Global cues:
•
The S&P 500 and Nasdaq rose on
Thursday, with Apple inching toward $2 trillion in market capitalization, as
data showed jobless claims fell below one million last week for the first time
since the start of the pandemic in United States.
• Trends on SGX Nifty indicate a negative opening for the index in India with a 19 point loss.
Indian markets:
•
On Wednesday, the BSE Sensex closed 59
points lower at 38,310.49, while the Nifty50 ended with loss of 8 points at
11,300.45.
•
FIIs were net buyers of worth Rs 416.28
Crore
and DIIs were net seller of
worth Rs. 763.54 Crore for August 13, 2020
•
Mixed global cues and profit bookings at
higher levels capped the upside.
•
On
the sectoral front, except bank and pharma other indices ended in the green
•
Retail
Inflation accelerates in July to 6.93% due to a sharp spike in food and
vegetables prices, which limits the room for further monetary action.
•
The Adjusted Gross Revenue case hearing
will be on 14th August, it would keep the Telecom and Banking sector
in focus.
•
The nifty contribution chart for today
was as follows:
Trends:
•
Nifty50, erased gains in late morning
deals and closed flat with a negative bias on August 13.
•
Nifty closed below its opening levels and
hence formed a bearish candle that resembled the Doji indecisive Formation -
which suggest a struggle between the bulls and the bears.
•
Follow-up buying was missing near 11,350
zones but at the same time, declines were being bought.
Option
strategy for tomorrow:
•
The short-term trend of Nifty is
rangebound with buy on dips strategy
•
It is advised to
sell options of 11400 ce and 11250 pe,
instead of buying options
•
Nifty’s expected
range tomorrow can be 11200 to 11400
•
Upside resistance
is at 11340 and 11400 levels
•
Downside support
is at 11270 & 11210 levels
•
Maximum
call OI of 23.21 lakh contracts was seen at 11,500 strike which will act as
crucial resistance for August Series
•
Maximum
put OI of 32.70 lakh contracts was seen at 11,000 strike which will act as
crucial support for August Series
Stock picks for the day
•
Hindalco closed at 183.55 on Thursday, the stock has
been treading on the resistance level of the Bollinger band. Expect a breakout
with the stock moving up to 186 levels
•
RIL has been consolidating at 2120 levels for the last
3 trading days, expect the stock to move up to 2140 levels in the early hours
of trade
•
ITC closed in red on Thursday at 201.45 levels, there
seemed to build up some weak structure, expect the stock to reach to 198 levels
in the early hours of trade on Friday
•
Jindal Steel showed some strong buying this entire
week expect the stock to continue this bullish movement and move up to 216
levels
Results on August 14
Hindalco Industries, NTPC,
Glenmark Pharmaceuticals, Berger Paints, MRF, Indian Bank, United Breweries,
Voltas, Sun TV Network, Ramco Cements.
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 fixed returns. we are not 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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