Nifty levels:
Nifty spot close @7948
Nifty future close @7986
Today’s view on Nifty
Nifty is trading its major resistance zone that is 8000-8050, so be
cautious we may see profit booking from upper level, fresh selling below
7920.
Bank Nifty levels:
Bank nifty spot close @17216
Bank nifty future close @17328
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
Telecom, oil and power sector stocks led rally for key benchmark
indices. The barometer index, the S&P BSE Sensex, was up 379.61
points or 1.47% at 26,158.27, as per provisional closing data. The
50-unit CNX Nifty was up 105.60 points or 1.35% at 7,948.90, as per
provisional closing data. The Sensex provisionally settled above the
psychological 26,000 mark after alternately moving above and below that
level in intraday trade so far. The Sensex pierced the psychological
26,000 mark as gains in global stocks boosted sentiment on the domestic
bourses a day after the Reserve Bank of India (RBI) surprised financial
markets by announcing a steeper-than-expected 50 basis points reduction
in repo rate after a regular monetary policy review yesterday, 29
September 2015. Key indices remained in positive zone throughout the
trading session.
STOCK BUZZ
• Shares of index heavyweight and cigarette major ITC gained 2.81% to
Rs 329.35 on high volume of 84.23 lakh shares. A bulk deal of 78.27
lakh shares was executed on the stock at Rs 326.85 per share at 09:57
IST on BSE today, 30 September 2015.
• FMCG shares were in demand. Hindustan Unilever (up 3.68%),
Britannia Industries (up 3.77%), Tata Global Beverages (up 1.35%),
Jyothy Laboratories (up 4.29%), Nestle India (up 2.98%), Godrej Consumer
Products (up 3.01%), Bajaj Corp (up 1.87%), Colgate Palmolive (India)
(up 1.52%), Marico (up 2.45%), Dabur India (up 0.15%), GlaxoSmithKline
Consumer Healthcare (up 0.34%) and Procter & Gamble Hygiene &
Health Care (up 5.16%) edged higher.
HOT PURSUIT
1. In overseas markets, European shares edged higher, with shares of
automakers boosted by a Chinese tax cut on small cars while miner
Glencore rallied after saying it had no solvency issues. Trading in US
index futures indicated that the Dow could jump 181 points at the
opening bell today, 30 September 2015. US stocks finished mostly higher
yesterday, 29 September 2015, as a stronger-than-expected reading on
consumer confidence and rising house prices pointed to a stronger US
economy.
2. Steel stocks gained on reports that the domestic steel producers are
expected to take advantage of the hike in safeguard duty and increase
prices by up to Rs 1,500 per tonne. Tata Steel (up 5.84%), Jindal Steel
& Power (up 3.68%), JSW Steel (up 4.14%) and Steel Authority of
India (up 1.68%) edged higher. It may be recalled that the government in
this month imposed a provisional safeguard duty of 20% on import of
certain hot rolled flat steel products with a view to protect domestic
producers from the recent surge in inward shipments from countries like
China.
OPTION STRATEGY
In today’s session we have seen call buying in 7900 and 8000 strike
price, we may see 8000 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.
MARUTI 4800 calls were so active today, we may see more buying as remain above 4650.
STOCKS TO WATCH
TITAN:
Sell TITAN as remain below 330 we may see 315/300 LEVELS, above 330 major resistance will be 342.
UPL:
Keep selling but only on rise 440/400 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
• 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…?
