Nifty levels:
Nifty spot close @8603
Nifty future close @8626
Today’s view on Nifty
Now we may see little profit booking from upper level, any ways we have witnessed good and strong recovery from lower level, midcap is outperforming the index, buying opportunity on dips more bullish move ahead.
Bank Nifty levels:
Bank nifty spot close @19032
Bank nifty future close @19159
View on Banknifty
Fresh buying seen in intraday trade, be cautious, we may see little profit booking, so make fresh buy only on dips. So keep buy we may see 19300-19400 level.
MARKET COMMENTERY
Key benchmark indices registered small losses in the first trading session of the week today, 20 July 2015. Key indices pared intraday losses towards the last one hour or so of the trading session. Key indices once again extended losses towards the close of the trading session. The barometer index, the S&P BSE Sensex was provisionally off 54.89 points or 0.19% to 28,408.42. The 50-unit CNX Nifty was provisionally off 6.40 points or 0.07% at 8,603.45. The decline in the Nifty in percentage terms was lower than the Sensex's decline on provisional basis as cement stocks viz. UltraTech Cement, Ambuja Cements and Grasim Industries which are part of Nifty but are not in Sensex edged higher. The market breadth indicating the overall health of the market was positive.
STOCK BUZZ
Cement stocks edged higher. UltraTech Cement shrugged off weak Q1 earnings. ACC dropped after the company reported weak Q2 numbers after market hours on Friday, 17 July 2015. Punjab National Bank (PNB) dropped on reports that a foreign brokerage has reiterated its 'underweight' stance on the stock.
Punjab National Bank (PNB) dropped on reports that a foreign brokerage has reiterated its 'underweight' stance on the stock. The stock was off 2.94% at Rs 140.55. The brokerage reportedly said that elevated credit costs of PNB will likely keep re-rating at bay and reverting back to historical high profitability would be very difficult. The brokerage further added that given the weakness in PNB's balance sheet, one should expect further cuts.
HOT PURSUIT
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 19 July 2015, that the Southwest Monsoon was vigorous over Nagaland, Manipur, Mizoram & Tripura and West Madhya Pradesh and active over Haryana, Chandigarh & Delhi, South Interior Karnataka and Kerala during 24 hours ending until 8:30 IST.
Meanwhile, the Ministry of Water Resources announced in its weekly report issued after trading hours on Friday, 17 July 2015, that the water storage available in 91 important reservoirs of the country was 51.22 BCM as on 16 July 2015, which is 33% of total storage capacity of these reservoirs. This storage is 133% of the storage of corresponding period of last year and 112% of storage of average of last ten years. The present storage position during current year is better than the storage position of last year and is also better than the storage of average of last ten years.
OPTION STRATEGY
In today’s session we have seen call buying in nifty 8400 call so we can consider this as a strong support.
AMBUJA 250 & 260 CALLS were so active, stock is really in bullish move more rally is expected up to 260.
ACC 1450 PUTS were in action today, stock showed us short position from upper level, more selling below 1460.
STOCKS TO WATCH
CROMPTON GREVES:
Buy CROMPTON GREVE above 186 stocks may show 210/220 in coming days, Below 186 major support will be 175.
ITC:
Buy ITC as remain above 314 we may see some good move. Buy only above 314.
TVSMOTORS:
Buy TVSMOTORS as remain above 260 stock may show 270/280 level in coming days, below 260 major support 252.
TOP PICKS OF THE DAY
1. BUY RELIANCS ABOVE….? TGT…..?STOP LOSS……?
2. BUY ICICI BANK ABOVE…..?...TARGET….?..STOPLOSS…?
3. SELL VOLTAS BELOW….? STOCK MAY SHOW 290/280 LEVEL IN COMING DAYS WITH STOP LOSS…?
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