, 15 July 2015, to approve creditors' austerity measures or risk losing much-needed bailout aid. Early this week, eurozone leaders agreed on a three-year bailout for the debt-laden country. The measures call for more severe spending cuts, market reforms and tax increases than those rejected by Greek voters in a referendum on 5 July 2015. Accepting the measures is necessary to begin negotiations on a desperately needed bailout. Rejecting them could possibly lead to a Greek exit from the eurozone — and more intense economic pain in the short term.

OPTION STRATEGY

1. In today’s session we have seen call buying in nifty 8400 call so we can consider this as a strong support.

2. AMBUJA 250 & 260 CALLS were so active, stock is really in bullish move more rally is expected up to 260. 

3. ONGC 280 PUTS were in action today, stock showed us short position from upper level, more selling below 300. 

STOCKS TO WATCH

ARVIND:  

Buy ARVIND above 280 stocks may show 300/310 in coming days, Below 280 major support will be 273.

AMBUJA:

Buy AMBUJA as remain above 240 we may see some good move. Buy only above 240.

MARUTI: 

Buy MARUTI as remain above 4000 stock may show 4250/4350 level in coming days, below 4000 major support 3960.

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…?