BIG CHOPPY MOVEMENTS IN NIFTY RESULT IN VOLATILITY
MARKET OUTLOOK – 23th June, 2017
BIG CHOPPY MOVEMENTS IN NIFTY RESULT IN VOLATILITY, FAIL TO GIVE ANY SENSE OF DIRECTION; STAY LONG WITH PROPER STOPS; LIGHTEN TRADING POSITIONS ON FRIDAY AHEAD OF 3 DAY MARKET CLOSE;WEAKNESS IN METALS CONTINUES, AVOID BUYING THIS SECTOR;
NIFTY: Lifetime Highs in SENSEX, Almost there is NIFTY, but day ends in chaos This is what happened on Thursday, today. The Nifty opened higher, building on the bullish momentum created yesterday. During the early hours the SENSEX crossed its earlier lifetime high to make a new record. The NIFTY was almost there, needing about 10 points to make its own lifetime record. Alas, that never did come about.
A mid day decline developed into a mini crash as the Index fell almost 75 points (0.8 percent) from its high.
This decline could be
(a) A true reversal of trend,
(b) A normal move with markets showing signs of nervousness as it touches lifetime records,
(c) A shifting of positions which occurs before futures & options expiry.
We really do not know the reasons why market behaves as they do.
We are interested in judging market momentum and deciding on our plan of trading.
The Nifty remains above 9560, which was the previous low. So far this low is not violated, we are bullish..
Bank Nifty has traded choppy today. Index opened with a gap up of 30 points at 23721.55 and went through a rally making new lifetime high near 23900. However, index couldn’t hold higher levels and closed lower near 23750.
On the daily charts, Bank Nifty was trading narrow inside 250 points from last three days. Today, it broke out from that narrow range and made new lifetime highs. We had anticipated this move in our previous newsletter that is why we gave a long trade in the index at the opening price that executed near 23720.
Now, traders should hold on to this long position with a same stop loss of 23600. Intraday traders should also look to trade in the index only on the long side on dips and consolidation patterns. Avoid taking short position..
Additionally, Nifty is still trading in a range that also affects the overall market trend. Hence, positional traders should avoid taking positions in the Bank Nifty till we see a sustain move. Though, intraday traders can look to trade in the index only on the long side on dips and consolidation patterns. Avoid taking short position.
|CUMMINSIND||901||SELL||Intermediate and Short Term Trend is down in CUMMINSIND. The stock has seen a sharp decline and then started trading range bound. Prices are now at the verge of breakdown. We may see a decline here. Sell this stock below 898. If this trade executes then place a stop just above 910 and a target at 874.|
|RECLTD||181||SELL||Intermediate and Short Term Trend is down in RECLTD. The stock has seen a sharp decline and then started trading range bound. Prices have seen a breakdown and closed lower. Sell this stock below 181. If this trade executes then place a stop just above 183 and a target at 177.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|ABIRLANUVO||JUNE FUT||BUY||1749||BET(1735-1740)||1715||1780||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|RDEL.17.06 Jun||60.45||6.05||4.58||14373000||JUSTDIAL.17.06 Jun||392.3||-4.41||3.32||4371600|
|GODFRYPHLP.17.06 Jun||1286.25||3.64||1.82||587000||WOCKPHARMA.17.06 Jun||557||-4.21||1.26||3616200|
|ABIRLANUVO.17.06 Jun||1749.55||3.57||5.75||2398000||IOC.17.06 Jun||394.2||-3.72||0.43||26577000|
|GRASIM.17.06 Jun||1174.9||3.47||0.27||6346500||PCJEWELLER.17.06 Jun||505.8||-3.71||3.89||2928000|
|BALKRISIND.17.06 Jun||1717||2.91||5.93||350000||EXIDEIND.17.06 Jun||218.5||-3.19||3.95||14332000|
|Short covering||Long Unwinding|
|JPASSOCIAT.17.06 Jun||6.82||-6.76||1.53E+08||16.45||IBREALEST.17.06 Jun||190.7||-10.68||-1.13||29850000|
|RCOM.17.06 Jun||3.02||-2.33||1.11E+08||20.45||JINDALSTEL.17.06 Jun||122||-2.44||-0.65||44820000|
|BEML.17.06 Jun||2.57||-0.75||2389200||1551||NMDC.17.06 Jun||109.25||-2.28||-0.56||34074000|
|SUNPHARMA.17.06 Jun||1.79||-2.93||34801900||538.75||HDIL.17.06 Jun||87.9||-2.22||-3.09||28120000|
|SAIL.17.06 Jun||1.48||-3.58||73344000||58.4||IFCI.17.06 Jun||24.75||-2.17||-1.11||80212000|
Top Delivery Percentage
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|Power Grid Corporation o||202.3||-1.65||18964075||6504905||83.46||Nifty 50||9630||-0.04||93009|
|Hero MotoCorp Limited||3730.7||-1.02||272211||205141||81.07||Nifty Bank||23736.1||0.12||93009|
|NTPC Limited||158.95||-0.53||4283012||2724838||79.87||Nifty IT||10199.55||-0.23||93009|
|HDFC Ltd.||1653.8||1.57||3438975||1833784||77.71||INDIA VIX||11.21||2.63||93009|
|Mah & Mah Ltd.||1396.3||0.66||1128366||1134404||75.89||Nifty Pharma||9471.6||0.16||93009|
|Petronet LNG Limited||435.8||-1.73||3641370||1650333||75.5||Nifty Realty||267.8||-1.58||93012|
|Bharti Airtel Limited||366.2||-0.3||6320827||1999535||75.32||Nifty Infrastructure||3219.7||-0.55||93012|
|Ambuja Cements Ltd||244.95||1.91||4917780||1815414||75.23||Nifty PSU Bank||3514.5||0.54||93012|
|IndusInd Bank Ltd.||1490.65||-0.25||905839||644475||74.96||Nifty Auto||10820.75||-0.14||93012|
|Shree Cements Ltd.||17337.85||-0.22||9976||20221||74.13||Nifty Metal||2912.65||-1.38||93012|
Upcoming Economic Data
|•Nikkei Manufacturing PMI on 03rd July, 2017.
•Nikkei Service PMI on 05th July, 2017.
|•Tata Power has offered to sell 51 per cent stake in its 4,000 MW Mundra power project for Re 1 to states like Gujarat which buy electricity from it so as to rescue the debt-laden, loss-making business
•Glenmark Pharmaceuticals: the US health regulator has granted tentative approval for tablets used for treatment of overactive bladder.
•Tata group retail arm Trent has raised Rs 100 crore from the market by issuing commercial papers to refinance its upcoming repayments.
Source: Economics Times
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|STEELCAS||Dividend – Rs. – 0.6000||23-Jun-17||TATACOFFEE||Dividend – Rs. – 1.5000||30-Jun-17|
|APOLLOTYRE||Dividend – Rs. – 3.0000||27-Jun-17||TATACOFFEE||Special Dividend – Rs. – 0.2500||30-Jun-17|
|FCH||Final Dividend – Rs. – 2.6000||27-Jun-17||AHLWEST||Final Dividend – Rs. – 1.0000||3-Jul-17|
|ELNET||Dividend – Rs. – 1.4000||28-Jun-17||FEDERALBNK||Dividend – Rs. – 0.9000||3-Jul-17|
|ENGINERSIN||Buy Back of Shares||28-Jun-17||JYOTHYLAB||Dividend – Rs. – 6.0000||3-Jul-17|
|INDIANHUME||Final Dividend – Rs. – 2.4000||28-Jun-17||PETRONET||Bonus issue 1:1||3-Jul-17|
|CENTUM||Final Dividend – Rs. – 3.0000||29-Jun-17||PLASTIBLEN||Bonus issue 1:1||3-Jul-17|
|EASTRED||Final Dividend – Rs. – 0.5000||29-Jun-17||SANWARIA||Bonus issue 1:1||3-Jul-17|
|GULPOLY||Final Dividend – Rs. – 0.3000||29-Jun-17||SOUTHBANK||Dividend – Rs. – 0.4000||3-Jul-17|
|HDFCBANK||Dividend – Rs. – 11.0000||29-Jun-17||CCL||Dividend – Rs. – 2.5000||4-Jul-17|
|NUCLEUS||Buy Back of Shares||29-Jun-17||ESSELPRO||Final Dividend – Rs. – 2.4000||4-Jul-17|
|NUCLEUS||Final Dividend – Rs. – 5.0000||29-Jun-17||MAYURUNIQ||Final Dividend – Rs. – 0.2500||4-Jul-17|
|SKPSEC||Buy Back of Shares||29-Jun-17||SUNDARMFIN||Final Dividend – Rs. – 6.5000||4-Jul-17|
|STRTECH||Final Dividend – Rs. – 0.7500||29-Jun-17||TRITONV||Dividend – Rs. – 15.0000||4-Jul-17|
|HEROMOTOCO||Final Dividend – Rs. – 30.0000||30-Jun-17||ABIRLANUVO||Amalgamation||5-Jul-17|
|JSWENERGY||Dividend – Rs. – 0.5000||30-Jun-17||DABUR||Final Dividend – Rs. – 1.0000||5-Jul-17|
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