Global cues:
• Wall Street's main indexes rose for a fourth straight session on Monday, helped by a tech boost and on optimism that Washington would reach a deal over more fiscal support, with investors also gearing up for the third-quarter corporate earnings season.
• The Dow Jones Industrial Average was up 181.99 points, at 28,768.89, the S&P 500 was up 35.66 points, at 3,512.79, and the Nasdaq Composite was up 181.30 points, at 11,761.24.
• European shares crept higher on Monday, tracking gains in Asia that were fuelled by optimism over a rebound in China's economy, while trade-sensitive stocks rose after a report that the EU's trade chief had called on Washington to drop some tariffs.
• The pan-European STOXX 600 was up 0.3%, with insurance and auto stocks among the biggest gainers.
Indian markets:
• On October 12, the BSE Sensex was up 84.31 points at 40,593.80, while the Nifty50 gained 16.80 points to close at 11,931
• Foreign institutional investors (FIIs) net bought shares worth Rs 615.17 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,028.77 crore in the Indian equity market on October 12
• Among the sectoral indices, the Nifty IT (+1.6%), Nifty Pharma (+0.9%) and Nifty FMCG (+0.3%) indices gained, while all other indices closed in the red.
• Finance Minister Nirmala Sitharaman today announced governments plan to boost capital expenditure and stimulate consumer demand. However, the 鈧73,000 crore stimulus failed to cheer investors, as the markets closed almost flat.
• Infosys completes acquisition of US-based firm Kaleidoscope Innovation. With Kaleidoscope Innovation, Infosys will further strengthen its digital offerings
• Mazagon Dock hits lower circuit on debut after a listing pop of 49%
• UTI AMC slips about 2% after listing at a discount of nearly 12%
• Tata Power falls 3% after Mumbai sees power outage
• The nifty contribution chart for today was as follows:
Trends:
• Nifty ended higher for the eighth straight session on Monday, but formed a Doji candle on the daily chart, which suggested indecisiveness among traders at higher levels.
• The day saw the index erase gains from a swing high of 12,022, before adding up marginally
• If the bulls fail to take the index beyond the 11970-12000 resistance zone, it will trigger profit booking and drag Nifty lower to 11800-11750 levels.
• The underlying short-term trend of Nifty continues to be positive.
• Along with global cues, earnings announcements and macroeconomic data would dictate the market trend.
Option strategy for tomorrow:
• Market may Consolidate at current levels before making up-move towards 12500 levels.
• The Iron Condor strategy which we have given is still intact.
• For Naked option trade tomorrow, one can wait for price before taking any trade. Can buy Ce above 11950 and PE below 11900 with Stop-loss.
• Maximum Call open interest of 22.94 lakh contracts was seen at 12,500 strike, which will act as crucial resistance for the October month
• Maximum Put open interest of 22.99 lakh contracts was seen at 11,000 strike, which will act as crucial support for the October month.
• Along with global cues, earnings announcements and macroeconomic data would dictate the market trend.
Stock picks of the day:
• Bandhan Bank – Stock closed at 327.85 on Monday and closed 0.74% up and stochastics shows the stock in the overbought region. Expect the stock to test 323 levels with some strong selling in the early hours of market on Tuesday
• TCS – Stock closed at 2830 on Monday and closed 0.61% up. With some strong buying in IT stocks over the last week with good quarterly numbers expect the stock to test 2855 levels
• Titan – Stock closed at 1256.75 on Monday and closed 0.12% up. Inox has developed a lot of weak structure, expect the stock to test 1240 levels on Tuesday and MACD shows a negative divergence
• PVR – Stock closed at 1251.20 on Monday and closed 1.36% down forming a dark cloud cover pattern. Expect the stock to test 1236 levels on an intraday basis.
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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