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Friday 12 June 2015

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Nifty and Bank Nify Market Predictions For Today

Nifty levels:

Nifty spot close @7965
Nifty future close @7960

Today’s view on Nifty

As yesterday we said that every rise will be a selling opportunity, below 8000 sharper fall is expected, same move happened today. Now more correction is expected, sell on every rise.

Bank Nifty levels:
Bank nifty spot close @17307
Bank nifty future close @17240

View on Bank Nifty
Short covering was expected today, selling opportunity below 17600. We may see 16900-17100 level below 17600.

MARKET COMMENTERY

Banking and power generation stocks led a steep slide in key benchmark indices. The barometer index, the S&P BSE Sensex, hit its lowest level in almost 34 weeks and the 50-unit CNX Nifty hit its lowest level in more than 33 weeks as these two key benchmark indices extended intraday losses in late trade. The Nifty provisionally settled below the psychological 8,000 mark. Earlier, the Nifty had regained the psychological 8,000 level after falling below that mark in mid-afternoon trade. The broad market depicted weakness. There were more than two losers against every gainer on BSE. The barometer index, the S&P BSE Sensex, was provisionally off 480.12 points or 1.79% at 26,360.38. The BSE Mid-Cap index was off 1.78%. The BSE Small-Cap index was off 1.55%.

STOCK BUZZ
  • Auto stocks dropped. Mahindra & Mahindra (M&M) (down 2%), Eicher Motors (down 2.2%), Ashok Leyland (down 2.37%), Maruti Suzuki India (down 1.03%), Bajaj Auto (down 1.38%) and Hero MotoCorp (down 0.74%) declined. TVS Motor Company rose 1.34%.
  • Axis Bank fell 3.24%. The Ministry of Urban Development after trading hours yesterday, 10 June 2015, announced that Axis Bank has decided to issue co-branded cards to the users of Kochi Metro for paying the fares. Axis Bank will issue co-branded cards to the users of Kochi Metro for paying the fares as well as using them for all kinds of merchandise including e-commerce, according to a statement from the Ministry of Urban Development. 
HOT PURSUIT 
  • Meanwhile, the government's indirect tax revenue collections jumped 37.3% at Rs 49993 crore in May 2015 over May 2014, according to provisional figures released by the finance ministry after trading hours yesterday, 10 June 2015. Central excise collections jumped 84.2% at Rs 21809 crore in May 2015 over May 2014. Customs collections rose 16% to Rs 15700 crore in May 2015 over May 2014. Service Tax collections rose 13.2% at Rs 12484 crore in May 2015 over May 2014.
  • The government is scheduled to unveil industrial production data for April 2015 tomorrow, 12 June 2015. Industrial output growth touched a five-month low of 2.1% in March from a revised 4.9% in February on the back of an across-the-board slowdown in production. On the same day, the government is scheduled to unveil the consumer price index (CPI) data for the month of May 2015. Consumer price index-based retail inflation eased to a four-month low of 4.87% in April from a revised 5.25% in March.
OPTION STRATEGY
  • In today’s session we have seen call writing in nifty 8100 call so we can consider this as a strong resistance.
  • BHEL 240 & 250 PUTS were so active, stock took profit booking from upper level. 
  • ZEEL 340 calls were in action today, stock showed us selling from upper level, more selling below 340. 
STOCKS TO WATCH

ICICIBANK:  
Selling opportunity below 294 stocks may show 284/278 level in coming days. Above 294 major resistances will be 300.

DISHTV:
Buy DISHTV above 98, stock may show 106/110 level in coming days. Below 98 major supports will be 94.

PFC: 
Selling seen on the card below 265, stock may show 245/235 levels in coming days. Though long term buyers can accumulate the stock from dips.

TOP PICKS OF THE DAY

BUY ONGC ABOVE….? TGT…..?STOP LOSS……?
BUY GAIL ABOVE…..?...TARGET….?..STOPLOSS…?
SELL CANBK BELOW….? STOCK MAY SHOW 295/290 LEVEL IN COMING DAYS WITH STOP LOSS…?

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