More Volatility In Nifty; Lower Levels Continue To Attract Buyers
Market Outlook – 21 July 2017
More Volatility In Nifty; Lower Levels Continue To Attract Buyers But Sellers Step In Above 9900; Two Days Of Push Towards 9800 In Last Three Days Is Cause For Worry To Bulls; Short Term Trend Is Sideways; Avoid Trading Index.
Nifty had a down day today; prices opened with a gap up of 18 points near its resistance at 9920 but then traded downwards till lunch. In after lunch session, index consolidated the early damage and closed with a loss of 26.30 points at 9873.30, near the lows, which is further a sign of weakness.
With a constant fall and close below 9900, Nifty has closed in the middle of a 150-point trading range (9780-9930). It Seems intraday price action was as bearish as it can be. The fact that it could not hold resistance makes the trading range more interesting.
Now, we are eagerly waiting to see next Markets movement. Will prices able to confirm a break below 9780 or will they bounce back? Answer to these questions lies in the future.
The Nifty short term trend is sideways. All said and done, we are probably in consolidation. We have to be patient while markets in a trading range.
Bank Nifty, on the other hand, continues to attract buyers as index managed in making fourth consecutive lifetime high. Our long positions in the index have closed as we prices with our target. Now, we may also see some consolidation in the index due to a one sided move we have witnessed in this index, thus avoid trading index and focus on outperforming Banking stocks only for some time.
Bank Nifty had a choppy day in the markets; prices started near the yesterdays close but staged a rally that took prices to new lifetime highs near 24300. However, prices came back sharply and closed at 24222 with a gain of 62 points.
On the daily charts, Bank Nifty has again made new lifetime highs (fourth in a row). In the process, our long positions get closed with a gain of 290 points as prices met with our target near 24300. Now, the index has realized a rally of 1300 points in less than a month. After a run up like these, prices tend to consolidate. Thus, we may see consolidation or even a correction here.
Consequently, intraday as well as swing traders should avoid the index completely and focus should shift on outperforming stocks only.
|IBREALEST||214||BUY||Intermediate and Short Term Trend is up in IBREALEST. The stock is consolidating after an upside rally. Prices have seen a breakout and closed higher. Buy this stock above 215. If this trade executes then place a stop at 213 and a target at 219.|
|PCJEWELLER||254||BUY||Intermediate and Short Term Trend is sideways in PCJEWELLER. The stock has seen a correction and then started a process of consolidation. Prices are trading very narrow and inside a range. We may see a breakout here. Buy this stock above 255. If this trade executes then place a stop at 251 and a target at 263.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|HDFCBANK||JULY FUT||BUY||1712||CMP||1697||1735||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|ENGINERSIN.17.07 Jul||166||5.16||7.71||13541500||CANBK.17.07 Jul||353.8||-4.84||11.52||16086144|
|SREINFRA.17.07 Jul||132.8||4.4||3.85||5935000||MINDTREE.17.07 Jul||487||-4.31||6.21||4984800|
|IBREALEST.17.07 Jul||216||3.55||0.47||29690000||HINDPETRO.17.07 Jul||368.65||-4.31||0.35||26737200|
|AXISBANK.17.07 Jul||539.05||3.42||12.71||37569600||MRPL.17.07 Jul||120.1||-4.11||4.61||11236500|
|NBCC.17.07 Jul||217.35||2.96||7.41||4305000||CADILAHC.17.07 Jul||527.35||-3.55||3.7||3411200|
|Short covering||Long Unwinding|
|JUSTDIAL.17.07 Jul||6.89||-15.3||4378800||381.75||BIOCON.17.07 Jul||402.85||-3.16||-10.71||7927200|
|SINTEX.17.07 Jul||6.81||-4.42||27901500||37.65||KPIT.17.07 Jul||130||-3.06||-3.13||4084000|
|FORTIS.17.07 Jul||4.46||-3.75||35361900||158.25||TATAGLOBAL.17.07 Jul||171.2||-2.56||-1.31||26842500|
|NMDC.17.07 Jul||2.9||-0.23||23040000||124||JSWSTEEL.17.07 Jul||214.55||-2.48||-2.1||46326000|
|BAJFINANCE.17.07 Jul||2.68||-1.42||3606000||1586||UJJIVAN.17.07 Jul||334.6||-2.09||-0.48||7243200|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|Godrej Cons Products Ltd||957.85||-0.11||157334||922094||91.35||Nifty 50||9873.3||-0.27||87345|
|Hero MotoCorp Limited||3729.9||-1.08||374090||400082||86.2||Nifty Bank||24213.35||0.25||87285|
|HDFC Ltd.||1651||-0.23||1042156||2367126||84.15||Nifty IT||10491.15||-0.88||87285|
|Mah & Mah Ltd.||1393.45||0.8||902218||1576431||83.06||INDIA VIX||11.32||0.53||94671|
|Petronet LNG Limited||206.2||0.07||4498838||5637034||81.64||Nifty Pharma||10140.75||-0.92||87285|
|Apollo Hospitals Ltd||1233.5||-1.33||211523||180919||80.73||Nifty Realty||282.05||0.27||87285|
|AMARA RAJA BATT LTD||833.75||-0.05||199702||486247||78.99||Nifty Infrastructure||3374.65||-0.15||87285|
|ADANIPORTS||380||-0.28||4490409||3705113||76.43||Nifty PSU Bank||3508.35||-1.16||87285|
|Kotak Mahindra Bank Limi||980||-1.43||10689537||3808209||76.31||Nifty Auto||10960.7||-0.47||87285|
|Power Grid Corporation o||218.7||0.02||5756608||3639298||75.92||Nifty Metal||3196.4||-0.92||87285|
UPCOMING ECONOMIC DATA
|•RBI Monetary Policy on 02nd August, 2017.||•Fed Interest Rate Decision on 26th July, 2017.|
|•Merck is betting on India’s growing pharmaceutical space and steady state spending on healthcare to expand its business, even as the German life sciences and technology company’s seven-year-old joint venture with Dr Reddy’s Laboratories to develop bio similar drugs comes to an end
• ICICI Bank will be selling personal loans of up to Rs 15 lakh through its ATMs that can be availed of by select salaried customers even if they haven’t previously applied for one. Using data from credit information companies, the lender will pre-qualify select customers for personal loans.
•Ashok Leyland has formed a strategic alliance with SUN Mobility to develop electric mobility solutions. The companies said they are looking at creating an integrated ecosystem by deploying Ashok Leyland’s electric vehicles and supporting them with smart batteries and a network of quick interchange battery stations developed by SUN Mobility.
Source: Economics Times
|Company Name||Purpose||Date||Company Name||Purpose||Date|
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|ATLANTA||Dividend – Rs. – 0.3000||21-Jul-17||KIRLFER||Dividend – Rs. – 1.7500||21-Jul-17|
|BIRLACORPN||Dividend – Rs. – 6.5000||21-Jul-17||MONSANTO||Final Dividend – Rs. – 15.0000||21-Jul-17|
|DCMSHRIRAM||Dividend – Rs. – 0.8000||21-Jul-17||PEL||Dividend – Rs. – 21.0000||21-Jul-17|
|GATI||Dividend – Rs. – 0.8000||21-Jul-17||POLYCHEM||Dividend – Rs. – 2.5000||21-Jul-17|
|GEPIL||Dividend – Rs. – 3.0000||21-Jul-17||SHREECEM||Final Dividend – Rs. – 24.0000||21-Jul-17|
|INDPRUD||Dividend – Rs. – 25.0000||21-Jul-17||SMLT||Dividend – Rs. – 0.5000||21-Jul-17|
|JENBURPH||Dividend – Rs. – 8.1000||21-Jul-17||VGUARD||Dividend – Rs. – 0.7000||21-Jul-17|
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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
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