Global cues:
• U.S. stock markets opened at all-time highs on Wednesday, after hopes for more monetary stimulus from the Fed, and shrugging off disappointing labor market numbers.
• The ADP employment report showed private payrolls grew by 428,000 workers in August, missing the 950,000 that masses were expecting. The numbers are the latest sign that the recovery is flattening out after an initial sharp rebound from the lows of the second quarter.
• Both Apple and Tesla were down, taking a breather from the indiscriminate buying that followed their stock splits at the end of last week. Tesla was down 7%, while Apple was down 2.5%.
Indian markets:
• Nifty saw a sharp recovery in the 2nd half and closed 100 points from lows.
• FIIs were net buyers of worth Rs 990.57 Crore and DIIs were net sellers of worth Rs. 657.48 Crore.
• Except PSU bank, all sectoral indices close higher; media & metal top gainers.
• Metal stocks continue gaining momentum on hope of demand improvement.
• Strong gain in sales MoM lead autos higher; M&M up 6%, Tata Motors over 4%.
• Announcement of Zee Plex launch, leads a gain of more than 8% for Zee Entertainment.
• Bharti Infratel closes 4% higher after brokerages sound positive on the stock.
• Vodafone Idea regains yesterday's losses, ends with a gain of 13%.
• Jubilant Foodworks closes at record high after reporting in-line Q1 earnings.
• Market Breadth favours advances; advance-decline ratio at 2:1.
• Volatility index INDIA VIX declined 3.19% to 21.10.
• The nifty contribution chart for today was as follows:
Trends:
• Nifty remained range-bound for the most part of the day, saved its best for the last hour of trade and closed above the psychologically important 11,500 level, backed by positive global cues.
• The index formed a bullish candlestick on daily charts as closing was higher than opening levels.
• Volatility index INDIA VIX declined 3.19% to 21.10.
• IRCTC- The stock has been trading in the range of 1330-1440 for the past 2 months. The enjoy monopoly in the Railway Catering Business.A breakout can be expected on higher side as The Central government is planning to sell part of its shares in the Indian Railway Catering and Tourism Corp (IRCTC) through an offer for sale (OFS).
• Bandhan Bank - This stock went from 200 to 400 in a period of 40 days in the month of June.After facing resistance at the high of 400, the stock quickly rebounded to 300 to take support at it's major support of 285.The stock rebounded from there and rose 3.76% today to end at 317.Long term view for the stock is bullish.
Option strategy for tomorrow:
• On Thursday since it is expiry, we can expect volatile market.
• Nifty can violent swing tomorrow.
• It is better not to trade in naked option because of the volatility nature of market.
• But however if one is willing to take risk can buy call if Nifty opens flat for a target of 11600 with stoploss of 30 points.
• Nifty’s expected range tomorrow can be 11400 and 11650.
• Maximum call OI of 27.37 lakh contracts was seen at 11,700 strike which will act as crucial resistance for the coming days
• Maximum put OI of 25.01 lakh contracts was seen at 11,500 strike which will act as crucial support for the coming days
• The market is gradually gaining some momentum on the upside. The underlying near term trend status remains weak and there is a chance of profit booking emerging at the higher levels.
Results on September 3
Page Industries, Panacea Biotech, NDA Securities, MSTC
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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