Global cues:
• US markets ended lower though weakness in stocks tied to the progress of the economy kept the broader market in the red.
• Energy led the selloff, paced by a decline oil prices as the pause of reopening measures in pockets of the U.S. offset signs of a recovery in gasoline demand seen a day earlier.
• Despite the backdrop of resilience seen in the labor market, investors have cooled expectations for a V-shape economic recovery.
• Dow futures trading lower in the morning and Asian markets are in red.
• SGX Nifty is trading at 40 points down. One can expect flat or slight gapdown opening.
Indian markets:
• Nifty gave false breakdown confirmation yesterday and has again reversed its move today, forming a strong green candle and reclaimed the 10800 mark. It was up 1.01%.
• Nifty has been respecting its rising support trend line and declines are getting bought into form the higher market base.
• FIIs were net buyers of worth Rs. 212.77 Cr and DIIs were net sellers of worth Rs. 803.39 Cr.
• The above chart is 15 minute candle of Nifty from monday to thursday and is likely to consolidate in the 10,700-10,850 range before seeing any directional move.
• Technical are giving a mixed signals, so any trade should be taken only after the breakout or breakdown from these levels.
• Except FMCG, all sectoral indices close higher; metal and infra topped. Bank Nifty showed a positive trend.
• Reliance, HDFC twins mainly contributed for the upmove in the nifty.
• Modi in his India Global Week 2020 invited global investors to the country.
• With the lockdown and the economic activity coming to a standstill in the last quarter, investors will be looking forward to the earnings.
• Bajaj Finserv & Bajaj Finance regains yesterday's loss, post gains of 3-4 %.
• Tata Consultancy Services, India's biggest IT company, reported 13.81% year-on-year (YoY) fall in profit.
• Nifty futures finally started trading at a premium. since two weeks it was trading at a discount. But, finally it was up by 30 points to Nifty yesterday.
• Nifty’s expected range tomorrow can be 10670 to 10880.
• Market may face resistance at 10800 levels & 10845 levels.
• Downside support is at 10700 & 10740 levels.
• Maximum call OI of 20.8 lakh contracts was seen at 11,000 strike, which will act as crucial resistance for July.
• Maximum put OI of 18.70 lakh contracts was seen at 10,500 strike, which will act as crucial support for July.
Buzzing stocks of day :
• Can Fin Homes shares gain 4% as Company to consider fundraising on July 17. The stock closed at 367 on Thursday. Expect the stock to test 375 levels in the early hours of trade of Friday.
• TCS reported 13.81 per cent year-on-year (YoY) fall in profit at Rs 7,008 crore, missing estimate. Expect strong selling pressure in the stock on Friday with the stock testing 2,193 levels.
• YES Bank shares jump 5% as Rs 15,000 crore FPO to open on July 15, stock sees further upside as the stock saw great volumes on Thursday. Upside of 3-4% on Friday.
• DLF saw some weak structure on Thursday, the stock may bounce back to 150 levels with an Bullish Harami pattern formation at the end of the day.
• Ambuja Cement looks like it has given a breakout forming a strong bullish candle, stock can see 205-207 levels on Friday.
Results on July 10:
Karnataka Bank, IRCTC, Lakshmi Vilas Bank, Future Consumer, Steel Authority of India (SAIL) and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC)
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.
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