Trading Range Persists In Nifty; Support At 8860 And Resistance At 8980
MARKET OUTLOOK – 02 Mar, 2017
Trading Range Persists In Nifty; Support At 8860 And Resistance At 8980; Break Beyond The Range Should Give A New Trade; Avoid Trading Inside This Range, Metal Stocks Continue To Outperform; Look For A Buying Opportunity.
Nifty closed on a 6-month high, suggesting that a brief correction may be getting over. If this is so, then we could well see the Nifty move on to life time highs this month. But, there is always the possibility of the Markets failing to gather momentum after initial rally. However, if the markets remain stable in the week or two, we could have strong chance of the rally continuing all the way to 9100 and maybe beyond.
However, few days back, Nifty found resistance near 9000 levels and came down. Prices then bounced back from support (8850) and again coming back to its resistance zone.
The important message will come if and when the Nifty manages to close above the resistance 8980 or below support at 8860. Inside this range, we have to trade day by day, keeping the daily context in mind..
Bank Nifty traded narrow on second consecutive day but with a bullish bias today. Prices started the session with a gap up of 90 points near 20700 and went through a rally initially. Index made a high of 20833 but then traded sideways and closed below 20800 with a gain of nearly 180 points.
The index is basically trading inside (20450-21050) from last eight trading days. A breakout is looking imminent but direction is still unknown. Therefore, traders should prepare to take trade in the direction of the breakout.
Look to buy if Bank Nifty breaks above 21100; OR;
Look to sell if a price breaks below 20400.
Take one trade only whichever executes first and stops in either case would come at 20750.
|HINDUNILVR||876||BUY||Intermediate trend is up in HINDUNILVR. The stock has been consolidating inside a range. Prices have seen a breakout and closes higher. We may see an upside rally here. Buy this stock above 878. If this trade executes then place your stop just below 870 and a target near 895.|
|IGL||1051||BUY||Intermediate and short term trend is up in IGL. The stock has seen an upside rally and then started trading range bound. Prices are now at the verge of breakout from this range. Buy this stock above 1053. If this trade executes then place your stop just below 1041 and a target near 1080.|
|Stock Name||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|INFY||MAR FUT||BUY||INFY||CMP||504||518-523||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|IBREALEST.17.03 Mar||84.8||4.56||9.03||39490000||BHARATFIN.17.03 Mar||824.3||-2.87||9.36||11468000|
|TATAGLOBAL.17.03 Mar||145||4.39||2.62||30487500||BAJFINANCE.17.03 Mar||1078.45||-2.86||11.33||4479000|
|SAIL.17.03 Mar||63.95||4.07||0.55||48156000||IDEA.17.03 Mar||113.1||-2.58||0.12||90174000|
|TATASTEEL.17.03 Mar||503.4||3.68||9.26||21576000||EICHERMOT.17.03 Mar||23790||-1.81||14.28||198850|
|IRB.17.03 Mar||240.7||3.19||5.34||11092500||NTPC.17.03 Mar||161.15||-1.65||21.12||27364000|
|Short covering||Long Unwinding|
|HINDZINC.17.03 Mar||2.28||-2.43||7465600||313.7||DCBBANK.17.03 Mar||154.25||-1.69||-1.6||4423500|
|JINDALSTEL.17.03 Mar||1.23||-5.43||46719000||127.4||GMRINFRA.17.03 Mar||15.8||-1.56||-0.1||1.87E+08|
|JUSTDIAL.17.03 Mar||1.13||-0.96||2599200||534.95||BEML.17.03 Mar||1338||-0.73||-1.13||2052600|
|PAGEIND.17.03 Mar||0.72||-2.6||29950||14502||ADANIENT.17.03 Mar||98.4||-0.51||-0.37||21640000|
|NIFTYIT.17.03 Mar||0.61||-1.14||38950||10786||MINDTREE.17.03 Mar||473.5||-0.5||-1.38||3009600|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Vol||Delivery||Del %||% Change|
|NTPC Limited||159.95||-1.84||9818253||12450635||88.67||Nifty 50||8945.8||0.75||89040|
|Indian Oil Corp. Ltd.||381.7||-0.87||4726693||4730051||80.65||Nifty Bank||20783.75||0.86||89187|
|BHARTI INFRATEL LIMITED||288.95||1.65||5145017||9881048||79.22||Nifty IT||10748.05||0.63||89187|
|ITC Ltd.||268.5||2.4||14578413||6518388||79.1||INDIA VIX||13.57||-1.56||89040|
|Dr. Reddys Lab Ltd||2923.3||2.57||898063||428439||78.95||Nifty Energy||11277.35||-0.73||89187|
|Hindustan Unilever Ltd||875.5||1.11||1199589||1085100||76.99||Nifty Pharma||10700.8||1.09||89187|
|UltraTech Cement Limited||3731.1||-1.15||281751||270444||74.36||Nifty Realty||204.85||3.88||89187|
|HCL Technologies Ltd.||849.1||1.07||1096847||848251||74.21||Nifty Infrastructure||2994.75||-0.1||89187|
|SHRIRAM TRANS FIN CO. LT||925.65||-0.38||691605||395469||73.43||Nifty Auto||9670.6||0.17||89187|
|HDFC Ltd.||1400.55||2.23||2163448||1701769||73.41||Nifty Metal||3184.6||1.83||89187|
UPCOMING ECONOMIC DATA
|•IIP Data (YoY) on 10th March, 2017.
•WPI Data on (Feb) YoY on 14th March , 2017.
|•US Service PMI (Feb) on 3rd March, 2017.
•ISM Non Manufacturing PMI (Feb) on 3rd Feb, 2017.
|•Ashok Leyland has reported a 4.93 per cent increase in total sales at 14,067 units in February.
•Infrastructure company Gayatri Projects has bagged Rs 1,363 crore irrigation contract from Karnataka Neeravari Nigama Ltd.
•Royal Enfield, the two-wheeler division of Eicher Motors has reported a 18.88 per cent jump in total sales at 58,439 units in February.
•Jindal Stainless (Hisar) Limited, has signed a licensing agreement with Defence Research & Development Organisation (DRDO), an arm of the defence ministry for transfer of technology for manufacturing High Nitrogen Steel (HNS) for Armour applications.
•Reliance Jio, has tied-up with TeamF1 Networks, a subsidiary of D-Link (India) Limited, to launch fixed-line digital services with the help of a home gateway solution
Source: Economic Times, Business Standard
|Company Name||Purpose||Meeting Date||Company Name||Purpose||Meeting Date|
|SUPREMEINF||Issue of Securities||2-Mar-17||TVSMOTOR||Dividend||6-Mar-17|
|RUCHIRA||Preferential issue||3-Mar-17||BLS||Stock Split/Others||6-Mar-17|
|MOTOGENFIN||Others||3-Mar-17||BRFL||Board meeting Rescheduled||6-Mar-17|
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|HEXAWARE||Interim Dividend – Rs. – 1.0000||2-Mar-17||TEJNAKSH||Bonus issue 1:1||8-Mar-17|
|MODISNME||Interim Dividend – Rs. – 1.0000||2-Mar-17||GAIL||Bonus issue 1:3||9-Mar-17|
|ROHLTD||Interim Dividend – Rs. – 1.0000||2-Mar-17||SOTL||Interim Dividend – Rs. – 13.5000||9-Mar-17|
|SYMPHONY||Interim Dividend – Rs. – 1.0000||2-Mar-17||VIAANINDUS||Stock Split From Rs.10/- to Rs.1/-||9-Mar-17|
|TECHNO||Buy Back of Shares||2-Mar-17||BHAGYNAGAR||Reduction of Capital||10-Mar-17|
|EIDPARRY||Interim Dividend – Rs. – 4.0000||3-Mar-17||BHAGYNAGAR||Spin Off||10-Mar-17|
|NAUKRI||Interim Dividend – Rs. – 1.5000||3-Mar-17||DICIND||Dividend – Rs. – 4.0000||14-Mar-17|
|ASHFL||Bonus issue 1:1||7-Mar-17||ACC||Dividend – Rs. – 6.0000||16-Mar-17|
|CASTROLIND||Special Dividend – Rs. – 2.0000||7-Mar-17||AMBUJACEM||Final Dividend – Rs. – 1.2000||16-Mar-17|
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