Nifty levels:
Nifty spot close @8131
Nifty future close @8130
Today’s view on Nifty
Selling opportunity only below 8000 level, before that every dip will be a buying opportunity.
Bank Nifty levels:
Bank nifty spot close @17554
Bank nifty future close @17599
View on Banknifty
Selling opportunity below 17700, we may see 17400/17350 level, above 177700 we may see 17850 as a strong resistance level.
MARKET COMMENTERY
A divergent trend among various index constituents led to small losses for key benchmark indices in what was a volatile trading session. The barometer index, the S&P BSE Sensex, fell 59.28 points or 0.22% to 26,844.83, as per the provisional closing data. The 50-unit CNX Nifty dropped 11.90 points or 0.15% at 8,131.70, as per the provisional closing data. Intraday recovery in index heavyweights HDFC and Reliance Industries (RIL) helped the Sensex and the Nifty trim losses after both these indices hit their lowest level in more than a week in mid-afternoon trade.
STOCK BUZZ
• Metal and mining stocks witnessed a mixed trend after weak Chinese trade data. Tata Steel (down 2.59%), Vedanta (down 2.93%) and Hindalco Industries (down 3.21%) edged lower. Hindustan Zinc (up 3.48%), Jindal Steel & Power (up 1.93%), National Aluminium Company (up 1.63%), JSW Steel (up 1.33%), NMDC (up 0.15%) and Steel Authority of India (up 0.09%) edged higher. China is the world's largest consumer of steel, copper and aluminum.
• Shares of oil exploration and production (E&P) firms dropped along with decline in crude oil prices. ONGC (down 3.68%), Cairn India (down 1.85%) and Oil India (down 0.1%) declined. Lower crude oil prices will decrease realizations from crude sales for oil exploration firms.
HOT PURSUIT
1. Infosys lost 2.35% at Rs 1,096.10, with the stock extending previous trading session's decline triggered by the company lowering its full year revenue growth guidance in dollar terms at the time of announcement of Q2 September 2015 results. The stock had fallen 3.88% to settle at Rs 1,122.50 yesterday, 12 October 2015. Infosys now expects its revenue to grow 6.4%-8.4% in dollar terms for the year ending 31 March 2016 (FY 2016). At the time of announcing Q1 June 2015 results, Infosys had forecast revenue growth of 7.2%-9.2% in dollar terms for FY 2016. The revenue growth guidance for FY 2016 has been kept unchanged at 10%-12% in constant currency terms.
2. On the macro front, the latest data showed acceleration in consumer price inflation in September 2015, mainly due to increase in vegetable prices. Another data showed that a surge in production of two items contributed to more than half of the 6.4% increase in industrial production in August 2015. Inflation based on the consumer price index (CPI) increased to 4.4% in September 2015 from with 3.7% in August 2015. The core CPI inflation rose to 4.1% in September 2015 from 3.9% in August 2015. Growth in industrial production (IIP) hit its highest level in almost three years on the back a surge in the output of the manufacturing sector. Gems and jewellery and rubber insulated cables contributed to more than half of the 6.4% increase in industrial production in August 2015.
OPTION STRATEGY
1. 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.
2. DRREDYS 4200 and 4300 calls were so active we may see buying as remain above 4200.
3. IDEA 160 puts were so active today, we may see more selling below 160.
STOCKS TO WATCH
MARUTI:
SELL MARUTI AS REMAIN BELOW 4300 WE MAY SEE 4200/4100 IN COMING DAYS.
ONGC:
Buy ONGC above 250 level we may see 270/280, below 250 major support will be 242.
AMBUJA CEM:
Sell AMBUJA as remain below 215 we may see 205/195 level in coming days.
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