NIFTY AND BANK NIFTY MARKET TRENDS

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Nifty levels:  

Nifty spot close @7868

Nifty future close @7869

Today’s view on Nifty

Please do not buy below 8025, below that every rise will be a selling opportunity. We may see 7600/7450 level in coming days.

Bank Nifty levels: 

Bank nifty spot close @17196

Bank nifty future close @17197

View on Banknifty 

Sell as remain below 17500, we may see 16900/16800 level in coming days. Once break 16800 level it may show 16350/16100 level.

MARKET COMMENTERY

Amid a divergent trend among various index constituents, the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty clocked small gains. The Sensex rose 40.51 points or 0.16% to settle at 25,863.50. The Nifty rose 22.55 points or 0.29% to settle at 7,868.50. IT stocks edged higher on weak rupee. Bank stocks ended on a mixed note after seeing intraday volatility. Metal and mining stocks also witnessed a mixed trend. Among index heavyweights, ITC and HDFC edged higher whereas L&T and Reliance Industries (RIL) edged lower.

STOCK BUZZ

• Bank stocks were mixed. Among PSU banks, Allahabad Bank (down 2.3%), Indian Bank (down 2.22%), Corporation Bank (down 1.78%), Bank of Baroda (down 0.98%), Andhra Bank (down 0.81%), Bank of India (down 0.73%), Vijaya Bank (down 0.72%), Syndicate Bank (down 0.66%), UCO Bank (down 0.64%), Dena Bank (down 0.49%), State Bank of India (down 0.4%), Canara Bank (down 0.14%) and Union Bank of India (down 0.14%), edged lower. Punjab National Bank (up 0.11%), Bank of Maharashtra (up 0.29%), United Bank of India (up 0.45%), Central Bank of India (up 0.80%), IDBI Bank (up 1.09%) and Punjab and Sind Bank (up 2.04%), edged higher.

• IT stocks edged higher on weak rupee. MindTree (up 4.26%), HCL Technologies (up 2.75%), Tech Mahindra (up 2.10%), Oracle Financial Services Software (up 1.94%), Wipro (up 1.80%), TCS (up 1.64%), CMC (up 1.29%) and MphasiS (up 0.28%), edged higher. Persistent Systems (down 1.07%) and Hexaware Technologies (down 1.58%), edged lower. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

HOT PURSUIT

• The Sensex and the Nifty edged higher for the second consecutive session. The Sensex has risen 211.66 points or 0.83% in the preceding two trading sessions from a recent low of 25,651.84 on 22 September 2015. The Sensex has lost 419.59 points or 1.6% in this month so far (till 24 September 2015). The Sensex has fallen 1,635.92 points or 5.95% in this calendar year so far (till 24 September 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,029.96 points or 4.15%. The Sensex is off 4,161.24 points or 13.86% from a record high of 30,024.74 hit on 4 March 2015.

•

A monetary policy review from the Reserve Bank of India (RBI) is scheduled early next week. The RBI announces the fourth bi-monthly monetary policy review for the year 2015-16 on 29 September 2015. The RBI kept its benchmark lending rate viz. the repo rate unchanged at 7.25% after a monetary policy review on 4 August 2015. RBI Governor Dr. Raghuram G. Rajan had at that time indicated in his written monetary policy statement that going ahead RBI will monitor developments for emerging room for further reduction in the policy rate. The RBI has cut the repo rate by 75 basis points since January 2015.

OPTION STRATEGY

1. In today’s session we have seen call buying in 7700 and 7800 strike price, we may see 7700 as a strong support level in coming days. 

2. HINDALCO 75 and 80 calls and puts were so active, we may see buying above 75 level.

3. HDIL 65/70 calls were so active today, we may see more buying as remain above 58.

STOCKS TO WATCH

UPL:

Sell UPL as remain below 490 we may see 450/440 LEVELS, above 490 major resistance will be 545.

VEDANTA:

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

VOLTAS: 

Buy VOLTAS above 250 for the target of 270/280, below 250 major support will be 244.

TOP PICKS OF THE DAY

1. GAIL ABOVE….? TGT…..?STOP LOSS……?

2. SELL ICICI BANK BELOW…..?...TARGET….?..STOPLOSS…?

3. SELL ONGC BELOW….? STOCK MAY SHOW 190/210 LEVEL IN COMING DAYS WITH STOP LOSS…?