Nifty levels:
Nifty spot close @8189
Nifty future close @8154
Today’s view on Nifty
Consolidation from upper level we have seen today, though buying opportunity on every dip. We may see 8225 level as a next resistance level, more buying will be seen from this level.
Bank Nifty levels:
Bank nifty spot close @17583
Bank nifty future close @17601
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
IT major and index heavyweight Infosys led losses for key benchmark indices, with the stock sliding after the company cut full year revenue growth guidance in dollar terms. The barometer index, the S&P BSE Sensex, fell 167.35 points or 0.62% at 26,912.16, as per the provisional closing data. The 50-unit CNX Nifty dropped 46.10 points or 0.56% at 8,143.60, as per the provisional closing data. The Sensex provisionally settled below the psychological 27,000 level after falling below that mark in mid-afternoon trade.
STOCK BUZZ
• Shares of IT major Infosys edged lower in choppy trade after the company lowered its full year revenue growth guidance in dollar terms for the year ending 31 March 2016 (FY 2016) at the time of announcement of Q2 September 2015 results. The stock was off 3.93% at Rs 1,122. The stock hit a high of Rs 1,219 in intraday trade, which is a record high for the counter. The stock hit a low of Rs 1,108.90 in intraday trade. Infosys now expects its revenue to grow 6.4%-8.4% in dollar terms for 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.
• Pharma stocks were mostly lower. Lupin (down 2.01%), Sun Pharmaceutical Industries (down 1.32%), Dr Reddy's Laboratories (down 1.59%), Cipla (down 1.55%), Ipca Laboratories (down 0.07%) and Strides Arcolab (down 0.1%) edged lower. GlaxoSmithkline Pharmaceuticals (up 0.2%), Glenmark Pharmaceuticals (up 2.23%), Divi's Laboratories (up 0.12%) and Wockhardt (up 0.35%) edged higher.
HOT PURSUIT
1. Bank of Baroda (BoB) tumbled 3.29% at Rs 176.30 after the Central Bureau of Investigation (CBI) began a probe under the Prevention of Corruption Act, 1988 against 59 current account holders of Bank of Baroda and unknown officials of the state-run bank and some private persons. The allegation is that the current account holders of the bank and bank officials conspired to send overseas remittances of foreign exchange worth approximately Rs 6000 crore in illegal and irregular manner in violation of established banking norms under the garb of payments towards suspected non-existent imports. The CBI began investigation into the case after a complaint from Bank of Baroda.
2. In overseas stock markets, European stocks edged lower, taking a breather from a solid rally last week. Chinese stocks led gains in Asian markets on stimulus measures from China and signals of reform in China's telecommunications sector. In mainland China, the Shanghai Composite ended with gains of 3.28%. China's central bank announced over the weekend that it will expand a relending trial to nine more cities and provinces, including Shanghai and Beijing. The plan, currently in place in Shandong and Guangdong, allows banks to pledge certain assets to secure loans from the central bank.
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. RELIANCE 900 and 920 calls and puts were so active, we may see buying above 900 level.
3. INFOSIS 1160 puts were so active today, we may see more selling below 1160.
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.
Top PICKS OF THE DAY
• HINDALCO 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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