Nifty Bounce Back From Support; Trading Range 9570 – 9690 Continues
MARKET OUTLOOK – 20th June, 2017
Nifty Bounce Back From Support; Trading Range 9570 – 9690 Continues, Avoid Index Till The Confirm Breakout, Focus On Individual Stocks; Banks Are Outperforming While Pharma Under performance Persist;
NIFTY: Nifty registered a bullish day today as prices started the session with a gap up of 40 points near 9627 and intraday rally took prices to 9675 level as well. Final closing of the index was in the upper end of today’s trading range (60 points) at 9654.15 with a gain of 80 points.
On the daily charts, it does appear that 9570 level is a strong support zone for the Nifty as prices crossed down this level but came back in a trading range sharply. Now, it is moving towards resistance level of 9690. So, if prices able to cross this level decisively then traders will get a nice buying opportunity in the index.
However, as far as prices are trading inside this range, traders are advised not to take any trade as they may witness choppiness within a trading range. After today’s rally, the Nifty could go into a huddle and move sideways, again going below 9600 and of course, going higher also. Thus, wait for the sustain breakout then enter new positions.
Bank Nifty, on the other hand, breaks out generously above 23700 and made new lifetime high above 23800; this is one of the reasons that lift the market up. Traders should look for a buying opportunity on dips and consolidations. Nifty Metals were one of the outperformers in today’s trade with Banks, while Nifty Realty and Nifty Pharma drag market down.
Bank Nifty started the session with a gap up of 75 points near 23570. After trading steadily, prices staged a smart rally in the later half that helped bank Nifty making a lifetime high above 23800. Eventually, index closed near 23700 (due to profit bookings in the last half an hour) with a gain of more than 200 points.
On the daily charts, index was in a trading range 23100-23700 but prices broke this range on the upside. However, traders should remain patient as we need a follow through to confirm the breakout.
That is because, index failed to capitalize the gains when it previously broke out above 23700. Therefore, traders should wait for another close above 23700 for the breakout confirmation.
Additionally, Nifty is still trading in a range that also affects the overall market trend. Hence, positional traders should avoid taking positions in the Bank Nifty till we see a sustain move. Though, intraday traders can look to trade in the index only on the long side on dips and consolidation patterns. Avoid taking short position.
|HEROMOTO||3830||BUY||Intermediate and Short Term Trend is up in HEROMOTOCO. The stock has seen an upside rally and then a minor correction in a shape of bullish flag. Prices have seen a breakout and closed higher. We may see an upside rally here. Buy this stock above 3835. If this trade executes then place a stop just below 3790 and a target at 3930.|
|M&MFIN||350||BUY||Intermediate and Short Term Trend is sideways in M&MFIN. The stock has seen an upside rally and then a deep and sharp correction. Prices are now finding support near 345. We may see an upside rally here. Buy this stock above 352. If this trade executes then place a stop just below 347 and a target at 362.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|TATAELXSI||JUNE FUT||BUY||1623||CMP||1505||1650-1675||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|BALKRISIND.17.06 Jun||1619||4.79||0.1||400000||WOCKPHARMA.17.06 Jun||587||-7.45||26.09||4314600|
|TATAELXSI.17.06 Jun||1623.5||4.65||25.86||1440800||IDBI.17.06 Jun||57.25||-3.21||6.02||41112000|
|VGUARD.17.06 Jun||189||4.07||7.55||3591000||MUTHOOTFIN.17.06 Jun||461.4||-2.69||0.74||1633500|
|MOTHERSUMI.17.06 Jun||492.25||3.39||4.66||7862500||DISHTV.17.06 Jun||77.75||-2.69||10.5||28434000|
|TATASTEEL.17.06 Jun||520.75||3.32||4.34||31392000||HDIL.17.06 Jun||90||-2.33||29.97||31640000|
|Short covering||Long Unwinding|
|HINDZINC.17.06 Jun||2.26||-0.03||20489600||247||VOLTAS.17.06 Jun||474.7||-3.19||-0.03||6188000|
|CGPOWER.17.06 Jun||1.98||-1.24||19080000||85.1||KSCL.17.06 Jun||640||-3.18||-1.21||3315000|
|ALBK.17.06 Jun||1.57||-6.77||24110000||71.05||JPASSOCIAT.17.06 Jun||14.6||-2.34||-2.04||1.8E+08|
|LT.17.06 Jun||1.56||-0.4||6838500||1761.75||BIOCON.17.06 Jun||331.05||-2.1||-0.83||11667600|
|CUMMINSIND.17.06 Jun||1.32||-0.51||579600||934.5||CAPF.17.06 Jun||711.55||-1.31||-0.09||3564800|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|Oracle Fin Serv Soft Ltd||3660.9||-1.13||9980||118687||88.18||Nifty 50||9657.55||0.72||82797|
|Kirloskar Cummins Ltd.||932.2||1.3||263812||323239||83.82||Nifty Bank||23742.15||1.02||82797|
|Kotak Mahindra Bank Limi||987.55||0.5||917933||3516924||83.79||Nifty IT||10197.9||0.08||82797|
|Bharti Airtel Limited||367.5||0.73||1701672||3690747||82.53||INDIA VIX||10.63||-2.68||82797|
|IndusInd Bank Ltd.||1511.35||0.83||692751||1099235||79.94||Nifty Pharma||9489.2||-0.38||82797|
|Mah & Mah Ltd.||1388.25||0.07||1112550||1308289||79.27||Nifty Realty||270.1||-0.31||82797|
|ICICI BANK LTD.||320.6||1.3||9745281||16608502||78.65||Nifty Infrastructure||3239.65||0.99||82797|
|Bajaj Auto Limited||2827.75||0.64||500836||164274||78.41||Nifty PSU Bank||3486.75||0.67||82797|
|Infosys Limited||929.85||-1.11||3427930||4241070||77.47||Nifty Auto||10893.3||0.22||82797|
|HCL Technologies Ltd.||842.5||0.42||845428||1470047||76.87||Nifty Metal||2982.4||1.75||82797|
UPCOMING ECONOMIC DATA
|•Nikkei Manufacturing PMI on 03rd July, 2017.
•Nikkei Service PMI on 05th July, 2017.
|•US Existing Home Sales (May) on 21st June, 2017.|
|•Tata Elxsi announced its association with Airtel as technology partner for system integration for Airtel’s Internet TV. Tata Elxsi developed and integrated key software components to ensure that the Android TV application suite provides a seamless user experience whether the viewer accesses online or offline content. This includes the OTA (Over the Air) upgrade module, a smart UI, customized Android TV launcher and software optimizations to future-proof the service.
•The Vedanta group and Jharkhand Mineral Development Corporation (JSMDC) would jointly set up the plant, Rs 700 crore of the total MoU signed with prospective investors have already been implemented on the ground and project proposals worth Rs 15 to 16,000 crore will be effective in July.
• RPP Infra Projects has bagged an order worth Rs 51.2 cr from Tamil Nadu Civil Supplies Corporation (TNCSC).
Source: Economics Times
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|ICICIBANK||Bonus issue 1:10||20-Jun-17||MUNJALAU||Final Dividend – Rs. – 2.0000||22-Jun-17|
|ICICIBANK||Dividend – Rs. – 2.5000||20-Jun-17||PTL||Dividend – Rs. – 1.2500||22-Jun-17|
|GHCL||Final Dividend – Rs. – 3.5000||21-Jun-17||SHRIRAMCIT||Final Dividend – Rs. – 10.0000||22-Jun-17|
|HAVELLS||Final Dividend – Rs. – 3.5000||21-Jun-17||SMSPHARMA||Spin Off||22-Jun-17|
|PCJEWELLER||Dividend – Rs. – 1.0000||21-Jun-17||TVSELECT||Dividend – Rs. – 0.5000||22-Jun-17|
|SRTRANSFIN||Final Dividend – Rs. – 6.0000||21-Jun-17||UPL||Dividend – Rs. – 7.0000||22-Jun-17|
|SUPREMEIND||Final Dividend – Rs. – 7.0000||21-Jun-17||VOITHPAPR||Dividend – Rs. – 4.0000||22-Jun-17|
|SUPREMEIND||Special Dividend – Rs. – 5.0000||21-Jun-17||WELSPUNGUJR||Dividend – Rs. – 0.5000||22-Jun-17|
|UNIMOVR||Reduction of Capital||21-Jun-17||WELSPUNIND||Final Dividend – Rs. – 0.6500||22-Jun-17|
|VIRAT||Final Dividend – Rs. – 2.5000||21-Jun-17||STEELCAS||Dividend – Rs. – 0.6000||23-Jun-17|
|ARCOTECH||Stock Split From Rs.10/- to Rs.2/-||22-Jun-17||APOLLOTYRE||Dividend – Rs. – 3.0000||27-Jun-17|
|BANKBARODA||Dividend – Rs. – 1.2000||22-Jun-17||FCH||Final Dividend – Rs. – 2.6000||27-Jun-17|
|GOACARBON||Final Dividend – Rs. – 3.0000||22-Jun-17||ELNET||Dividend – Rs. – 1.4000||28-Jun-17|
|GODREJCP||Bonus issue 1:1||22-Jun-17||INDIANHUME||Final Dividend – Rs. – 2.4000||28-Jun-17|
|HINDUNILVR||Final Dividend – Rs. – 10.0000||22-Jun-17||CENTUM||Final Dividend – Rs. – 3.0000||29-Jun-17|
|KITEX||Bonus issue 2:5||22-Jun-17||EASTRED||Final Dividend – Rs. – 0.5000||29-Jun-17|
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