Experts feel 10,850, the day's low, which acted as a major support for the second day in a row, could be a crucial level to watch out for in the coming sessions, and if the pullback sustains further then 11,100 could be the next hurdle.
Indian markets witnessed its second-worst week of 2019. Benchmark indices fell by over 2 percent each for the week ended August 2.
We saw some recovery after media reports suggested that the Prime Minister's Office (PMO) and the finance ministry are in talks over the foreign portfolio investments (FPI) surcharge issue.
The government is likely to put on hold a plan to raise the minimum public shareholding in listed companies to 35 percent from 25 percent, a source privy to the matter told Reuters.
The news flared a short-covering rally on Friday which helped Nifty closed above 10950 but failed to close above 11,000 levels. But, analysts feel there could be some more short covering in the week.
However, on the global front, concerns over US and China trade talks is likely to weigh on markets across the globe. S&P 500, Nasdaq close out the worst week since December on trade worries
The rupee dived 54 paise on Friday to close at an over six-week low of 69.60 against the US dollar as soaring crude oil prices and a fresh flare-up in US-China trade tensions weighed on emerging market currencies.
On the institutional front, FPIs were net sellers in Indian markets for Rs 2,888 cr while DIIs were net buyers to the tune of Rs 2,812 cr, provisional data showed.
Big News:
As many as 100 companies will report their results for the quarter ended June later today which include names like Dilip Buildcon, HOEC, Indian Bank, KEI Industries, Jindal Steel, Torrent Power, Venky's, and Usha Martin etc. among others.
Technical View:
Nifty forms bearish candle on the weekly charts
The index closed lower for the fourth consecutive week. The index lost 2.5 percent for the week.
Experts feel 10,850, the day's low, which acted as a major support for the second day in a row, could be a crucial level to watch out for in the coming sessions, and if the pullback sustains further then 11,100 could be the next hurdle.
Three levels: 10848, 11080, 11150
Max Call OI: 11500, 11700
Max Put OI: 11000, 11200
Stocks in news:
Oriental Bank of Commerce on August 3 said the RBI has imposed a fine of Rs 1.5 crore, and Rs 50 lakh on PNB on it for the delay in reporting fraud in the Kingfisher Airlines account.
Footwear major Bata India on August 2 reported a 22.52 percent increase in consolidated profit at Rs 100.97 crore for the first quarter ended June, 2019.
Technical Recommendations:
We spoke to Axis Securities and here’s what they have to recommend:
Infosys: Buy| LTP: Rs 775| Target: Rs 795-810| Stop Loss: Rs 750| Upside 4-6%
Pidilite Industries: Buy| LTP: Rs 1265| Target: Rs 1305-1330| Upside 4-6%
Avenue Supermart: Buy| LTP: Rs 1512| Target: Rs 1540-1565| Stop Loss: Rs 1440| Upside 4-6%
MORE WILL UPDATE SOO0N!!
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