Nifty levels:
Nifty spot close @8375
Nifty future close @8382
Today’s view on Nifty
Buy only above 8500 level, remain below that we may see more weakness, major support level will be 8300 below that level we may see fresh short position. We have seen intense volatility today, we may see now lower level buying.
Bank Nifty levels:
Bank nifty spot close @18323
Bank nifty future close @18332
View on Bank nifty
Bank nifty closed around its support level, that is 18300, we may see buying from lower level, once close above 18300, below 18300 major support levels will be 18150.
MARKET COMMENTERY
IT stocks led gains for key benchmark indices. The market sentiment improved as crude oil prices extended recent losses. Brent crude oil futures edged lower on persistent worries about a global supply glut. The decline in crude oil prices augurs well for India. Key benchmark indices remained in positive zone throughout the trading session. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was provisionally up 105.67 points or 0.38% to 27564.90. In overseas stock markets, Chinese stocks ended higher with sharp gains in the last half-hour of trading.
STOCK BUZZ
1. Metal shares edged higher. Hindustan Zinc (up 1.73%), NMDC (up 1.05%), National Aluminum Company (up 0.98%), Steel Authority of India (up 0.95%), Hindalco Industries (up 0.66%), Tata Steel (up 0.38%) and Hindustan Copper (up 0.09%), edged higher. JSW Steel (down 0.06%), Jindal Steel & Power (down 0.07%) and Bhushan Steel (down 0.69%), edged lower.
2. Vedanta rose 0.97% to Rs 129.70. The company's consolidated profit after tax (PAT) before exceptional items fell 35% to Rs 866 crore on 1% decline in net sales/income from operations to Rs 16952 crore in Q1 June 2015 over Q1 June 2014. The result was announced at the fag end of the trading session today, 29 July 2015.
HOT PURSUIT
1. Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 28 July 2015, that the Southwest Monsoon was vigorous over West Rajasthan and Gujarat state and was active over Gangetic West Bengal, Odisha, Jharkhand, East Rajasthan and West Madhya Pradesh during past 24 hours until 8:30 IST.
2. Chinese stocks edged higher with sharp gains in the last half-hour of trading. In mainland China, the Shanghai Composite jumped 3.44%. In Hong Kong, the Hang Seng index rose 0.47%. China's securities watchdog has decided to investigate whether a coordinated dumping of shares sparked the selloff in Chinese stocks on Monday, 27 July 2015. The Shanghai Composite Index had plunged 8.5% on Monday, 27 July 2015, marking its biggest one day drop in more than eight years.
OPTION STRATEGY
1. In today’s session we have seen call buying in nifty 8400/8500 call so we can consider that nifty will show good buying in coming days.
2. ACC calls and puts were so active, we have seen heavy put writing in 1300 and 1280 puts so in near future we may 1280 level as a major support level for the stock.
3. RELIANCE 1020/1040 calls were so active today, we have seen good rally in the stock, more rally is expected above 1000.
STOCKS TO WATCH
TATAMOTORS:
Sell TATAMOTORS as remain below 390 we may see 350/340 level in coming days, above 390 major resistances will be 405.
APOLLOTYRE
Buy APOLLOTYRE above 198 stock may show 210/215 level, remain below 198 more down side is expected.
CAIRN:
Sell CAIRN below 175 we may see 162/155 levels remain below 175 levels.
TOP PICKS OF THE DAY
• BUY M&M ABOVE….? TGT…..?STOP LOSS……?
• SELL ICICI BANK BELOW…..?...TARGET….?..STOPLOSS…?
• SELL VOLTAS BELOW….? STOCK MAY SHOW 290/280 LEVEL IN COMING DAYS WITH STOP LOSS…?
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