Good Morning folks,
Yesterday market was rangebound for whole day which was expected since it was expiry and moved upside during the final hour. we hope strategy given by us for you in options gave good returns Apart from ITC, all intraday calls worked.
Global cues:
• U.S. stocks opened lower on Thursday as concerns about another round of coronavirus-driven shutdowns across the U.S. offset data showing a higher-than-expected rise in domestic retail sales in June.
• U.S. govt to stop paying an additional $600 per week to jobless self-employed people, gig workers and contractors who do not qualify for regular state unemployment benefits. Millions are set to lose their unemployment checks on July 31.
• European shares eased from one-month highs on Thursday as a batch of weak earnings and mixed economic data from China dented sentiment.
• Asian markets are in green and dow futures is trading positive.
• SGX Nifty is up by 40 points, So can expect gapup opening in today's market.
Indian markets:
• Our game plan given yesterday worked and when markets opened gapup and remained range-bound on Thursday but showed upward trend and gained nearly 1% at close.
• The surge in technology stocks, after better-than-expected earnings from Infosys, banks and auto stocks lifted the market mood.
• FIIs were net sellers of worth Rs. 1091.08 Cr and DIIs were net buyers of worth Rs. 1659.91 Cr.
• Nifty formed a hammer candle meaning every dip during the session got bought into. A small bullish candle carrying a long lower shadow indicated buying support at lower levels.
• IT, pharma and auto were top gainers, others were also in green. BankNifty was up by 1.2%.
• Infosys settled 10% higher and reached its 52-week high after Q1FY21 profit rises 12%.
• L&T Infotech rallied over 6% Q1FY21 earnings beat estimates.
• YES Bank’s Rs 15,000 crore FPO subscribed 48% on day 2 of the bidding process.
Game Plan for Today (options) :
• There is no clear picture at current point as which side market will move, with the formation of hammer candle.
• Both Nifty & Banknifty can be rangebound today since new positions will be created for next week today. Same pattern has been observed last couple of Friday's.
• If there is gap-up of 20-30 points or flat opening in Nifty, wait for the Trend. If there is a gap-up of more than 60-80 points or market is at 10800-10820 levels. It's a good selling opportunity.
• Similarly in Bank Nifty 21800- 21900 can be a good selling opportunity.
• Nifty’s expected range tomorrow can be 10640 to 10850.
• Downside support is at 10660 & 10700 levels.
• Upside resistance is at 10760 & 10820 levels.
• Maximum call OI of 46.71 lakh and 36.66 lakh contracts was seen at 10,800 and 10,750 strike respectively, which will act as crucial resistance for tomorrow.
• Maximum put OI of 37.11 lakh and 27.17 lakh contracts was seen at 10,600 and 10,700 strike respectively, which will act as crucial support tomorrow.
• In a perfectly orchestrated session, which saw the expiry of weekly options as per the pattern mentioned yesterday, the domestic equity market witnessed strong short covering again at lower levels.
Stock picks of the day:
• Divi’s lab can be sold below 2207 level and stock can see 2195-2190 levels today.
• Infosys is a sell at current levels. The stock is exhibiting similar move to that of Glenmark. Can expect some correction in stock tomorrow.
• Bharath Forge has given a good breakout today and has previously tested the current resistance level. Can be bought above 382 for aa target of 390-392.
• Lupin is a buy at current level. It has consolidated at current levels for over a week now and has shown bullishnes by forming a strong bullish candle yesterday. Can expect the stock to go to Tuesday. Expect the stock to test 210 levels with support being at 193.
Results on July 17
Britannia, Coffee Day, Archies, HCL Tech, Granules India, ICICI Lombard, Hathway Cable, Jayshree Tea, Ashoka Refinery
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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