Bank Nifty News For Today 07-Oct-15

Nifty levels: 
Nifty spot close @8152
Nifty future close @8162
 

Today’s view on Nifty

Fantastic recovery from lower level, no need to sell, buy on every dip will be a best strategy, above 8125 next target will be 8250-8300.

Bank Nifty levels:
Bank nifty spot close @17605
Bank nifty future close @17675

View on Banknifty

Buy as remain above 17500 we may see 17800-18000 level in coming days, below 17500 major support will be 17250.
   
MARKET COMMENTERY

Gains in index heavyweight ITC and oil and pharma sector stocks aided modest gains for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 131.67 points or 0.49% at 26,917.22, as per the provisional closing data. The 50-unit CNX Nifty gained 34.05 points or 0.42% at 8,153.35, as per the provisional closing data. The Sensex failed to retain the psychological 27,000 mark after surpassing that mark in intraday trade.

STOCK BUZZ
•    Tata Motors jumped 5.74%, with the stock extending a rally registered during the previous trading session. Jaguar Land Rover North America announced on 1 October 2015 that its US sales rose 61% to 6,850 units in September 2015 over September 2014.

•    Oil exploration firms gained along with rise in crude oil prices. ONGC (up 2.85%), Cairn India (up 2.39%), Reliance Industries (RIL) (up 1.09%) and Oil India (up 1.13%) gained. Higher crude oil prices would result in higher realizations from crude sales for oil exploration firms.

HOT PURSUIT
1. Meanwhile, the finance ministry yesterday, 5 October 2015, announced that the central government's expenditure on major subsidies has come down to 1.6% of GDP in 2015-16 from 2.5% of GDP in 2012-13. There could be a shortfall of around 5% to the estimated target of tax collection of Rs 14.5 lakh crore for the current fiscal year. The government is committed to achieving this year's fiscal deficit target as well as the fiscal glide path laid out in the budget, the finance ministry said. The central government's infrastructure spending has picked-up on the back of accelerated spending on highways, railways and the power sector. The central government's Plan Cap-EX has increased by over 30% this year. This is beginning to crowd-in private investment. The public private partnership projects which had been stalled are also now picking up.

2. The finance ministry issued the statement after a press conference held by various secretaries to the Ministry of Finance and Chief Economic Adviser (CEA) Dr Arvind Subramanian on the completion of six months of financial year 2015-16 on 30 September 2015.

OPTION STRATEGY

• In today’s session we have seen call buying in 8100 and 8200 strike price, we may see 8200 as a strong resistance level in coming days.
• HDFC 1300 and 1350 calls and puts were so active, we may see buying above 1250 level.
• INFOSIS 1160 puts were so active today, we may see more selling below 1160.

STOCKS TO WATCH

VOLTAS:
BUY VOLTAS ABOVE 260 FOR THE TARGET OF 275/285, BELOW 260 MAJOR SUPPORT WILL BE 248.

UPL:
Keep selling but only on rise 440/400 levels are waiting………

TATASTEEL:
Buy TATASTEEL above 220 for the target of 235/250, below 220 major support will be 209.
 Top PICKS OF THE DAY

•    GAIL ABOVE….? TGT…..?STOP LOSS……?
•    SELL ICICI BANK BELOW…..?...TARGET….?..STOPLOSS…?
•    SELL ONGC BELOW….? STOCK MAY SHOW 190/210 LEVEL IN COMING DAYS WITH STOP LOSS…?

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