Global cues:
• Wall Street's main indexes jumped on Wednesday, recouping losses from the previous session triggered by President Donald Trump's abrupt call to end stimulus talks, while Levi Strauss hit a four-month high after posting a surprise quarterly profit.
• The Dow Jones Industrial Average was up 1.21%, the S&P 500 was up 1.11% and the Nasdaq Composite was up 1.17%.
• European stocks hovered near a two-week high on Wednesday as upbeat earnings reports from UK's Tesco and Germany's Dialog Semiconductor helped offset uncertainties surrounding a fresh US stimulus package.
• The pan-European STOXX 600 index was trading flat, with banks, insurers and energy companies retreating after a rally in the previous session.
Indian markets:
• On October 7, the Sensex ended up 304.38 points at 39,878.95 and the Nifty climbed 76.50 points at 11,738.90, the highest closing level since February 25
• Foreign institutional investors (FIIs) net bought shares worth Rs 1,093.81 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 1,129.49 crore in the Indian equity market on October 7, as per provisional data available on the NSE.
• Among the sectors, broader markets ended lower as compared to the benchmarks. Nifty Auto was the best-performing index of the day, up over 1% while Nifty Media closed over 2 percent lower.
• TCS, the largest IT firm, on Wednesday said its net profit fell 7.05 per cent to Rs 7,475 crore for the September quarter compared with Rs 8,042 crore in the same quarter last year. Alongside its results, TCS said its board has approved a share buyback proposal amounting up to Rs 16,000 crore.
• Wipro, is likely to consider share buyback in its upcoming board meeting on October 13. The Bengaluru-headquartered company is the second IT services company to consider a buyback after larger peer Tata Consultancy Services.
• The government said on Wednesday that it has appointed Reserve Bank of India’s (RBI).executive director Rajeshwar Rao as the deputy governor of the central bank. The position had been lying vacant for more than six months after N.S. Vishwanathan retired on March 31.
• The nifty contribution chart for today was as follows:
Trends:
• Nifty50 on Wednesday jumped for the fifth day in a row and formed a higher high and low. On the daily chart, the index formed a bullish candle.
• The index has immediate hurdle around the 11,800 zone and if it manages to hold above the 11800 zone, then it may see a quick move towards the 12,000-mark.
• A mild pullback and some price consolidation cannot be ruled out to digest recent gains, Hence for the time, traders should remain neutral on the long side.
Option strategy for tomorrow:
• Today can be tricky since it is expiry.
• If nifty breaks above 11750 level on first 15 min candle, then one can sell 11750 & 11700 Put option.
• If nifty breaks below 11750 level on first 15 min candle, then one can sell 11750 & 11800 Call option.
• Maximum call OI of 19.31 lakh contracts was seen at 12,000 strike, which will act as crucial resistance for the Month
• Maximum put OI of 25.23 lakh contracts was seen at 11,000 strike which will act as crucial support for the month
Stock picks of the day:
• HDFC - Stock closed at 1948.75 on Wednesday and closed 0.74% up and stochastics show a bullish signal. Expect the stock to test 1,963 levels with some strong buying in the early hours of market
• TCS - Stock closed at 2735.95 on Wednesday and closed 0.80% up. Quarter Margin expanded to 26.2% from 23.6% last quarter expect the stock to test 2,791 levels with some strong buying on the back of strong results
• INOX Leisure - Stock closed at 281.45 on Wednesday and closed 0.49% down. Inox has developed a lot of weak structure, expect the stock to test 277 levels on Thursday and MACD shows a negative divergence
Results on October 8
5paisa Capital, Prabhat Dairy, Titagarh Wagons, GM Breweries and Shree Ganesh Remedies will announce their quarterly earnings on October 8
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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