Markets Break Two Days Of Failure; Rallies To Close At Day High
Market Outlook – 12 April 2017
Markets Break Two Days Of Failure; Rallies To Close At Day High; Short Term Trend Remains Sideways With Resistance Near 9300; Bank Nifty Closes On New Lifetime High; FMCG, PSU Bank Stocks Continue To Outperform; Look For A Buying Opportunity.
Nifty has seen an uptrend day today; prices started off with a gap up at 9184.55 and made a low at 9175 in early trades. The index went through staggering rally that helped nifty making an intraday high near 9245. Eventually, index closed near the highs at 9233 with a gain of 58 points. The index traded in a moderate range of 70 points.
Markets are more or less consolidating inside a range with a strong support near 9100 and a resistance at 9275-9300 area from around last two weeks. That should be considered normal after recent outpouring.
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.
On the contrary, Bank Nifty staged smart gains that took the index to another lifetime high (Fourth lifetime high in last two weeks). Positive price action in the index suggests strength. We may continue to see outperformance in banking stocks. Therefore, look for a buying opportunity there.
Bank Nifty has seen an uptrend day today; prices started the session with a minor change at 21521.45 and made a low just below 21500 within first fifteen minutes of trading. After that, it was one way road on the upside. Index made a high above 21750 and eventually, closed near the highs above 21700 with a gain of 170 points.
Bank Nifty, with this rally, reaches to unchartered territory (new lifetime highs). On the daily charts, prices were trading inside (21300-21700) from last two weeks. The index has seen a breakout from that range today and closed above to it. Traders should wait for the confirmation of range breakout; another closing above 21700 will confirm that.
As of now we do not have a new pattern which suggests a new trading opportunity here. So, avoid trading in the index till next opportunity arises.
PSU Banks are going through delightful rally. We may continue to see outperformance here; hence look for a buying opportunity on dips and consolidations.
|SBI||294||BUY||Intermediate and Short Term Trend is up in SBI. The stock has seen an upside rally and then started a minor correction for three trading days. Today prices close higher suggest the correction is over. Buy this stock above 295. If this trade executes then place a stop just below 290 and a target at 305.|
|BHARATFIN||766||SELL||Intermediate and Short Term Trend is sideways in BHARATFIN. The stock has seen an upside rally and then started a process of consolidation at its top. Prices are now at the verge of breakdown from the support level. Sell this stock below 764. If this trade executes then place a stop just above 780 and a target at 735.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|CENTURYTEX||APR FUT||BUY||1092.5||CMP||1075||1120||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|RECLTD.17.04 Apr||206.9||12.57||12.6||29766000||ADANIPOWER.17.04 Apr||37.25||-16.1||13.08||1.49E+08|
|KTKBANK.17.04 Apr||160.3||9.38||16.49||32405750||ADANIPORTS.17.04 Apr||335.65||-4.96||21.44||14657500|
|PFC.17.04 Apr||164.6||7.41||5.47||34950000||JSWSTEEL.17.04 Apr||199.3||-2.83||2.12||45798000|
|DCBBANK.17.04 Apr||181.75||5.91||28.79||6421500||TATAPOWER.17.04 Apr||85.55||-2.23||14.99||35289000|
|JPASSOCIAT.17.04 Apr||13.65||5.81||2.37||1.76E+08||ZEEL.17.04 Apr||543||-1.92||3.64||7078500|
|Short covering||Long Unwinding|
|ITC.17.04 Apr||2.75||-4.84||52142400||282.5||BHARATFIN.17.04 Apr||770.55||-1.19||-0.69||19954000|
|Bharat Electronics Limit||2.7||-3.79||26077500||176.9||BRITANNIA.17.04 Apr||3412.6||-0.71||-3.81||379200|
|CONCOR.17.04 Apr||2.61||-1.72||1177500||1156.5||INFRATEL.17.04 Apr||355.8||-0.63||-4.47||6356800|
|IGL.17.04 Apr||2.6||-2.14||2564100||1033.5||BAJAJ-AUTO.17.04 Apr||2826.45||-0.61||-3.01||1530750|
|SINTEX.17.04 Apr||2.5||-0.08||37705500||112.7||HINDPETRO.17.04 Apr||541.55||-0.59||-0.88||19288500|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|HDFC Ltd.||1476.85||0.64||2166320||1880021||85.45||Nifty 50||9237||0.61||28827267|
|Cipla Ltd||580.05||-1.63||2103296||957630||81.31||Nifty Bank||21736.15||1||12262798|
|MARICO LIMITED||301.15||0.42||477848||1097064||78.74||Nifty IT||10398.85||0.59||1042437|
|Power Grid Corporation o||199.15||1.97||6000806||2534797||78.19||INDIA VIX||11.4||-1.89||2.3E+08|
|Tata Power Co. Ltd.||85.45||-1.84||32224697||4134302||75.04||Nifty Pharma||10355.55||0.39||25682022|
|ITC Ltd.||282.05||3.11||10934606||4089387||74.67||Nifty Realty||226.1||1.23||1.18E+09|
|CASTROL INDIA LTD.||434.65||0.42||538565||2218916||74.29||Nifty PSU Bank||3578.25||2.08||74658361|
|Hero MotoCorp Limited||3202.2||0.09||169115||216201||74.26||Nifty Auto||10040.05||0.1||26476598|
|TATA CONSULTANCY||2419.3||-0.12||778892||938567||73.81||Nifty Metal||3092.05||-1.48||85694323|
UPCOMING ECONOMIC DATA
|•IIP Data on 12th April , 2017.
•CPI Data on 12th April 2017
|•US Crude Oil inventories on 12th April, 2017.
•US PPI (MoM) (Mar) on 13th April, 2017.
|•NTPC’s joint venture BIFPCL has tied up funds to the tune of USD 1.6 billion to set up 1,320-mw Maitree Super Thermal Power Project in Bangladesh.
•Mahindra Holidays & Resorts India Ltd (MHRIL) has acquired an additional 3.22 per cent stake in Finland-based Holiday Club Resorts Oy (HCR) for 2.16 million euros (over Rs 14.5 crore).
•BHEL has bagged an order from Indian Railways for installing 2 MW roof-top solar photo voltaic systems at Diesel Locomotive Modernisation Works (DMW) in Patiala.
Source: Economic Times, Business Standard .
|Company Name||Purpose||Meeting Date||Company Name||Purpose||Meeting Date|
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|FAGBEARING||Dividend – Rs. – 12.0000||12-Apr-17||FOSECOIND||Final Dividend – Rs. – 7.0000||20-Apr-17|
|KSBPUMPS||Dividend – Rs. – 5.5000||12-Apr-17||SANOFI||Final Dividend – Rs. – 50.0000||25-Apr-17|
|SANDUMA||Interim Dividend – Rs. – 1.0000||12-Apr-17||ELANTAS||Dividend – Rs. – 4.5000||27-Apr-17|
|ONTIC||Consolidation of Shares||13-Apr-17||ABB||Dividend – Rs. – 4.0000||28-Apr-17|
|RMCHEM||Bonus issue 4:1||18-Apr-17||ITDCEM||Dividend – Rs. – 0.3000||3-May-17|
|OFSS||Interim Dividend – Rs. – 170.0000||19-Apr-17||VESUVIUS||Dividend – Rs. – 6.5000||4-May-17|
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