Global cues:
• US markets closed in gains on Wednesday as business reopen but there is also a surge in covid cases.
• I
• Gold hit its highest levels since September 2011.
• Dow futures trading flat in the morning and Asian markets are in green.
• SGX Nifty is trading at 45 points higher.
Indian markets:
• On Wednesday markets were volatile as expected and were mostly range bound but a huge selloff was seen after 2 PM and ended 0.87% down.
• Nifty ended its 5 day gains finally and profit booking was seen.
• FII’s were net sellers of worth Rs. 994.87 Cr and DIIs are also net sellers of worth Rs. 853.41 Cr.
• There was formation of a strong bearish candle confirming reversal of trend after forming a hanging man on Monday. This looks like a strong reversal pattern.
• As per the above trend line, Nifty might take support at 10500 in comming days. If that support is broken then a big fall can be expected.
• There was a huge selling in IT & Auto. Bank Nifty has also seen some selling at the end.
• Reliance was down again today. Infosys & TCS also contributed to fall of Nifty.
• The market is showing a delayed response to the global cues and finally markets looked to have adjusted themselves to global cues.
• IT sector was expected to see fall long ago because of the USA visa issues but they have neglected the logic and went up and finally correction was seen today.
• The recovery rate for COVID-19, all over the world is increasing and the markets are taking it in a positive spirit.
• All eyes will be on Q1 FY21 earnings of Tata Consultancy Services (TCS), which is scheduled for July 9.
• Nifty’s expected range tomorrow can be between 10570 to 10830.
• Market may face resistance at 10740, 10770 levels & 10830 levels.
• Downside support is at 10650, 10620 & 10570 levels.
• Maximum call OI of 35.2 lakh contracts was seen at 10,800 strike, which will act as crucial resistance for tomorrow.
• Maximum put OI of 27.46lakh contracts was seen at 10,500 strike, which will act as crucial support tomorrow.
• One should be wary because today is weekly expiry day. Market can be choppy and volatile today.
Buzzing stocks of day :
• L&T Infotech trades higher for 5th straight day and hit an all time high of 2,070. The stock is expected to test its all-time high levels during early market hours.
• Jubilant Foodworks closed at 1,677, the stock had seen slump on Tuesday. Expect the stock to slump further and test 1,645 levels.
• IndusInd Bank advances 6% on report Route One Investment may raise stake, strong buying in the stock can see the stock move up to 590 levels.
• DLF saw some weak structure on Tuesday, the stock may bounce back to 150 levels with a morning star pattern formation at the end of the day.
• Auro Pharma is a buy for today and stock can see 815-820 levels today.
• Kotak mahindra bank is a sell below 1350 level.
Results on July 9:
Tata Consultancy Services, Arvind Fashions, Sadbhav Engineering, Arihant Capital Markets, Brady & Morris Engineering, CIL Nova Petrochemicals, HPL Electric & Power, SKIL Infrastructure, Tree House Education, Tirupati Tyres, and WH Brady & Co, Prozone Intu Properties, Radha Madhav Corporation and Swelect Energy Systems.
Source: moneycontrol
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
Analysts at work:
No comments:
Post a Comment