Markets In Narrow Range, Inside Of Just 90 Points; Ready For Big Move Either Side
Market Outlook – 13 April 2017
Markets In Narrow Range, Inside Of Just 90 Points; Ready For Big Move Either Side; Our View Remains Sideways; Infosys Reports Schedule Tomorrow; Market Reaction To Infy Results May Set Trend For Next Few Days.
Intraday price action in Nifty was choppy today; prices started with a gap up at 9242.50 but seen a weighty dip that pushed prices below 9200 levels. The index made some recovery in the later half and eventually closed above the psychological level of 9200. Index traded inside a moderate range of 85 points.
On the daily charts, the index is rotating inside a narrow range of 90 points from last four consecutive days. Nifty had a nice recovery after trading lower in the first half of a trading session.
The index has recorded four days of really narrow ranges. Narrow ranges usually lead to big thrusting moves, up or down. As we write this, the Nifty is almost in the middle of this narrow range, closing at 9203.45 with a loss of 33.55 points. Traders should wait patiently for a directional move and then look to enter the market; there is no hurry here.
Bank Nifty did break its resistance placed near 21700 but momentum was not strong there and finally closed below the significant level of 21700. So, the breakout did not confirm in the Bank Nifty yet. Thus, Trend remains sideways here.
IT, on the other hand, continues to underperform. However, INFY results are scheduled tomorrow, so IT index in particular may remain volatile. Market reaction to INFY results may set trend for IT for next few days. So, wait and watch..
Bank Nifty saw extreme choppiness in today’s price action. The index opened with a gap up of 30 points at 21735 but witnessed a vertical dip that pressed prices to intraday low near 21550. Bank Nifty found buyers at lower levels and recovery in the second half took prices to lifetime high at 21787.10. However, index again came down and eventually closed near 21650 with a decline of nearly 55 points.
On the daily charts, prices broke out above its resistance of 21700 yesterday. However, index failed to keep prices above 21700 and closed lower. Therefore, breakout still not confirmed. Traders should understand that a confirmation of a breakout is required before executing a trade; that did not happen.
Trend remains sideways in the Bank Nifty. As of now we do not have a new pattern which suggests a new trading opportunity here. So, avoid taking positional trade in the index.
Traders can look to trade only intraday according to early morning momentum
|HDFCBANK||1441||BUY||Intermediate and Short Term Trend is up in HDFCBANK. The stock has seen an upside rally and then started trading narrow. This narrow movement suggests a big move is very near. Buy this stock above 1445. If this trade executes then place a stop just below 1430 and a target at 1475.|
|ABIRLANUVO||1552||BUY||Intermediate and Short Term Trend is up in ABIRLANUVO. The stock has seen an upside rally and then started trading inside a range. We may see a breakout here very soon. Buy this stock above 1560. If this trade executes then place a stop just above 1540 and a target at 1600.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|HINDPETRO||APR FUT||BUY||542.3||CMP||535||555||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|HDFCBANK.17.03 Mar||1466.5||2.65||14.2||20504000||ONGC.17.03 Mar||183.9||-1.84||3.99||25395000|
|PTC.17.03 Mar||91.9||2.62||5.38||7528000||IDFCBANK.17.03 Mar||59.65||-1.65||8.06||34008000|
|EICHERMOT.17.03 Mar||25656.8||2.53||11.06||153325||Bharat Electronics Limit||153.5||-1.57||5.44||14040000|
|BHARTIARTL.17.03 Mar||351.15||2.06||6.95||16743300||COALINDIA.17.03 Mar||289.5||-1.51||0.16||9698500|
|CASTROLIND.17.03 Mar||429||1.6||27.39||4023600||BOSCHLTD.17.03 Mar||22598.55||-1.5||15.02||77325|
|Short covering||Long Unwinding|
|IBREALEST.17.03 Mar||8.52||-14.9||11250000||87.25||IDEA.17.03 Mar||87.05||-2.25||-6.52||53718000|
|TORNTPOWER.17.03 Mar||5.82||-6.37||1455000||236.35||BHEL.17.03 Mar||164.4||-2.23||-19.65||13225000|
|HDIL.17.03 Mar||5.26||-8.16||12160000||82.05||IDBI.17.03 Mar||74.5||-2.04||-30.82||15280000|
|BATAINDIA.17.03 Mar||4.22||-7.57||1449800||569.55||JUSTDIAL.17.03 Mar||542.8||-1.99||-31.87||1174800|
|JETAIRWAYS.17.03 Mar||3.51||-26.06||1983000||532.3||M&MFIN.17.03 Mar||314.85||-1.98||-5.38||6817500|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|Torrent Pharma Ltd.||1497.15||2.55||215975||8949636||99.06||Nifty 50||9173.75||0.33||79995|
|HAVELLS INDIA LIMITED||471||2.2||2556202||19357038||96.11||Nifty Bank||21620.7||1.07||79995|
|IndusInd Bank Ltd.||1422.3||1.72||1430611||7916496||94.3||Nifty IT||10730.75||-0.1||79995|
|Biocon Limited||1139.05||-0.99||303780||2105796||86.35||INDIA VIX||12.15||0.5||79995|
|Kotak Mahindra Bank Limi||865.15||0.88||3534385||4088951||85.02||Nifty Energy||11377.65||0.34||79995|
|Sun Pharma Ltd||687.05||-0.09||2558208||4274679||82.96||Nifty Pharma||10407.3||-0.12||79998|
|HCL Technologies Ltd.||875.85||-0.2||1463739||1743125||82.17||Nifty Realty||215.3||1.84||79998|
|Bharti Airtel Limited||351.2||1.84||3916104||7207668||81.39||Nifty Infrastructure||3082.6||0.31||79998|
|HDFC Ltd.||1519.95||-0.14||8057156||2911900||80.99||Nifty PSU Bank||3514.35||0.78||79998|
|NTPC Limited||163.1||-0.52||8013105||3058551||79.83||Nifty Auto||9860.3||0.15||79998|
UPCOMING ECONOMIC DATA
|•WPI Data on 14th April, 2017. (Tentative)||•US Initial Jobless Claims on 13th April, 2017.
•US PPI (MoM) (Mar) on 13th April, 2017.
|•NBCC will help develop a social housing project and construct a new Supreme Court building in Mauritius, which together are estimated to cost USD 50 million.
•ITC is overhauling its foods portfolio to invigorate its market share in categories that have been showing signs of fatigue more than a decade after the cigarette maker challenged the dominance of most packaged food companies in the country.
•Airtel Digital TV, the DTH arm of Bharti Airtel has launched an Android-enabled set top box (STB) that will allow consumers to watch content available on Internet on television besides regular satellite channels.
Source: Economic Times, Business Standard .
|Company Name||Purpose||Meeting Date||Company Name||Purpose||Meeting Date|
|BAJAJCORP||Results/Dividend||13-Apr-17||PREMEXPLN||Raising of Funds||14-Apr-17|
|SVOGL||Board Meeting Adjourned||14-Apr-17||J&KBANK||Raising of Funds||15-Apr-17|
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|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|
|FOSECOIND||Final Dividend – Rs. – 7.0000||20-Apr-17||GMBREW||Dividend – Rs. – 3.0000||9-May-17|
|SANOFI||Final Dividend – Rs. – 50.0000||25-Apr-17||NESTLEIND||Final Dividend – Rs. – 23.0000||19-May-17|
|ELANTAS||Dividend – Rs. – 4.5000||27-Apr-17||CASTROLIND||Dividend – Rs. – 4.5000||25-May-17|
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