Nifty Closes Above 9100 For The First Time; Bull Market In Fine Shape
Market Outlook 17 Mar 2017
Nifty hits fresh lifetime highs again. It started the day at 9129.65, up 47 points from previous close. Index went through a rally and then consolidated in a narrow range but it started a nice up move in last hour to touch days and life time highs at 9158 and eventually closed near the highs.
Today the nifty and bank nifty made a lifetime high. A life time high is one more milestone in an ongoing bull market. Lifetime highs have a message, which is: this is a bull market. For investors, higher levels in the nifty are just one more step in the journey of the long-term bull market.
Investors should be philosophical about the gains. Just as new highs are welcome, they also have to understand that markets will also go through deep corrections. Gains and corrections are both part of a trend; both should be accepted without much emotion.
On the daily charts, Nifty made two consecutive NR7 in a row; narrow range in the markets suggests process of contraction may come to an end soon.
For swing traders; they should wait for a dip or consolidation to re-enter into the market. Wait for it, that opportunity will come sooner rather than later.
Intraday traders can look for a buying opportunity only…
Bank Nifty had a narrow day in the markets; prices started with a gap up of 80 points near 21237 and made a high in opening ticks just below 21300. After that prices consolidated inside narrow range and closed at 21266 with a gain of nearly 108 points.
On the daily charts, the index has made a pattern of NR7. Prices are in a narrow range from last three days; prices found resistance near 21300 and coming down. NR7 suggests that this narrow range may see a breakout soon.
From last couple of days, the index is trading narrow with the boundaries 21000-21300. Trend is up, so we may again see a move above 21300 very soon and that would be a buying opportunity for swing traders.
However, as far as prices are trading inside this narrow range, traders should look to avoid carrying positions and trade on intraday basis only on the long side on dips and consolidation patterns.
Swing traders should wait for the close above 21300 for a buying opportunity
|BEML||1332||SELL||Intermediate and short term trend is up in BEML. The stock has seen an upside rally and then started consolidating. Prices are trading range bound from last one and half month. Prices are now at the verge of breakout. Buy this stock above 1335. If this trade executes then place your stop just below 1315 and a target near 1375.|
|CESC||842||BUY||Intermediate and short term trend is up in CESC. The stock has seen an upside rally and then saw a correction. That correction seems over as prices have closes higher. Buy this stock above 845. If this trade executes then place your stop just below 830 and a target near 875.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|BEML||MAR FUT||BUY||1338||CMP||1320||1365||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|RELCAPITAL.17.03 Mar||609.25||9.05||20.15||12270000||MCDOWELL-N.17.03 Mar||2222.6||-2.55||2.96||3290750|
|PCJEWELLER.17.03 Mar||418.5||7.96||15.8||1033500||CADILAHC.17.03 Mar||443.5||-0.89||3.73||3784000|
|GMRINFRA.17.03 Mar||17.35||5.15||6.6||2.11E+08||CONCOR.17.03 Mar||1242||-0.79||6.82||1363500|
|Bharat Electronics Limit||165.2||4.92||912.78||31392000||UBL.17.03 Mar||774||-0.73||3.77||1388800|
|ADANIPORTS.17.03 Mar||325.5||4.68||12.89||12697500||ICIL.17.03 Mar||189.05||-0.63||1.15||4599000|
|Short covering||Long Unwinding|
|SAIL.17.03 Mar||5.88||-6.72||47652000||63.9||NIFTYMID50.17.03 Mar||4010||-5.62||-50||200|
|TORNTPOWER.17.03 Mar||5.87||-5.11||5343000||203.05||SRTRANSFIN.17.03 Mar||1054||-1.43||-0.54||2663400|
|JINDALSTEL.17.03 Mar||4.99||-1.31||35343000||129.35||JPASSOCIAT.17.03 Mar||14.95||-0.66||-2.29||1.51E+08|
|JSWSTEEL.17.03 Mar||4.95||-3.77||41235000||193||CEATLTD.17.03 Mar||1254.85||-0.36||-0.36||2515800|
|HINDALCO.17.03 Mar||4.15||-2.27||43704500||199.7||MRF.17.03 Mar||56411||-0.21||-0.54||52260|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|IndusInd Bank Ltd.||1376.55||2.09||1144936||1632717||86.25||Nifty 50||9153.7||0.76||84339|
|Kirloskar Cummins Ltd.||886.95||1.7||636602||753779||85.03||Nifty Bank||21249.9||0.43||84339|
|Indian Oil Corp. Ltd.||376.15||1.73||3362186||3931805||81.64||Nifty IT||10822.1||1.17||84339|
|ITC Ltd.||268.45||0.09||8685534||11145621||79.96||Nifty Pharma||10731.2||0.56||84342|
|Torrent Pharma Ltd.||1372.75||1.63||100783||127406||79.6||Nifty Realty||206.45||1.25||84342|
|GAIL (India) Limited||378.8||0.93||4272601||3588121||77.65||Nifty Infrastructure||3103.9||1.38||84342|
|Hero MotoCorp Limited||3348||-1.56||745130||630655||77.49||Nifty PSU Bank||3388.2||1.1||84342|
|Power Grid Corporation o||195.1||1.11||2903622||3360218||76.86||Nifty Auto||10056.5||0.69||84342|
|Apollo Hospitals Ltd||1226.05||1.08||327363||604911||76.65||Nifty Metal||3135.55||2.92||84345|
|BHARTI INFRATEL LIMITED||310.5||0.52||1573157||2016109||76.36||Nifty Commodities||3451.2||1.33||84348|
UPCOMING ECONOMIC DATA
|•Nikkei Manufacturing PMI on 03rd April , 2017.
•IIP Data on 12th April , 2017. (Tentative)
|•US Initial Jobless Claims on 16th March, 2017
•Existing Home Sales (Feb) on 22nd March, 2017.
|•ONGC may shift its proposed new basin to Cachar in Assam from Agartala, where initial work had already begun last year. The ONGC board is likely to take a decision on the upcoming second basin of North East in the next six months.
•Larsen & Toubro’s electrical and automation unit has bagged an order worth Rs 500 crore Qatar Rail Company (QRAIL) for Phase 1 of Doha Metro. The order will be executed by L&T Electrical & Automation FZE (LTEAFZE), the competency centre for L&T Electrical & Automation’s automation business in UAE
•Power Finance Corporation has signed a loan agreement with Maharashtra State Electricity Distribution Co (MSEDCL) for financial assistance of Rs 3,000 crore.
•Reliance Capital has announced plans to carve out retail health insurance business from its subsidiary Reliance General Insurance Company to increase its stake in India’s growing health insurance sector.
Source: Economic Times, Business Standard
|Company Name||Purpose||Meeting Date||Company Name||Purpose||Meeting Date|
|SURANAT&P||Issue of Securities||17-Mar-17||VENUSREM||Preferential issue||18-Mar-17|
|MARATHON||Buyback||17-Mar-17||INDIANB||Raising of Funds||18-Mar-17|
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|SUNCLAYLTD||Interim Dividend – Rs. – 16.5000||20-Mar-17||BOCINDIA||Dividend – Rs. – 0.7500||7-Apr-17|
|CRISIL||Dividend – Rs. – 9.0000||21-Mar-17||KSBPUMPS||Dividend – Rs. – 5.5000||12-Apr-17|
|SHILPAMED||Interim Dividend – Rs. – 0.6000||21-Mar-17||SANOFI||Final Dividend – Rs. – 50.0000||25-Apr-17|
|BEARDSELL||Interim Dividend – Rs. – 1.5000||22-Mar-17||MERCK||Dividend – Rs. – 11.0000||27-Apr-17|
|PHL||Interim Dividend – Rs. – 7.5000||22-Mar-17||ABB||Dividend – Rs. – 4.0000||28-Apr-17|
|SUNTV||Interim Dividend – Rs. – 5.0000||22-Mar-17||ITDCEM||Dividend – Rs. – 0.3000||3-May-17|
|ENGINERSIN||Interim Dividend – Rs. – 2.5000||23-Mar-17||VESUVIUS||Dividend – Rs. – 6.5000||4-May-17|
|NILE||Interim Dividend – Rs. – 3.0000||23-Mar-17||NESTLEIND||Final Dividend – Rs. – 23.0000||19-May-17|
|VERONICAPRO||Consolidation of Shares||23-Mar-17||CASTROLIND||Dividend – Rs. – 4.5000||25-May-17|
|MPHASIS||Buy Back of Shares||30-Mar-17|
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
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