Global cues:
• The S&P 500 and Dow gave up early gains in volatile trading on Thursday as heavyweights Apple and Microsoft slipped, with investors remaining cautious about a choppy economic rebound from the pandemic-led recession.
• The S&P 500 was down 7.68 points at 3,391.28 and the Nasdaq Composite was up 9.59 points at 11,151.16.
• European shares lost ground on Thursday, with banks leading declines, as investors awaited signs of more stimulus from the European Central Bank.
• The pan-European STOXX 600 index dropped 0.2% moments after opening higher.
Indian markets:
• On September 10, The BSE Sensex surged 646.40 points or 1.69 percent to close at 38,840.32, while the Nifty50 jumped 171.30 points or 1.52 percent to 11,449.30.
• FIIs were net buyers of worth Rs 838.37 crore, and DIIs were net seller of worth Rs 317.3 crore, for September 10, 2020.
• The PSU Bank index was the top sectoral gainer, ending 2.5% higher and snapping an eight-day losing streak, which was the longest since December 2015. The Metal index was the top sectoral laggard, ending with losses of over 1%, led by declines in Hindalco and Tata Steel.
• Among stock-specific action, RIL rallied as much as 8.5 per cent to log a new high of Rs 2,343.90, and also crossed the $200 billion market–capitalization mark, on hopes that the company will be able to rope in more marquee and strategic investors after the recent stake sale in Reliance Retail to Silver Lake Partners.
• Shares of Indiabulls Housing Finance dropped 3.28 per cent to Rs 194.55, as the company went to market to raise about Rs 2,200 crore through a share sale and divestment of ownership held in the UK’s OakNorth Bank.
• Shares of SBI rose 1.67 per cent to Rs 198.15 after the country’s largest lender raised Rs 4,000 crore in additional tier-1 bonds at a coupon of 7.74 per cent.
• The Rs 600 crore IPO by Route Mobile received 4.15 times bids so far on Day 2 of the bidding process on Thursday. The IPO, which is being sold at Rs 345-Rs 350 per share.
• Online restaurant guide and food ordering platform Zomato plans to go for an initial public offering (IPO) in the first half of 2021, its founder and CEO Deepinder Goyal told employees on Thursday.
• The nifty contribution chart for today was as follows:
Trends:
• Nifty50 on Thursday took out its immediate resistance at 11,300 level at the very start, paving the way for a strong rally towards the 11,450 level.
• The market turned strong after five days of consolidation and correction and formed a bullish candle on the daily charts.
• Going ahead, the performance of global markets combined with development on India-China LAC issue, participants will now be closely eyeing the upcoming macroeconomic data viz. IIP and CPI data for cues on economic recovery.
• M&M: In spite of the auto sector not doing so good during COVID, this stock has gone from 270 to 645 since the lockdown was enforced in the country. Currently trading at 615, this stock has been range bound between 600-650 since Aug. 650 is a major resistance, if crossed, will take the stock to 730-750 levels.
• Bajaj Finance: This stock has been one of the multi-baggers in the last 2-3 years. This stock went from a high of 4900 to 1800 due to COVID-19. Since June, it's been on a steady rise and currently trades at 3500. Currently 3500 level is acting as a short-term support and the stock could fall further before resuming its uptrend to 4000 levels. A bit expensive but a good stock to have for the long term.
Option strategy for tomorrow:
• The Bank Nifty snapped a five-day losing streak on September 10, rising 199.20 points to 22,466.20.
• Nifty’s currently has positive momentum.
• If Nifty opens flat/gap-down, then one can buy call option for a target of 11500.
• If Nifty sustains above 11500 then it can go till 11550.
• If it opens with huge gapup wait for price action before buying or shorting the nifty.
• Nifty’s expected range tomorrow can be 11380 and 11600.
• Maximum call OI of 19.17 lakh contracts were seen at 11,500 strike which will act as crucial resistance for tomorrow.
Results on September 11
IRCTC, BHEL, Adani Green Energy, Arvind SmartSpaces, BF Utilities, BGR Energy Systems, Eros International Media, Future Supply Chain Solutions, ITDC, Jindal Stainless (Hisar), Lloyds Steels Industries, Parsvnath Developers, Premier Explosives, Rail Vikas Nigam, Sharon Bio-Medicine, Sintex Plastics Technology are among 104 companies to announce quarterly earnings.
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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