Global cues:
• Fed Chairman Jerome Powell on Thursday announced a
radical shift in the inflation goal, saying the US central bank would now be
looking at inflation 'averages' of 2 per cent over time.
• The S&P 500 and the Nasdaq rose to record highs on Thursday as the
Federal Reserve sought to achieve inflation averaging 2% over time in an
attempt to lift the U.S. economy out of a deep pandemic-driven recession.
• European equity markets ended lower on Thursday with resource stocks weighing
the most, while an aggressive growth strategy from the U.S. Federal Reserve was
met with little fanfare locally.
Indian markets:
• On August 27, the BSE Sensex closed 40 points higher
at 39113.47, while the Nifty50 ended with a gain of 10 points at 11,559.25.
• FIIs were net buyers of worth Rs 1164.32
Crore and
DIIs were net seller of worth Rs. 809.27 Crore for
August 27, 2020.
• Among the sectoral
indices, BSE energy fell over a percent. Oil & gas, utilities, telecom,
FMCG also ended in the red. On the other hand, BSE realty surged 6.63 percent.
• Realty stocks
rallied in trade after Maharashtra government on Wednesday announced a cut in
stamp duty and other levies for buying and selling of properties in urban and
rural areas.
• Shares of HAL, the state-owned
aerospace and defence company, tanked over 14 per cent to Rs 1,010.95 on the
BSE, a day after the company informed that the government plans to sell as much
as 15 per cent stake in the company through a public offering of shares.
• The offer for sale (OFS) of Hindustan Aeronautics Ltd was subsrcied 1.60
times by non-retail investors on the first day of the issue.
• GMR Infrastructure Limited announced a strategic restructuring of Group
Companies, which involves a vertical split demerger of the non-airport business
of GIL into GMR Power and Urban Infra lImited (GPUIL)
• The Indian rupee ended 0.65% stronger against the dollar at 73.8100, its
highest level since March 13
• The nifty contribution chart for today was as follows:
Trends:
● Nifty50 on Thursday could not
add on to opening gains and ended the session almost flat despite opening above
11,600 levels.
● The index formed a small bearish
candle on the daily chart, but continued to form higher highs and lows for the
fifth straight session.
● The trend broadly remains
positive, but a small profit-taking move cannot be ruled out, as charts looked
overbought on the short-term scales. “Consider buy on dips” Strategy.
Option strategy for tomorrow:
• Nifty
is sell below 11550 for a target of 11500. Stoploss should be 11570.
• market
can be rangebound above that level.
• Nifty’s expected range tomorrow can
be 11480 and 11620
• Upside
resistance is at 11600 and 11650 levels.
• Downside support is at 11525 & 11490
levels.
Stock picks of the day:
•
HDFC - Stock closed at 1,864 on Thursday forming a piercing signal with strong
vols. Expect the strong to continue its bullish momentum testing 1890 levels in
the early hours of trade.
•
Mahindra & Mahindra - Stock opened gap up and closed at the price of
636.75 levels on Thursday. Stochastics show the stock in underbought levels,
expect the stock to test 645 levels on Friday
•
Bharti Airtel - Stock has faced a downward movement in the last 3
trading days, expect the stock to further slide down to 505 and continuing the
weak momentum due to the AGR dues
•
Bandhan Bank – Stock closed at 311.10 levels on Thursday testing
its 30 day MA, expect the stock to test 316 levels on an intraday basis on
Friday with MACD showing a bullish signal
Results on August 28:
Archies,
Centum Electronics, GP Petroleums, Industrial Investment Trust, Inox Wind,
khadim India, Kohinoor Foods, Magnum Ventures, SJVN, Polytex India
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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