BANK NIFTY TIPS FOR TODAY

Nifty levels:  

Nifty spot close @7876

Nifty future close @7907

Today’s view on Nifty

Selling opportunity as remain below 8100 we may see 7600-7500 in coming days. Above 8100 major resistance zone will be 8200-8250.

Bank Nifty levels: 

Bank nifty spot close @17192

Bank nifty future close @18044

View on Bank nifty  

Banknifty selling opportunity below 17300 we may see 16900/16500 level in coming days. Major support zone will be 16200-16150.

MARKET COMMENTERY

A rebound in global stocks aided recovery on the domestic bourses after the carnage witnessed yesterday, 24 August 2015. The barometer index, the S&P BSE Sensex, was up 351.37 points or 1.36% to 26,092.93, as per provisional closing data. The gains for the Sensex in percentage terms were higher than those for the 50-unit CNX Nifty. The Nifty was was up 71.70 points or 0.92% at 7,880.70, as per provisional closing data. Oil, metal and banking stocks led recovery for key benchmark indices. The Sensex provisionally settled above the psychological 26,000 level, having alternately moved above and below that mark in intraday trade. A rout in global stock markets triggered by concerns of a slowdown in China's economic growth took the Sensex below the psychological 26,000 level yesterday, 24 August 2015. 

STOCK BUZZ

1. Banks shares edged higher. Among PSU banks, State Bank of India (up 3.42%), Indian Bank (up 3.38%), Vijaya Bank (up 2.42%), Punjab National Bank (up 2.18%), Union Bank of India (up 1.88%), Canara Bank (up 1.68%), Dena Bank (up 1.56%), Allahabad Bank (up 1.28%), Andhra Bank (up 1.24%), Bank of India (up 1.21%), Corporation Bank (up 0.85%), Bank of Baroda (up 0.79%), United Bank of India (up 0.70%), Syndicate Bank (up 0.23%), Bank of Maharashtra (up 0.15%) and UCO Bank (up 0.11%), edged higher. Punjab and Sind Bank (down 1.4%), IDBI Bank (down 1.66%) and Central Bank of India (down 9.66%), edged lower.

2. Most metal shares edged higher. Vedanta (up 7.66%), Tata Steel (up 4.29%), Hindustan Zinc (up 3.38%), JSW Steel (up 3.29%), Hindalco Industries (up 2.60%), Steel Authority of India (up 2.38%), Jindal Steel & Power (up 1.70%), Bhushan Steel (up 1.40%) and NMDC (up 0.11%), edged higher. National Aluminium Company (down 0.17%) and Hindustan Copper (down 2.29%) edged lower.

HOT PURSUIT

1. Meanwhile, Parliamentary Affairs Minister Venkaiah Naidu reportedly said today, 25 August 2015, that the government is considering reconvening Parliament to get the Parliament's nod for the Goods and Service Tax (GST) bill. The government failed to get the GST bill passed during the recently concluded monsoon session of parliament.

2. India's weather office, the India Meteorological Department (IMD), said in a daily report issued yesterday, 24 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 11% below the Long Period Average (LPA) until 24 August 2015. Region wise, the rainfall was 19% below the LPA in South Peninsula, 14% below the LPA in Central India, 6% below the LPA in East & Northeast India and 4% below the LPA in Northwest India until 24 August 2015.

OPTION STRATEGY

1. In today’s session we have seen call writing in 8000 and 7800 strike price, we may see 8000 as a strong resistance level in coming days. 

2. SBIN 250 and 260 calls and puts were so active, we may see selling below 260 level.

3. DLF 100/110 puts were so active today, we may see more selling as remain below 100.

STOCKS TO WATCH

LUPIN:  

Sell Lupin below 1820 stock may show 1780/1750 level in coming days.

VEDANTA:

Keep selling but only on rise 60/50 levels are waiting………

NMDC: 

Sell NMDC below 97 for the target of 85/80 in coming days, keep sell on rise.

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