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1 month after Budget: Investors lose Rs 13 lakh cr; over 50% of BSE stocks lose 10-60%

More than 50 percent of the BSE500 stocks fell in double digits. As many as 283 stocks or 56 percent of the names fell 10-60 percent since July 5.

It has been a month that the Modi 2.0 government presented its first Budget and a review reveals that it has failed to enthuse the markets.

Benchmark indices have breached crucial support levels on the downside, largely led by global and local factors.

The average market capitalisation of the BSE-listed companies fell from Rs 151.35 lakh crore on the Budget Day, July 5, to Rs 138.37 lakh crore on August 5, wiping out Rs 12.98 lakh crore.

A large part of the selling can be attributed to foreign institutional investors (FIIs), which have pulled out more than Rs 13,000 crore from Indian equity markets, while they were net buyers in the debt segment for over Rs 8,000 crore, Securities and Exchange Board of India (SEBI) data shows.

The Budget proposed a higher tax surcharge on “individuals and trusts” earning more than Rs 2 crore and Rs 5 crore annually. Once implemented, the move could adversely impact foreign portfolio investments (FPIs) that are set up as non-corporate vehicles.

After the recent exodus of FIIs, senior bureaucrats in the prime minister’s office recently met top finance ministry officials to discuss the surcharge but nothing has come of it yet.

“The market fell beyond expectations and was triggered by the tax on FPIs since the Budget. The market is likely to remain under pressure until further clarity on this comes,” Ashish Nanda, EVP & Business Head, PCG, Commodities and Currency Business, Kotak Securities, told Moneycontrol.

“As per current fundamentals and earnings, Nifty fall can get arrested between 10,800-10,700 levels. For fresh investors, this presents an opportunity to invest in largecap companies with a long-term view, as most of the stocks are trading 10-20 percent off from their recent highs.”

Small & midcaps have been the worst hit. The S&P BSE Midcap index is down 9 percent while the S&P BSE Smallcap index has plunged 13 percent since July 5.

More than 50 percent of the BSE500 stocks fell in double digits. As many as 283 stocks, or 56 percent of the names, have fallen 10-60 percent since the Budget day.

Stocks that fell in double digits include Godrej Industries, KEC International, Page Industries, Sterlite Technologies, Bosch, Avanti Feeds, Adani Enterprises, Andhra Bank, Coal India, Axis Bank, RBL Bank and Coffee Day.

Table: The chart includes a list of 20 out of 283 stocks in the BSE500 index which fell 10-60%. The table is for reference and not necessarily for buy or sell ideas.

Investors were also hoping for some stimulus from the government to kick start growth in Asia’s third-largest economy, which has been downgraded by global and local analysts.

Crisil recently revised India’s gross domestic product (GDP) growth estimate by 0.2 percentage points for FY20. The cut to 6.9 percent comes amid slowing global growth and weak monsoon in June.

The US-China trade war is a big global factor at play. At home, sluggish data for the first quarter, slowdown in earnings and a below-normal monsoon are some of the domestic factors weighing on the sentiment.

Considering the current economic slowdown, muted earnings and stretched valuation, we would continue to remain cautious until there are meaningful signs of revival in corporate earnings. However, the upcoming key events would have a bearing on Indian markets and would dictate the trend.

The street would be expecting at least a 25bps cut by the RBI, however, the commentary on growth and inflation outlook would be a crucial factor, he said. The monsoon progress would also be important for the markets in the near term, as an increase in the rain deficit would adversely impact the inflation outlook, 

MORE WILL UPDATE SOON!!

Asian Paints Looking Highly bullish in charts

Asian Paints Looking Highly Bullish in Charts:

Immediate support at 1528

Positional Support at 1500

Buy Asian Paints 1580 CE (Option-29 Aug) Premium around 22—20 Target 40—50+ Stop Loss 8 Lot Size 600

MORE WILL UPDATE SOON!!

Our UPL Sell Call Hits Hit Target today........

 We had given a call to sell UPL Future (29-Aug)  Below 580 for the target of 557--545......

Look at the call as Today it made a low 532 of  and now trading at 546

Patience wins the trade.......

We made profit of Rs 31500   on 1  Lot........Even in such volatile market 

We Believe in our Research......

Hope You Minted Profit.

This call was given free on our blog and in Our whatsapp group.

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Stock picks of the day: Create fresh longs in Nifty with a stop loss of 10,780 levels

The market is near strong support and we may see a pullback rally. Our advice, therefore, would be to avoid going short from here.

The Nifty fell nearly 1,000 points since the Budget (July 5), largely on the back of relentless selling by foreign institutional investors (FIIs) to close at the lowest level since February 28, at 10,862 on August 5.

The Nifty Mid-cap and Small-cap indices plunged 11 percent and 15 percent respectively, since the day of Budget to date. The Nifty Small-cap Index is down nearly 45 percent from its January 2018 high, while Nifty is down by about 10 percent from its all-time high of 12,103 recorded in June.

In 2008, when the S&P BSE Sensex breached its 200-DMA for the first time; there was 54 percent of BSE all-listed stocks which were trading below their long term average.

If we look the current scenario, the S&P BSE Sensex breached its 200-DMA for the first time on 1st Aug 2019 and on that date, 83 percent of the BSE universe was trading below their respective long term average of 200-DMA.

Coming back to Nifty, it has breached the crucial support of its 200-DMA last week, which is currently placed at 11,155. This previous support of 200 DMA will interchange its role as resistance going forward. Far resistance comes at 11,300.

Nifty is currently placed below its 50,100 and 200-DMA and has been forming bearish lower tops and lower bottoms. Long term trend line adjoining bottoms of February 2016.

We believe that the market is near strong support and we may see a pullback rally from here. Therefore, our advice would be to avoid going short from here.

And, if the Nifty crosses the 10,896 levels, we advise creating fresh longs in Nifty with a stop loss of 10,780 levels. On the higher side, we may see levels of 11,150-11,300 for the coming weeks

Here is a list of top three stocks which could give 6-7 percent return in the next three to four weeks:

Tech Mahindra: Buy| LTP: Rs 648| Target: Rs 695| Stop-Loss: Rs 625| Return 7 percent 

After forming a double bottom around 610 odd levels, Tech Mahindra reversed northwards to close above its 5-day simple moving average (SMA).

Oscillators and momentum indicators like RSI and MACD turned bullish on the daily charts. The recent fall in the rupee against dollar augurs well for the technology stocks.

Therefore, we recommend buying Tech Mahindra at the CMP of Rs 648 and average at Rs 635 for the target of Rs 695, and keep a Stop Loss below Rs 625.

Dabur India: Buy| LTP: Rs 430| Target: Rs 455| Stop-Loss: Rs 415| Upside 6 percent

Dabur India has given a breakout on the daily chart on August 5 by closing above the resistance level of 428 levels. The primary trend of the stock is bullish where the stock price is trading above its 5, 20 and 200-Day SMA.

Oscillators and momentum indicators like RSI and MACD showing strength in the stock on the daily as well as weekly charts.

In the F&O segment, we have seen a long build-up in the stock during the August series till now. Therefore, we recommend buying Dabur India for the upside target of Rs 455 and keep a stop loss below Rs 415.

UPL: Sell| LTP: Rs 541| Target: Rs 505| Stop-Loss: Rs 565 | Downside 7 percent

UPL has broken down on the daily chart by closing below the support level of 555 levels with higher volumes. In the derivatives, we have seen an aggressive short build-up in the UPL Futures’ yesterday.

Oscillators and momentum Indicators like RSI and MACD is showing weakness on daily and weekly charts.

The primary trend of the stock is negative where the stock price is trading below its 5, 20 and 200-day SMA. Therefore, we recommend selling UPL for the target of Rs 505, and keep a stop loss above Rs 565.

MORE WILL UPDATE SOOM!!

Stock picks of the day: Nifty may trade in a 430 points range

The Nifty is trading below 20, 50 and 100-day SMA's which are important short term moving average, indicating negative bias in the short term.

On the weekly chart, the Nifty index has formed a Bearish candle with a long lower shadow indicating buying at lower levels.

The index is also sustaining below its 'Up-Sloping Channel' breakdown, a level which signals downtrend on short to medium-term charts.

The chart pattern suggests that if Nifty crosses and sustains above the 11,080 levels then it would witness some pullback action which would lead the index towards the 11,150-12,250 levels.

However, if the index breaks below the 10,850 levels it would witness selling which would take the index towards the 10,800-10,730 levels.

The Nifty is trading below 20, 50 and 100-day SMA's which are important short term moving average, indicating negative bias in the short term.

The Nifty continues to remain in an uptrend in the long term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 11,280-10,850 with mixed bias.

The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias.

Here is a list of top three stocks which could give 4-6 percent return in the next 3-4 weeks:

Infosys: Buy| LTP: Rs 775| Buying range Rs 760-770| Target: Rs 795-810| Stop Loss: Rs 750| Upside 4-6 percent

On the weekly chart, the stock price is sustaining above its breakout levels of Rs 755-760 on closing basis. This breakout has accompanied with an increase in volumes which supports bullish sentiments ahead.

The weekly strength indicator RSI and the momentum indicator Stochastic both are in positive territory which supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day SMA which supports bullish sentiments ahead.

Pidilite Industries: Buy| LTP: Rs 1,265| Buying range Rs 1,245-1,265| Target: Rs 1,305-1,330| Upside 4-6 percent

On the daily chart, the stock price has decisively broken out from its 'Multiple resistance zone' levels of Rs 1,250-1,255 levels on a closing basis and is also sustaining above the same.

This breakout has accompanied with an increase in volumes which supports the bullish sentiments ahead. The daily, as well as weekly strength indicator RSI and the momentum indicator Stochastic both, are in positive territory which supports upside momentum to continue in near term.

The stock price is sustaining well above its 20, 50 and 100-day SMA which supports bullish sentiments ahead.

Avenue Supermarts: Buy| LTP: Rs 1,512| Buying Range Rs 1,470-1,490| Target: Rs 1,540-1,565| Stop Loss: Rs 1,440| Upside 4-6 percent

On the daily chart, the stock price has decisively broken out from its 'Multiple resistance zone' levels of Rs 1,475-1,485 on a closing basis and are sustaining above the same.

This breakout is accompanied with an increase in volumes which supports bullish sentiments ahead. The daily as well as weekly strength indicator RSI and the momentum indicator Stochastic both have turned positive which supports upside momentum to continue in the near term.

The stock price is sustaining well above its 20, 50 and 100 day SMA which supports bullish sentiments ahead.

MORE WILL UPDATE SOON!!

MGL IS Looking superb in chart for a short term upside rally.

MGL IS Looking superb in chart for a short term upside rally.

Immediate Support at 787
Positional Support at 765

If Immediate Resistance of 821 is successfully breached and sustained then we may see more upside.
Positional Resistance at 865.

Short Term Delivery: Buy MGL Around 810—800 Target 840—870 Stop Loss 780

The Market Podcast | Bad news is a good time to invest in stocks

Moneycontrol Editor Santosh Nair tells Jerome Anthony that while this is a good time to  buy stocks, all one needs to do is pick the right company.

The market outlook continues to be bleak this week as stock took a beating. Most sectors are going through stress and investors are comparing the bad market environment to the 2008 recession period.

But such bad news means prices of stocks will be low and investors could go ahead and buy the right stocks to earn a decent profit when the bulls return.

In this episode of The Market Podcast, Moneycontrol Editor Santosh Nair tells Jerome Anthony that while this is a good time to buy stocks, all one needs to do is pick the right company.

Tune in to the podcast to get all the updates from what happened in the market this past week and what's in store ahead.

MORE WILL UPDATE SOON!!

A morning walk down Dalal Street | Crucial support for Nifty at 10,850, hurdle at 11,100

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!!

Stocks in the news: Tata Motors, Berger Paints, SRF, Cox & Kings, Torrent Power, Bombay Dyeing

SRF | Indian Hotels | Torrent Power | Mangalam Cement | Bombay Dyeing | Talbros Engineering and IOL Chemicals are stocks which are in the news today.

Here are stocks that are in the news today:

Results on August 6: Indiabulls Housing Finance, Titan Company, JSW Energy, Arvind, Pidilite Industries, Nilkamal, Metropolis Healthcare, Max Financial Services, NLC India, Sheela Foam, Aditya Birla Fashion, Borosil Glass Works, Lux Industries, KIOCL, Khadim India, JITF Infralogistics, BLS International, Xelpmoc Design, The Investment Trust Of India, Linc Pen & Plastics, Shemaroo Entertainment, Thomas Cook, Sutlej Textiles, Ruby Mills, Walchandnagar Industries, Bhartiya International, Asian Granito, Alkyl Amines Chemicals, Mayur Uniquoters, Sundaram Finance, REC, Zodiac JRD-MKJ, Landmark Property, Manali Petrochemicals, Indo Rama Synthetics, Zensar Technologies, Central Bank of India, BASF India, Global Offshore Services, Indowind Energy, Shriram EPC, JHS Svendgaard Laboratories, Minda Industries, Bharat Gears, Gangotri Textiles, Excel Crop Care, HSIL, Shree Renuka Sugars, Kothari Petrochemicals, JK Lakshmi Cement, Asahi India Glass, Kolte-Patil Developers, Gujarat State Fertilizers & Chemicals, Fortis Healthcare, Precot Meridian, Lakshmi Vilas Bank, KM Sugar Mills, Deccan Cements, Tantia Constructions

Berger Paints Q1: Profit jumps 32 percent to Rs 176.8 crore versus Rs 133.9 crore, revenue rises 15.7 percent to Rs 1,716.5 crore versus Rs 1,483 crore YoY.

SRF Q1: Profit surges 41.4 percent to Rs 189.2 crore versus Rs 133.8 crore, revenue rises 9.1 percent to Rs 1,824.4 crore versus Rs 1,676.2 crore YoY.

MORE WILL UPDATE SOON!!

Base Metal Levels:

Base Metal Levels:

Copper:
Immediate Resistance at 450--460
Immediate Support at 410--420

Aluminium:
Immediate Resistance at 150--160
Immediate Support at 135--130

Zinc:
Immediate Resistance at 200--210
Immediate Support at 180 --170

Lead:
Immediate Resistance 170--160
Immediate Support at 140--130

Nickel:
Immediate Resistance at 1200--1250
Immediate Support at 970--900

Gold & Silver Levels:

Gold & Silver Levels:

Gold:
Immediate Resistance at 38000—38500
Immediate Support at 34500—34000

Silver:
Immediate Resistance at 42700--43000
Immediate Support at 41500—41000

Nifty down over 170 points; India VIX surges 14%

The Sensex is down 542 points at 36,575, while the Nifty is trading lower by 171 points at 10,826

                                   

Equity benchmark indices opened on a weak note on negative global cues, with the Nifty dropping below the psychological 10,900 mark in early trade.

The Sensex is down 542 points at 36,575, while the Nifty is trading lower by 171 points at 10,826.
The rupee opened at 70.06 against the US dollar on Monday, extending losses from the previous session and its lowest level since May 17. The rupee fell 66 paise from its Friday’s close of 69.60/$.

The market breadth, indicating the overall health of the market, was weak. On the NSE, 279 shares rose and 1,283 shares fell. A total of 500 shares were unchanged.
Vedanta, Tata Motors shares are among the biggest losers, shedding more than 5% each. Infosys, TCS and HDFC are the only shares trading in the green on Monday morning.
Shares of Sun Pharma slipped 1% after the pharma company said it is discontinuing operations at two clinical pharmacology units in Vadodara (Gujarat) to bring in efficiencies in cost and processes.

Oil prices fell amid concerns about weaker crude demand after US President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade war between the world’s two largest economies.

Overseas, China’s yuan fell past 7 per dollar, a level that had long been a focus for investors as a line in the sand for the country’s policymakers. The move pulled other Asian currencies down with it and exacerbated a sell-off in stocks.

On the political front, Authorities stepped up security in tensed Jammu and Kashmir on Monday as the movement of several senior leaders, including Mehbooba Mufti and Omar Abdullah, was restricted and mobile internet services snapped in fast-paced developments on Sunday night.

MORE WILL UPDATE SOON!!

Top buy and sell ideas

The benchmark indices closed moderately in green on August 2, but weakness continued for the fourth straight week in a row, keeping the Nifty below psychological 11,000 level.

The BSE Sensex after witnessing a swing of 768 points closed 99.90 points higher at 37,118.22 on August 2 but lost 2 percent for the week.

Nifty gained 17.40 points to close at 10,997.40 but saw 2.5 percent weekly loss. The index formed a bullish candle that resembles a High Wave kind of pattern on daily charts but saw bearish candle formation on the weekly scale.

The broader markets also saw some recovery from day's low and cut down losses to end 0.3 percent lower on Friday. For the week, the Nifty Midcap index lost 2.82 percent and Smallcap index shed 4.74 percent.

According to the pivot charts, the key support level is placed at 10,870.8, followed by 10,744.3. If the index starts moving upward, the key resistance levels to watch for out are 11,102 and 11,206.7.

The Nifty Bank closed at 28,204.95, down by 162.30 points on August 2. The important pivot level, which will act as crucial support for the index, is placed at 27,912.6, followed by 27,620.3. On the upside, key resistance levels are placed at 28,520.9 and 28,836.9.

Buy Asian Paints with a stop loss of Rs 1530, target of Rs  1580

Buy Pidilite Industries with a stop loss of Rs 1245, target of Rs 1280

Buy TCS with a stop loss of Rs 2190, target of Rs 2240

Buy Marico with a stop loss of Rs 368, target of Rs 382

Buy HDFC with a stop loss of Rs 2100, target of Rs 2165

Buy Marico stop loss at Rs 365 and target of Rs 387

Sell Raymond with stop loss at Rs 638 and target of Rs 605

Sell Cummins India with stop loss at Rs 687 and target of Rs 650

Sell Apollo Hospitals with a stop loss of Rs 1328 and target of Rs 1275

Buy Godrej Consumer with a stop loss at Rs 597 and target of Rs 635

Buy Asian Paints with a stop loss of Rs 1525 and target of Rs 1590

Sell HPCL with a stop loss of Rs 259 and target of Rs 240

MORE WILL UPDATE SOON!!

Rupee opens at lowest level against dollar since May 17

The rupee dived 54 paise on August 2 to close at an over six-week low of 69.60 against the US dollar.

The Indian rupee slipped in the early trade on August 5 as it opened at the lowest level since May 17 against the US dollar.

It opened lower by 55 paise at 70.14 per dollar on Monday against Friday's close 69.59.

The rupee dived 54 paise on August 2 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, reported PTI

Global markets tumbled and safe-haven assets like the Japanese yen gained after President Donald Trump on Thursday announced that the US will impose an additional 10 percent tariff on USD 300 billion worth Chinese imports, which Beijing vowed to retaliate, it added.

It was weakest level since June 19 when it had settled at 69.68 against the American currency.

On a weekly basis, the rupee has declined 71 paise.

MORE WILL UPDATE SOON!!

RBI Policy: MPC likely to cut policy rate by 25 bps amid concerns of economic slowdown

 RBI Governor Shaktikanta Das said in an interview that the switch to accommodative stance in June policy review amounted to a 25 basis points cut.

 

Monetary Policy Committee (MPC) is expected to deliver a fourth consecutive rate cut of 25 basis points on August 7, amid concerns of a deepening economic slowdown.

Since February, the Reserve Bank of India (RBI) has reduced the repo rate by 75 basis points in three successive reviews. Last month, RBI Governor Shaktikanta Das said in an interview that the switch to accommodative stance in June policy review amounted to a 25 basis points cut, taking the cumulative rate reduction to 100 basis points. Despite Das's comments, markets expect the RBI to continue easing.

"We expect the MPC to cut rates by a further 75 basis points, bringing the cumulative easing in this cycle to 150 basis points, more than the street

expectations," said Tanvee Gupta Jain, Economist, UBS Securities India. She added that the base case was for a 25 basis points cut in August, to be followed with 50 basis points over the rest of the year.

The slowdown in India's auto sector has deepened further with the consumer vehicle segment witnessing sharp decline in July. Ram Venkataramani, president of the Automotive Component Manufacturers Association of India (ACMA) has warned of a million job cuts if the trend continues.

"With the current local and global backdrop, and with obvious constraints on fiscal policy, it is reasonable to expect the current easing cycle to prolong," said Suyash Choudhary, Head – Fixed Income, IDFC AMC. He expects rate cuts of 75 basis points in the cycle, along with measures to ensure positive liquidity.

Last month, the International Monetary Fund also cut its India growth projection by 30 basis points to 7 percent citing weaker-than expected outlook for domestic demand. The IMF also cut its forecast for world economic growth by 10 basis points to 3.2 percent in 2019.

Anagha Deodhar, research analyst, ICICI Securities said that the real interest rates in the economy are high leaving room for further reduction. Currently, real interest rate is 5.2 percent while real policy rate is 2.55 percent. "This level of real interest rate is not conducive for an economy which is experiencing slowdown," Deodhar said.

On August 1, CRISIL ratings revised India's FY20 growth estimate downwards, from 7.1 percent to 6.9 percent, based on factors like weak monsoon, slowing global growth and sluggish high-frequency data for the first quarter.

MORE WILL UPDATE SOON!!

Stock picks of the day: Nifty may trade in a 430 points range

The Nifty is trading below 20, 50 and 100-day SMA's which are important short term moving average, indicating negative bias in the short term.

 

On the weekly chart, the Nifty index has formed a Bearish candle with a long lower shadow indicating buying at lower levels.

The index is also sustaining below its 'Up-Sloping Channel' breakdown, a level which signals downtrend on short to medium-term charts.

The chart pattern suggests that if Nifty crosses and sustains above the 11,080 levels then it would witness some pullback action which would lead the index towards the 11,150-12,250 levels.

However, if the index breaks below the 10,850 levels it would witness selling which would take the index towards the 10,800-10,730 levels.

The Nifty is trading below 20, 50 and 100-day SMA's which are important short term moving average, indicating negative bias in the short term.

The Nifty continues to remain in an uptrend in the long term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 11,280-10,850 with mixed bias.

The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias.

Here is a list of top three stocks which could give 4-6 percent return in the next 3-4 weeks:

Infosys: Buy| LTP: Rs 775| Buying range Rs 760-770| Target: Rs 795-810| Stop Loss: Rs 750| Upside 4-6 percent

On the weekly chart, the stock price is sustaining above its breakout levels of Rs 755-760 on closing basis. This breakout has accompanied with an increase in volumes which supports bullish sentiments ahead.

The weekly strength indicator RSI and the momentum indicator Stochastic both are in positive territory which supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day SMA which supports bullish sentiments ahead.

Pidilite Industries: Buy| LTP: Rs 1,265| Buying range Rs 1,245-1,265| Target: Rs 1,305-1,330| Upside 4-6 percent

On the daily chart, the stock price has decisively broken out from its 'Multiple resistance zone' levels of Rs 1,250-1,255 levels on a closing basis and is also sustaining above the same.

This breakout has accompanied with an increase in volumes which supports the bullish sentiments ahead. The daily, as well as weekly strength indicator RSI and the momentum indicator Stochastic both, are in positive territory which supports upside momentum to continue in near term.

The stock price is sustaining well above its 20, 50 and 100-day SMA which supports bullish sentiments ahead.

Avenue Supermarts: Buy| LTP: Rs 1,512| Buying Range Rs 1,470-1,490| Target: Rs 1,540-1,565| Stop Loss: Rs 1,440| Upside 4-6 percent

On the daily chart, the stock price has decisively broken out from its 'Multiple resistance zone' levels of Rs 1,475-1,485 on a closing basis and are sustaining above the same.

This breakout is accompanied with an increase in volumes which supports bullish sentiments ahead. The daily as well as weekly strength indicator RSI and the momentum indicator Stochastic both have turned positive which supports upside momentum to continue in the near term.

The stock price is sustaining well above its 20, 50 and 100 day SMA which supports bullish sentiments ahead.

MORE WILL UPDATE SOON!!

Stocks in the news: ITC, RIL, Nestle, NIIT, Coffee Day, DHFL, Union Bank, Bata India, JK Cement

Nestle India | NIIT | Coffee Day Enterprises | DHFL | Union Bank | Bata India and JK Cement are stocks which are in the news today.

Results on August 5: Indian Hotels Company, Berger Paints(I), Hindustan Oil Exploration Company, KEI Industries, Vishnu Chemicals, Entertainment Network (India), Butterfly Gandhimathi Appliances, Dwarikesh Sugar Industries, Action Construction Equipment, Usha Martin Education, Kamat Hotels (I), Mangalam Cement, Orient Green Power Company, Venky's (India), Nath Bio-Genes (India), Bombay Dyeing, SRF, Jindal Stainless, Agri-Tech (India), Vesuvius India, Arvind SmartSpaces, Hexa Tradex, Nesco, Simplex Projects, Asian Hotels (East), Majesco, GP Petroleums, Standard Industries, Sundaram Finance Holdings, CL Educate, Dilip Buildcon, PNB Gilts, Cosmo Films, Indian Bank, Monte Carlo Fashions, Techindia Nirman, Torrent Power, Parenteral Drugs, Piramal Phytocare, Hinduja Global Solutions, Khandwala Securities, Seya Industries.

ITC Q1: Profit rises 12.6 percent to Rs 3,173.9 crore versus Rs 2,828.7 crore, revenue increases 5.8 percent to Rs 11,502.8 crore versus Rs 10,874.6 crore YoY. Cigarettes revenue rises 6 percent to Rs 5,433.4 crore versus Rs 5,127.6 crore YoY.

Nestle India Q2: Profit jumps 10.8 percent to Rs 437.8 crore versus Rs 395 crore, revenue increases 11.2 percent to Rs 3,000 crore versus Rs 2,698.4 crore YoY.

Deepak Nitrite Q1: Consolidated profit jumps to Rs 132 crore versus Rs 18.7 crore, revenue surges to Rs 1,051 crore versus Rs 463.9 crore YoY.

GSPL Q1: Profit spikes 34.4 percent to Rs 206 crore versus Rs 153,3 crore, revenue rises 16 percent to Rs 512.6 crore versus Rs 441.8 crore QoQ.

Aditya Birla Capital Q1: Consolidated profit grows 27 percent to Rs 270 crore versus Rs 213 crore, revenue rises 16 percent to Rs 3,962 crore versus Rs 3,424 crore YoY.

Laurus Labs Q1: Consolidated profit dips 9.1 percent to Rs 15 crore versus Rs 16.5 crore, revenue rises 2.1 percent to Rs 550.5 crore versus Rs 539 crore YoY.

eClerx Services Q1: Consolidated profit slips 32.8 percent to Rs 39.8 crore versus Rs 59.2 crore, revenue dips 2.8 percent to Rs 354.7 crore versus Rs 365 crore QoQ.

Union Bank of India Q1: Profit surges 73.3 percent to Rs 224 crore versus Rs 129.5 crore, NII falls 4.1 percent to Rs 2,518.2 crore versus Rs 2,626.1 crore YoY. Gross NPA rises to 15.18 percent versus 14.98 percent and net NPA increases to 7.23 percent versus 6.85 percent QoQ.

Union Bank of India: Lender is not looking to exit Star Union Dai-ichi Life Insurance.

Parag Milk Q1: Consolidated profit dips 2.5 percent to Rs 28 crore versus Rs 28.2 crore, revenue rises 14.6 percent to Rs 629.7 crore versus Rs 549.4 crore YoY.

Coffee Day Enterprises: Board postponed company's April-June quarter earnings. It was scheduled to report earnings on August 8. In addition, Sulakshana Raghavan resigned as independent director for personal reasons.

Bata India Q1: Profit rises 22.1 percent to Rs 101 crore versus Rs 82.5 crore, revenue increases 10.6 percent to Rs 882.1 crore versus Rs 797.2 crore YoY.

Zen Technologies Q1: Profit at Rs 16.8 crore versus loss of Rs 3.3 crore, revenue rises to Rs 48.8 crore versus Rs 6.1 crore YoY.

JK Cement Q1: Profit jumps to Rs 153.8 crore versus Rs 49.3 crore, revenue rises 19 percent to Rs 1,328 crore versus Rs 1,115.6 crore YoY.

MRPL Q1: Loss at Rs 450.5 crore versus profit of Rs 354.7 crore, revenue falls 38.8 percent to Rs 11,175.6 crore versus Rs 18,265.6 crore YoY.

Triveni Turbine Q1: Profit jumps 61.6 percent to Rs 30.7 crore versus Rs 19 crore, revenue increases 24.3 percent to Rs 213.6 crore versus Rs 171.8 crore YoY.

Jammu & Kashmir Bank Q1: Profit falls 58.4 percent to Rs 21.9 crore versus Rs 52.6 crore, NII rises 15.8 percent to Rs 902.2 crore versus Rs 779.2 crore YoY. Gross NPA dips to 8.48 percent versus 8.97 percent, net NPA slips to 4.36 percent versus 4.89 percent QoQ.

Trident Q1: Profit jumps to Rs 122.4 crore versus Rs 58.9 crore, revenue rises 15.5 percent to Rs 1,312.1 crore versus Rs 1,136.4 crore YoY.

GMDC Q1: Profit falls 48.7 percent to Rs 95.8 crore versus Rs 186.7 crore, revenue dips 21.7 percent to Rs 504.8 crore versus Rs 644.8 crore YoY.

Corporation Bank Q1: Profit jumps 21.5 percent to Rs 103.3 crore versus Rs 85 crore, NII dips 17 percent to Rs 1,298.6 crore versus Rs 1,564.2 crore YoY. Gross NPA rises to 15.44 percent versus 15.35 percent and net NPA dips to 5.69 percent versus 5.71 percent QoQ.

Tata Communications Q1: Consolidated profit at Rs 76.61 crore versus loss at Rs 58.49 crore, revenue rises to Rs 4,168.62 crore versus Rs 3,943.75 crore YoY.

National Fertilizers Q1: Loss at Rs 64.07 crore versus profit at Rs 41.10 crore, revenue rises to Rs 2547 crore versus Rs 2,162.40 crore YoY.

Bhansali Engineering Polymers Q1: Standalone profit rises to Rs 21.93 crore versus Rs 16.77 crore, revenue jumps to Rs 313.32 crore versus Rs 201.68 crore YoY.

Globus Spirits Q1: Consolidated profit rises to Rs 7.16 crore versus Rs 6.55 crore, revenue jumps to Rs 314.65 crore versus Rs 258.56 crore YoY.

Triveni Engineering Q1: Consolidated profit falls to Rs 34.06 crore versus Rs 37.12 crore, revenue rises to Rs 925.4 crore versus Rs 706.61 crore YoY.

Sandhar Technologies Q1: Consolidated profit falls to Rs 13.92 crore versus Rs 21.81 crore, revenue declines to Rs 551.68 crore versus Rs 570.71 crore YoY.

CARE Ratings Q1: Profit dips to Rs 13.17 crore versus Rs 25.02 crore, revenue falls to Rs 49.92 crore versus Rs 59.99 crore YoY.

Adani Power: Company completed acquisition of GMR Chhattisgarh Energy Ltd.

Adani Green Energy: Step down subsidiary Adani Renewable Energy has part commissioned 100 MWac capacity in Rajasthan out of 200 MWac solar power project.

Spice Mobility: Subsidiary Spice VAS (Africa) Pte. Limited executed a share purchase agreement whereby SVA has agreed to transfer 100 percent stake in its wholly owned subsidiary, SVA (Mauritius) Private Limited to Karma Trust Group. Consequently, SVAM will cease to be a subsidiary of SVA and step down subsidiary of the company.

Rollatainers: Darshan Prasad Yadav has resigned from the position of Chief Financial Officer.

Filatex India: Board approved the proposal of raising of funds upto an amount of Rs 250 crore.

Karnataka Bank: Lender ties up with FISDOM, a online platform for sale of mutual funds.

Reliance Industries: Subsidiary Reliance Industrial Investments and Holdings entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd. (Shopsense or Fynd), the software technology company, for a cash consideration not exceeding Rs 295.25 crore.

Sarda Energy: Board approved, seeking approval of the shareholders for raising of funds upto an amount not exceeding Rs 1,000 crore through equity/equity related instruments.

Anuh Pharma: Company received approval from WHO - Geneva Prequalification that the Prequalification Inspection Group has recommended that the API's Pyrimethamine, Pyrazinamide and Sulfadoxine can be considered to be compliant with the standards of Good Manufacturing Practices (GMP) for Active Pharmaceutical Ingredients (APIs) published by the World Health Organisation (WHO) for manufacturing and packaging of APIs by chemical synthesis.

Tata Power and Tata Motors: Both joined hands to set in motion electric mobility infrastructure in India.

Dewan Housing: Company defaulted NCD interest payment of Rs 49.3 crore on August 3 and Rs 42.8 crore on August 2.

Jet Airways: Expression of Interest (EoI) submission deadline extended to August 10.

SBI, UCO Bank, United Bank of India, Bank of Baroda, Oriental Bank of Commerce, PNB, Corporation Bank: RBI slaps a fine of Rs 50 lakh, Rs 1 crore, Rs 1 crore, 50 lakh, Rs 1.5 crore, Rs 50 lakh and 1 crore respectively for delay in reporting fraud.

Reserve Bank of India also imposed monetary penalty on seven banks: Allahabad Bank (Rs 2 crore), Bank of Baroda (Rs 1.5 crore) Bank of India (Rs 1.5 crore), Bank of Maharashtra (Rs 2 crore), Indian Overseas Bank (Rs 1.5 crore), Oriental Bank of Commerce (Rs 1 crore), Union Bank of India (Rs 1.5 crore).

Jubilant Life: Company raised Rs 40 crore via commercial paper.

Cox & Kings: Company defaulted on Rs 100 crore worth commercial papers.

Manpasand Beverages: Company appointed Batliboi & Purohit as statutory auditors.

Punjab & Sind Bank: Lender reported a Rs 40.49 crore fraud to RBI.

NIIT: Board will consider June quarter earnings and proposal for buyback of equity shares of the company on August 10.

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