Markets Looking Positive And Cheerful, Nifty on Top of Trading Range
NIFTY: Nifty had a narrow range day but with a positive bias as prices opened with a minor gap down below 8400 but closed in the higher side of day’s intraday range of 50 points. On the daily charts, Prices are trading inside a narrow range with support (8300) and resistance (8450). Bank Nifty on the other hand, broke out handsomely from the trading range (18700-19100) and closed nearly 200 points higher from last closing. Bank Nifty was one of the out-performers in recent times and continued to outperform. This may also impact positively on Nifty and may lead to a breakout from its resistance. This is just a possibility and if prices crossed 8460 level then traders can look to trade the Nifty on the long side. Market is looking positive due to out performance of Bank Nifty and other indices (except IT Index). Therefore, we should avoid short selling in the indices and look for buying only.
BANK NIFTY: BANK NIFTY has seen a rally today and closed higher. The index opens with a minor gap down near 18900 but traded higher for the rest of day with a pattern of higher highs higher lows. Eventually, the index closes near the highs with a gain of almost 200 points at 19110.65. In our previous newsletter, we had discussed a trading range in the Bank Nifty with support around 18700 and resistance near 19100. We had also anticipated a breakout on the higher side due to the consideration of positive scenario. Index, in line with our view, has seen a breakout from this range and closed higher; short term trend is up, that opens up a new trade in the Bank Nifty. For tomorrow, we are suggesting a trade in the index. If prices opens below 19150 then wait for a breakout from this level on the upside and then take a long trade. If price opens above 19150 then go long at the open. In either case, traders are advised to place a stop just below 18900.
|BAJAJFINANCE||892||BUY||Intermediate trend is sideways in BAJFINANCE. The stock has seen a sharp decline and then started a process of consolidation. Prices are trading very narrow and at the verge of breakout. Buy this stock above 893. If this trade executes then place your stop just below 883 and a target near 920|
|BPCL||661||BUY||Intermediate trend is up in BPCL. The stock has seen a sharp upside move and then started trading narrow. This narrow movement suggests a big move is very near. Buy this stock above 660. If this trade executes then place your stop just below 650 and a target near 680.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|ICICI BANK||JAN FUT||BUY||269.9||CMP||267||276||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|Short Covering||Long Unwinding|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|Power Grid Corporation o||199.4||1.14||4766336||11700213||86.91||Nifty Realty||181.2||1.34||72879|
|MARICO LIMITED||257.8||-0.21||631934||1038976||79.27||Nifty PSU Bank||3099.9||1.69||72879|
|HCL Technologies Ltd.||830.55||-2.32||1214669||1574367||68.84||Nifty Pharma||10418.2||-0.26||72879|
|HDFC Bank Ltd.||1247.65||1.23||941466||641591||66.65||Nifty Metal||2980.95||0.97||72879|
|HDFC Ltd.||1256.9||0.75||1694061||1356457||63.63||Nifty Infrastructure||2880.35||0.36||72879|
|BHARTI INFRATEL LIMITED||355.55||0.49||368089||572029||63.43||Nifty Energy||10599.85||-0.53||72879|
|Bajaj Auto Limited||2721.65||0.48||116324||155787||62.89||Nifty Commodities||3219.3||0.26||72879|
|NTPC Limited||170.65||-0.2||4633778||3330690||62.13||Nifty Bank||19096.45||0.97||72879|
UPCOMING ECONOMIC DATA
|•RBI Monetary Policy on 08th Feb, 2017||•US Core CPI on 18th Jan, 2017.|
|•Hindustan Petroleum Corp will restart a 36,000 barrels per day crude unit at its Vizag refinery in 2-3 days. HPCL had shut the crude unit at 166,000 bpd southern Indian plant last Friday following a minor fire in its crude unit due to a pipeline leak.
•SPML Infra Ltd has bagged new orders worth Rs 800 crore for various projects including developing power substations
•Sukinda Chromite Mine (SCM) of Tata Steel located in Odisha’s Jajpur district has bagged 5 awards including Par Excellence award as the best mine amongst participants of the state from Indian Bureau of Mines (IBM)
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|
|APARINDS||Buy Back of Shares||19-Jan-17||SANGUI||Consolidation of Shares||19-Jan-17|
|CYBERMAT||Reduction of Capital||19-Jan-17||BANCOINDIA||Interim Dividend – Rs. – 5.0000||20-Jan-17|
|ISGEC||Interim Dividend – Rs. – 15.0000||19-Jan-17||NARBADA||Reduction of Capital||20-Jan-17|
|NHPC||Interim Dividend – Rs. – 1.7000||19-Jan-17||BAJAJCORP||Interim Dividend – Rs. – 11.5000||23-Jan-17|
|NUTRA||Bonus issue 1:10||19-Jan-17||TCS||Interim Dividend – Rs. – 6.5000||23-Jan-17|
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