Market Remains Flat; Nifty Hovers Around 8900; Waiting For Next Direction
MARKET OUTLOOK – 01 Mar, 2017
Market Remains Flat; Nifty Hovers Around 8900; Waiting For Next Direction; Support Comes At 8800; Break Below Support Level May Result In Deeper Correction; Bank Nifty Remain Subdued; Avoid For Now;
NIFTY: Nifty opened with positive bias and traded very choppy in a range of just 40 points most part of the session but as the day progressed nifty did not sustain the above level and witness of some selling pressure at the end and closed 17 point down from the previous close at 8179.
Market are awaiting two crucial event GDP data , which is expected to released in the evening and US president speech which might throw light on tax reform and infrastructure spending.
As we have been already uploaded our view”s in previous report that 8970 is multiple resistance for the index any sustainability above this level it can move higher upto 9200 mark .On the other hand if index does not cross this level we may see some profit booking in the index as index is doing for the same.
As of now 8970 -8820 is a current range of the index either side move will decide further direction .Overall market trend remains up hence we will be net buyer on dips.
BANK NIFTY: Bank Nifty witnessed choppy and narrow range day in the markets; prices started with a minor gap up but traded sideways for remaining part of the day. Eventually, it closed above 20600 with minor gains.
On the daily charts, Bank Nifty has made a pattern of NR7. The NR7 tells us that the Index has gone into deep contraction. The next move in this cycle should be an expansion, which means we can expect a big move soon.
Index had a strong support zone inside 20300-20450. A close below this range would be a signal of deeper correction in the index. Although, Bank Nifty is making a trading range inside 20450-21050. We do not have any new trades for swing traders but we may get to see new trading opportunity beyond this range.
However, we may get to see a breakout from narrow range tomorrow; so intraday traders can look to take an ORB trade in either side for intraday only. Wait till 9.30 AM. Then buy above the high or sell below the low of the first 15 minutes.
|TITAN||438||BUY||Intermediate trend is up in TITAN. The stock has seen a sharp upside rally and the saw a minor correction. Prices are trading very narrow suggests a big move is ahead. Buy this stock above 439. If this trade executes then place your stop just below 435 and a target near 448.|
|UBL||775||SELL||Intermediate and short term trend is down in UBL. The stock has seen a breakdown from a trading range and closes lower. We may see a decline here. Sell this stock below 775. If this trade executes then place your stop just above 785 and a target near 755.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|BATAINDIA||MAR FUT||BUY||511||CMP||504||518-523||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|KTKBANK.17.03 Mar||138.65||7.11||7.48||31579750||HINDPETRO.17.03 Mar||516.75||-3.93||7.95||18769800|
|KSCL.17.03 Mar||499.7||6.83||13.49||3067500||GRASIM.17.03 Mar||986.1||-3.43||76.3||9266250|
|RCOM.17.03 Mar||39.1||6.11||4.67||1.07E+08||BPCL.17.03 Mar||670.15||-3.1||18.33||12153600|
|BHEL.17.03 Mar||162.75||5.99||13.49||25950000||ABIRLANUVO.17.03 Mar||1447||-2.52||1.44||2599200|
|FEDERALBNK.17.03 Mar||88.05||5.2||14.24||68563000||TECHM.17.03 Mar||492.9||-1.96||88.18||15446200|
|Short covering||Long Unwinding|
|ENGINERSIN.17.03 Mar||1.93||-0.98||21819000||150.65||NIFTYMID50.17.03 Mar||4010||-5.62||-50||200|
|SAIL.17.03 Mar||1.32||-0.12||48888000||61.45||WOCKPHARMA.17.03 Mar||755.15||-1.15||-5.15||3843600|
|PAGEIND.17.03 Mar||1.08||-1.72||31400||14400||TATAELXSI.17.03 Mar||1509.95||-0.39||-1.12||1054800|
|TITAN.17.03 Mar||0.63||-0.39||6559500||439.75||NIFTYCPSE.17.03 Mar||2594.9||0||-4.37||87500|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|HDFC Ltd.||1370.05||-0.41||2318175||2398787||85||Nifty 50||8879.6||-0.19||81324|
|IndusInd Bank Ltd.||1312.6||-0.51||704053||1587689||82.72||Nifty Bank||20607.25||-0.03||81321|
|NTPC Limited||162.95||-1.48||14041822||6005813||81.43||Nifty IT||10680.95||-0.24||81321|
|Kotak Mahindra Bank Limi||802.1||0.2||972189||1928829||80.99||INDIA VIX||13.79||0.82||81321|
|GAIL (India) Limited||516.9||0.31||2127130||3597602||78.82||Nifty Realty||197.2||1.21||81321|
|Mah & Mah Ltd.||1312.15||1.41||675015||585579||78.33||Nifty Infrastructure||2997.85||0.75||81321|
|Dabur India Ltd.||276.9||1.54||1541960||1584713||77.18||Nifty Auto||9654.65||-0.13||81321|
|Colgate Palmolive (India||900.25||1.17||561745||295375||74.9||Nifty Media||2996.35||0.91||81321|
UPCOMING ECONOMIC DATA
|•Nikkei Manufacturing PMI (Feb) on 01st March, 2017.
•IIP Data (YoY) on 10th March, 2017.
|•Tata Steel’s Rs 542-crore ferro-chrome plant in Odisha has started production.
•Tata Power has announced a generation capacity increase of over 8 per cent in the third quarter of the current fiscal compared to the year-ago period.
• Larsen & Toubro has signed a five year-framework agreements with Shell Global Solutions International B.V., for providing engineering, procurement and construction management services for the latter’s projects in the Middle East, South East Asia and India.
•Hindalco Industries (HIL), the flagship company of Aditya Birla Group, has received the environment clearance for setting up of a new cast copper rod plant in Gujarat’s Bharuch district at a cost of Rs 240 crore.
Source: Economic Times, Business Standard
|Company Name||Purpose||Meeting Date||Company Name||Purpose||Meeting Date|
|BRFL||Board meeting Rescheduled||6-Mar-17|
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|HINDPETRO||Interim Dividend – Rs. – 22.5000||1-Mar-17||VISHAL||Right Issue of Equity Shares||2-Mar-17|
|MINDACORP||Interim Dividend – Rs. – 0.2000||1-Mar-17||EIDPARRY||Interim Dividend – Rs. – 4.0000||3-Mar-17|
|SUNDARMFIN||Interim Dividend – Rs. – 5.0000||1-Mar-17||NAUKRI||Interim Dividend – Rs. – 1.5000||3-Mar-17|
|AADHAARVEN||Consolidation of Shares||2-Mar-17||ASHFL||Bonus issue 1:1||7-Mar-17|
|HEXAWARE||Interim Dividend – Rs. – 1.0000||2-Mar-17||CASTROLIND||Special Dividend – Rs. – 2.0000||7-Mar-17|
|MODISNME||Interim Dividend – Rs. – 1.0000||2-Mar-17||GAIL||Bonus issue 1:3||9-Mar-17|
|ROHLTD||Interim Dividend – Rs. – 1.0000||2-Mar-17||SOTL||Interim Dividend – Rs. – 13.5000||9-Mar-17|
|SYMPHONY||Interim Dividend – Rs. – 1.0000||2-Mar-17||VIAANINDUS||Stock Split From Rs.10/- to Rs.1/-||9-Mar-17|
|TECHNO||Buy Back of Shares||2-Mar-17||BHAGYNAGAR||Reduction of Capital||10-Mar-17|
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