Choppy Markets Create Confusion Among Participants; Nifty Remains In Range With Support At 8980
Market Outlook – 28 March 2017
Choppy Markets Create Confusion Among Participants; Nifty Remains In Range With Support At 8980 And Resistance At 9200; Index Is Finding Difficult For A Sustain Move; So We Should Stay Away From Such Environments.
Markets have witnessed choppy price action as prices started off the day with a gap down and moved lower. However, a V-Shaped rally after lunch gave some respite to bulls but eventually index closed in the lower side of today’s trading range of 70 points at 9045.20.
On the daily charts, index hovering inside a trading range. We wait patiently for the Nifty to cross the thresholds: 8980 or 9200 – these represent significant support and resistance areas. Our view has been sideways: so, we stay out of the index trading.
We may see alternate bouts of buying and selling as far as index roving with a sideways trend. We should maintain our patience and wait for the sustain breakout from either of above two levels for a trade in Nifty index.
PSU Banking stocks are outperforming, so traders can look for a buying opportunity in stock like SBIN, PNB, and BANKINDIA only on dips and consolidations.
Bank Nifty traded sluggishly despite of Friday’s rally. The index started the session with a minor gap up at 21178 and made a high just above to it.
Prises saw a furious drop of 200 points till lunch which took prices below 21000 levels. Though, index found recovery that helped prices to regain minor points. Eventually, index closing below 21050 with a decline of 80 points.
Trend remains sideways in the Bank Nifty. Roughly, the index is trading inside a range 20750 – 21300 from last two weeks. On a broader side prices are locked inside 20450 – 21300 from last one month. We may see choppy price movement as far as prices are trading inside the above defined range. Presently, the index is trading in the centre and prices can go either way. So, wait it out.
Now, we do not have any new trading opportunity since our view in the Bank Nifty is sideways. Trading in choppy markets may result in damaging trader’s funds and capital. We should wait for a breakout and then look to enter the markets.
|GLENMARK||875||SELL||Intermediate and short term trend is sideways in GLENMARK. The stock is consolidating inside a large range. Prices are trading near the support and at the verge of breakdown. Sell this stock below 872. If this trade executes then place your stop just above 885 and a target near 846.|
|HDFC||1477||BUY||Intermediate and short term trend is up in HDFC. The stock has seen an upside rally and then started trading inside a narrow range. Prices have seen a breakout today and closed higher. Buy this stock above 1480. If this trade executes then place your stop just below 1470 and a target near 1500.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|CANBK||MAR FUT||BUY||296.05||CMP||292||302-305||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|PETRONET.17.03 Mar||407.95||2.95||12.44||6088500||TATASTEEL.17.03 Mar||477.25||-3.42||19.8||23454000|
|PNB.17.03 Mar||145.45||2.83||3.03||49490000||HINDALCO.17.03 Mar||188.75||-3.21||6.98||43627500|
|JETAIRWAYS.17.03 Mar||505.1||2.32||0.91||4542000||JPASSOCIAT.17.03 Mar||13.05||-2.97||1.17||1.35E+08|
|LICHSGFIN.17.03 Mar||609||1.27||8.57||5992800||TV18BRDCST.17.03 Mar||42.1||-2.88||0.81||78064000|
|INFRATEL.17.03 Mar||314.35||1.26||1.94||9675200||DABUR.17.03 Mar||274.55||-2.71||2.39||12630000|
|Short covering||Long Unwinding|
|DISHTV.17.03 Mar||2.7||-1.79||23065000||110.2||JSWSTEEL.17.03 Mar||179.25||-4.14||-0.24||33486000|
|GODREJIND.17.03 Mar||2.4||-8.25||1435500||505.9||SAIL.17.03 Mar||60.2||-3.68||-4.18||40404000|
|NHPC.17.03 Mar||2.11||-5.71||19170000||31.45||IDEA.17.03 Mar||87.9||-3.51||-1.58||90993000|
|JUBLFOOD.17.03 Mar||1.96||-7.63||1955500||1104.9||KSCL.17.03 Mar||544.1||-3.2||-7.34||3240000|
|BANKINDIA.17.03 Mar||1.92||-4.57||22170000||135.6||RELIANCE.17.03 Mar||1251.8||-2.87||-2.57||18089500|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|Hero MotoCorp Limited||3343.2||-0.95||296970||9006832||98.89||Nifty 50||9045.2||-0.69||89010|
|Kotak Mahindra Bank Limi||871.15||-0.93||1999306||3922409||85.17||Nifty Bank||21056.9||-0.31||89013|
|Oil & Natural Gas Corp||188.9||-1.56||4780041||7704099||82.93||Nifty IT||10648.5||-1.12||89013|
|HDFC Ltd.||1474.7||0.83||2418666||1380223||81.14||Nifty Pharma||10441.9||-1.08||89013|
|SHRIRAM TRANS FIN CO. LT||1020.8||-1.08||562545||565484||79.46||Nifty Realty||213.05||-0.07||89016|
|Indian Oil Corp. Ltd.||370.9||-0.48||2127352||2405148||79.09||Nifty Infrastructure||3032.25||-0.42||89019|
|Maruti Suzuki India Ltd||5985.8||-0.31||340512||441703||77.05||Nifty PSU Bank||3404.05||1.32||89019|
|NTPC Limited||163.35||-0.76||2720777||2919239||76.46||Nifty Auto||9808.2||-0.71||89019|
|Power Grid Corporation o||194.85||0.57||3996112||2618254||75.51||Nifty Commodities||3395.05||-1.29||89022|
UPCOMING ECONOMIC DATA
|•Nikkei Manufacturing PMI on 03rd April , 2017.
•IIP Data on 12th April , 2017. (Tentative)
|•Motherson Sumi Systems Ltd (MSSL has completed acquisition of Finnish wiring harness maker PKC Group Plc for €571 million (about Rs 4,150 crore), may foray into the domestic railways sector going ahead.
•BHEL has commissioned a 250-mw eco-friendly unit, using low grade coal (lignite) as primary fuel. The lignite-based thermal unit, based on circulating fluidised bed combustion (CFBC) technology, is the second such facility to be commissioned at Bhavnagar Energy Company’s (BECL) 2×250 mw thermal power project at Padva in Bhavnagar district of Gujarat
• Larsen & Toubro, in a joint venture with Shriram EPC, has bagged an order worth Rs 705 crore for a water pipeline project in Tanzania.
Source: Economic Times, Business Standard .
|Company Name||Purpose||Meeting Date||Company Name||Purpose||Meeting Date|
|SUBROS||Issue of Securities||29-Mar-17||AVTNPL||Others||6-Apr-17|
|COFFEEDAY||Issue of Securities||30-Mar-17||GMBREW||Results/Dividend||6-Apr-17|
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|BEL||Interim Dividend – Rs. – 0.9000||29-Mar-17||ASHARI||Bonus issue 4:1||31-Mar-17|
|HINDZINC||Special Dividend – Rs. – 27.5000||29-Mar-17||INFRATEL||Interim Dividend – Rs. – 12.0000||31-Mar-17|
|MAHLIFE||Right Issue of Equity Shares||30-Mar-17||SFCL||Amalgamation||31-Mar-17|
|MPHASIS||Buy Back of Shares||30-Mar-17||OIL||Buy Back of Shares||3-Apr-17|
|MUTHOOTFIN||Interim Dividend – Rs. – 6.0000||30-Mar-17||CONCOR||Bonus issue 1:4||5-Apr-17|
|PFC||Interim Dividend – Rs. – 5.0000||30-Mar-17||SKFINDIA||Buy Back of Shares||6-Apr-17|
|SHARDACROP||Interim Dividend – Rs. – 2.0000||30-Mar-17||BOCINDIA||Dividend – Rs. – 0.7500||7-Apr-17|
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more
For Daily Share Market Updates, Market Research Analysis reports, Weekly Techno-Funda Report, Fundamental Analysis Report, Monthly Recommended stock Picks, Equity Trading Tips, Upcoming IPO/NFO/Bonds/Ncd’s updates & other related information Subscribe our blog http://research.elitewealth.in
or Call us on: 011-42445800/9650901058