Govt pep talk helps market snap 4-week losing streak; 19 stocks rose 10-30% in BSE500

Such sharp rallies are often a result of some pep talk or some relief measure which often fizzles out trapping the bulls who bought on the hopes that a new rally will begin.

The Indian market snapped a four-week losing streak to close with gains of over 1 percent. The Nifty rose 1.02 percent while the S&P BSE Sensex closed with gains of 1.25 percent for the week ended August 9.

The S&P BSE Sensex is now back above 37,000 while the Nifty also managed to reclaim 11,100 levels for the first time since July 31.

The broader market performed in line with benchmark indices as the S&P BSE Midcap index rose 0.92 percent while the S&P BSE Smallcap index closed with gains of 1.62 percent for the week ended August 9.

More than 300 stocks in the S&P BSE 500 index closed in positive while as many as 19 stocks closed with gains of 10-30 percent which included names like Jammu & Kashmir Bank, Venky’s, Apar Industries, Future Consumer, Vinati Organics, Central Bank of India, Jet Airways, and SRF among others.

In the S&P BSE Smallcap index, as many as 71 stocks rose 10-40 percent which included names like Care Ratings, Minda Industries, IFB Industries, LT Foods, Mcleod Russel, Lumax Industries, Rolta India, and Navkar Corporation among others.

The week started on a muted note but then momentum picked up after reports suggested that the government might exempt foreign investors from higher tax surcharge and could roll out measures for auto, realty, and the public utility sectors.

The hope based rally pushed the index back above 11,100 on the Nifty. Considering the fact the slump for the past four weeks, a technical bounce back was on the cards, suggest experts. Hence, investors should not put too much weight on the past two days of upward movement.

After witnessing ultra-pessimism, equities made a smart recovery pinning hopes on the government to grant relief in the form of a reduction in FPI surcharge tax which may or may not happen.

Such sharp rallies are often a result of some pep talk or some relief measure which often fizzles out trapping the bulls who bought on the hopes that a new rally will begin.

Modi further added that for the fact that Mr Market was so deeply oversold, a rally was in any case expected. So long as gold depicts strength it would be safe to conclude that people still have a lower allocation in equities, as gold and equities have an inverse correlation to each other and whenever there is less faith in equities, the Street turns towards gold as a safe haven.

Markets will react to India’s industrial output data which grew two percent in June, a three-month low, according to the Index of Industrial Production (IIP) data released by the government on August 9.

Industrial output, or factory output, is the closest approximation for measuring economic activity in the country's business landscape.

On the macro front, D-Street would also track inflation data as well as any concrete measure which come out from the government side for real estate, auto, and banking sector. On the global front, any developments on the trade war front will keep investors on the edge.

For the next week, the stocks of Auto, Real Estate, Pharma and FMCG sector could move upward. The market is waiting for the government to provide some relief for FPI surcharge and stimulus for auto sectors.

On the international front, there would be CPI & Core CPI data on August 13, Core Retail Sales, Philly Fed Manufacturing Index, and Retail Sales data on August 15.

Technical View:

Nifty reclaimed 11,100 levels for the week ended August 9 which is a positive sign but it faced selling pressure around its 200-days moving average (DMA).

On technical indicators, the MACD has now converged upward on the daily chart and also, the RSI has recovered from the oversold zone on the same chart which is now placed at 42.34 levels.

Nifty managed to hold above 11,100 levels and formed a small-bodied candle on the daily scale while bullish candle on a weekly scale which suggests that buying is visible at lower levels.

Now, till it holds above 11,000 zones it could extend its gains towards 11,180 then 11,250 zones while on the downside supports are seen at 10,950 then 10,880 levels,

MORE WILL UPDATE SOON!!

Wall Street ends down amid more trade woes, high volatility

The Dow Jones Industrial Average fell 90.75 points, or 0.34%, to 26,287.44, the S&P 500 lost 19.44 points, or 0.66%, to 2,918.65 and the Nasdaq Composite dropped 80.02 points, or 1%, to 7,959.14.

US stocks fell on Friday following renewed jitters over the US-China trade war, capping a week of trading that saw big swings and high volume.

President Donald Trump said the United States and China were pursuing trade talks but he was not ready to make a deal, fanning fears over the impact of the trade war on the global economy.

Trump also said the United States would continue to refrain from doing business with Chinese telecoms equipment giant Huawei Technologies.

The week was marked by wild swings, but indexes finished nearly flat on the week. This week’s volume on U.S. exchanges was also the biggest weekly total of the year, exceeding 41 billion shares.

On Friday, all three indexes were down more than 1% in early trading and rebounded later in the session, with the Dow briefly turning positive at one point. This left a 315-point swing between the blue-chip index’s high and low of the day.

The frequent comments on trade are “leaving investors whipsawed,” said Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

“As volatility has picked up, you’ve gotten more interest on the part of traders, and that in turn has led to even higher volume,” he said. “When you get moves like this and reversals, it brings a lot of high-frequency traders in and short-term traders.”

Shares of chipmakers and other tariff-sensitive technology companies fell, with the Philadelphia SE Semiconductor index .SOX down 1.8%.

The Dow Jones Industrial Average fell 90.75 points, or 0.34%, to 26,287.44, the S&P 500 lost 19.44 points, or 0.66%, to 2,918.65 and the Nasdaq Composite dropped 80.02 points, or 1%, to 7,959.14.

Shares of Amgen jumped 5.9% after news that a US judge said patents relating to the Amgen’s blockbuster rheumatoid arthritis drug Enbrel were valid, denying a challenge by Novartis AG.

Uber Technologies Inc shed 6.8% after the ride-hailing company reported a record $5.2 billion quarterly loss and revenue that fell short of Wall Street targets.

Nektar Therapeutics shares also plunged, a day after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancing ones on the NYSE by a 1.99-to-1 ratio; on Nasdaq, a 2.07-to-1 ratio favored decliners.

The S&P 500 posted 46 new 52-week highs and nine new lows; the Nasdaq Composite recorded 56 new highs and 129 new lows.

MORE WILL UPDATE SOON!!

‘Ignore the noise’; the market cycle will bottom before the economic cycle

Although, there are various negatives around, we expect the market to make a bottom far before the shape of the economy improves because that is the nature of market cycles.

July was a tough month for the Indian stock market. The Nifty shed about 6 percent during the month, making it the worst July in 17 years for the benchmark index.

The pain was worse in broader markets as BSE Midcap and Smallcap indices fell 8.52 percent and 11.16 percent, respectively, during the month. The carnage in July also extended to the global markets as Dow Jones moved in the red despite a rate cut and dovish outlook from the US Federal Reserve.

Pessimism is hitting peak levels in the market and the economic situation is also benign. However, history has always taught us one thing that the market cycle will bottom before the economic cycle.

Despite global and domestic headwinds, we expect the market to make a bottom far before the shape of the economy improves because that is the nature of market cycles.

Markets are always ahead of the curve and as investors, we need to follow the signs the market is giving.  All is not lost and this is the time investors must cut out the noise and maintain their poise.

The trilemma of flows, negative corporate commentary and policy issues impacting markets. It’s a three-pronged problem, the FPI sell-off is what has hit markets first.

Foreign portfolio investors (FPIs) have sold stocks worth $2.5 billion. The taxation surcharge is what is being pointed out by most plaudits, but on closer examination, we realize that from pure taxation point of view, the additional surcharge should amount to something in the range of Rs 400 crore, which is a pretty insignificant amount for FPIs who have hundreds of billions of dollars under management.

In reality, it is a sentiment issue, and the sentiments have been worsened by the weak commentary given by most companies post the Q1FY19 results.

Most sectors have missed earnings estimates, baring few cement companies and select banks. Auto and consumption stocks continue to take a hit.

The market is estimating 24 percent EPS growth for the Nifty, about 70 percent of which is expected to be contributed by banks. However, the poor numbers reported by select banks, such as Yes Bank, RBL and DCB bank, has spooked the market.

Furthermore, baring cement production growth, most high-frequency indicators like auto numbers, PV sales, IIP growth, are also not encouraging.

A possible way out of this mess is if the government intervenes and cuts rates further, those rate cuts should also result in a meaningful transmission.

We already saw some small shreds of evidence of this when the State Bank of India cut FD rates. Moreover, the liquidity surplus in the banking system is nearly Rs 2 lakh crore which should also help accelerate the transmission.

The 10-Year yield is around 6-6.5 percent, while corporates are borrowing at 4 percent higher. Going forward, the corporate bond spreads have to come down.

The RBI has definitely induced liquidity into the system but it is stuck in the interbank levels, when it transitions to the corporate levels we will see some relief.

Secondly, there are talks that the government will consider giving some relief to the SEBI listed FPIs from the super-rich levy. If that goes through the sentiments will change.

The Nifty50 is finally reflecting the current economic reality.

The Nifty was still trading near all-time highs in spite of the broad-based sell-off and slowdown seen in the economy, but now some market leaders such as HDFC twins, Bajaj twins, Reliance Industries, Larsen & Toubro, and other HRITHIK stocks have also started falling.

This has created a dual impact where mid and smallcaps were anyway in a downtrend and now the large Nifty stocks have started showing weakness dragging down the headline Nifty.

Sentimentally there is no respite as all indices are in the red. The Nifty50 is so polarized that if we construct a #Nifty 40 index i.e. stripped of the top 10 cos and kept the balance 40, the Index would actually be at 9,000 levels.

The Nifty is currently trading at 11,000. Since January 2018, the top 10 market cap companies have rallied 21.4 percent whereas the remaining 40 are down 14.6 percent.

Now, the fear in the market is that the Top 10 will also join the remaining 40, so convergence will be on the downside.

Before the slump, the market was looking overvalued despite a weak economic situation. Now, the market valuation is starting to look in line with the economy.

If the fall gets arrested, the valuations would reach a level where it aligns with the economic reality and that may enable some investors to take contrarian bet on the market.

The market cycle will bottom before the economic cycle!

The collective wisdom of Mr Market is stronger than all us investors. Eventually, the market will start discounting the future and look beyond the noises of the present.

We have been falling for the past 18 months because negative news has been running amok, but markets have a mind of their own and seldom move in tandem with the economy.

Bottoming out of valuations will be the key, after a point the market will stop looking at the next couple of quarters and will start taking the next few years into account.

In hindsight, if we step back and widen our lens, we will find that there are many well run and growing businesses in our market that are available at single-digit valuations. Mr Market will take cognizance of this and when it happens the market will bottom out and turn.

Excesses on either side are unsustainable, markets have definitely outrun themselves and just like how the excessive bull run of 2017 was not sustainable on the upside, this particular sell-off will not be sustainable on the downside for long and market will have to mean revert.

How low do we go from here!

The Nifty is reaching long term Moving Average support. If one uses a 100-period moving average to track the long term trend of the Nifty, then it is clear that the market is heading down into support.

On the attached chart we can see that the 100 EMA has provided support so many times in the past that it is difficult to ignore its influence on the trends. Barring two occasions (2008 and 2011), the index never really lost this support on a sustained basis. There were marginal penetrations in 2013 and 2016 but those were reversed very swiftly.

Investment implications

The problems are partly sentimental and partly due to policy issues. However, we expect that the market will bottom out in the next 2 months, even though the economy continues to slow down.

There are many fantastic companies out there that have given meaningful corrections and are only part of temporary slowdown.

At Plus Delta Portfolios, we are using this opportunity to identify winners in this pullback. We will be buying the market once the dust settles.

We are constantly analyzing the trends and where we see earnings growth coming in the Q1FY20 results coupled with some traces of momentum in the stock we will be ready to enter.

This is an excellent opportunity for investors to build a portfolio form a 3-5 year perspective as the margin of safety is very high since we are nearing the bottom.

MORE WILL UPDATE SOON!!

Our Bata Intraday Trade Hits Its Target..........

  

Today We had given a call to Buy BATA India (Fut-29 Aug) around 1422 for the target of  1435

Look at the call as Today it made a high of 1434 and closed at 1432.05

Patience wins the trade.......

We Booked Full Profit Today around 1434

Return of 6600 Percent on 1  Lot....... 

We Believe in our Research......

Hope You Minted Profit.

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

Still Looking for trade or confused!!..............Don't Worry Join Our Team......

KEEP TRADING FOR FREE>Just Click on  link below

https://tradingcalls-indianmarketpulse.blogspot.com/

or

 E-Mail Us at indianmarketpulse@gmail.com

MORE WILL UPDATE SOON!!

These 5 factors drove Sensex 1,000 pts higher in two consecutive sessions

The buying was seen across sectors and broader markets traded in line with benchmarks for second straight day, largely driven by domestic factors.

After a steep fall followed by consolidation in early part of the week, the market has broken on upside with full force, as bulls took complete charge of Dalal Street for the second consecutive day on August 9.

Buying has been seen across sectors and broader markets traded in line with benchmarks for second straight day, largely driven by domestic factors.

The BSE Sensex rallied 468.15 points, or 1.25 percent, to 37,795.51, taking two-day gains to over 1,000 points. The Nifty50 climbed 145.80 points, or 1.32 percent, to 11,178.30 at the time of writing of this report.

The market breadth was also in favour of bulls as about three shares advanced for every share falling on the BSE. The Nifty Midcap and Smallcap indices gained more than 1.5 percent each.

The five factors driving the market high:

Optimism on FPI surcharge

Reports that the government could tweak or rollback the surcharge on super-rich has played a big part in the upswing. The controversial tax was one of the main reasons for the outflow of foreign institutional investor (FII) money since July.

Presenting the budget on July 5, Finance Minister Nirmala Sitharaman proposed an increased surcharge of 25 percent for individuals earning between Rs 2 crore to Rs 5 crore annual, and 37 percent for those with an income of for more than Rs 5 crore. It effectively increased the tax rate to 39 percent for those in the Rs 2 crore-5 crore bracket and 42.7 percent for those in the higher bracket.

Given that the Income Tax Act includes association of persons/ body of individual, trusts in the definition of an individual, the increased surcharge will also be applicable to a majority of the foreign portfolio investors (FPI).

Since July, FIIs have sold more than Rs 25,000-crore worth of shares in India.

"Market gets a breather due to the expectation that the government is likely to be lenient on higher surcharge on FPIs, which influenced bears to cover their short positions.

Relief for NBFCs and auto sector stimulus

The NBFC sector, including housing finance companies, reeling under liquidity crunch since second half of 2018, is likely to get a relief package, a senior government official told Moneycontrol.

The package along with measures announced by the Reserve Bank of India (RBI) for NBFCs were expected to have a multiplier effect on the economy, the official said.

In its monetary policy on August 7, the RBI announced a central payments fraud registry and increased to 20 percent the exposure limits for banks to lend to single NBFCs. The previous limit was 15 percent of the bank’s Tier-I capital.

RBI also said that to boost credit flow to certain priority sectors, bank lending to registered NBFCs for on-lending to agriculture (investment credit) up to ₹10 lakh; micro and small enterprises up to ₹20 lakh; and housing up to ₹20 lakh per borrower will be classified as priority sector lending.

Auto, another sector under selling pressure for a year now, is also expected to get some relief from government.

Absence of a fiscal stimulus to beleaguered sectors like autos & NBFCs, and refusal to roll back the surcharge on FPIs are the principal reasons for the plunge in Indian equities. Any move to offer a generous relief on both these counts can lead to a massive short covering by speculators and a strong rally due to buying from FPIs and domestic Institutional investors.

Prospects of lower interest rate and strength in rupee will ease liquidity crunch situation, Nair said.

FM’s meeting with industry leaders

In their meeting with Sitharaman on August 8, corporates demanded a stimulus package of over Rs 1 lakh crore to kick-start investment cycle and revive the economy, which is showing signs of a slowdown. Industry leaders also said that the government had assured them of action soon.

"The economy requires a critical intervention by introducing a stimulus package. We have suggested for a package of over Rs one lakh crore," Assocham president BK Goenka had said after the meeting.

Piramal Enterprises chairman Ajay Piramal said that the industry raised several matters such as reluctance of banks to lend to the industry.

The government also assured that punitive provisions concerning non-compliance with CSR spending would not be pursued, news agency PTI reported.

Recapitalisation of banks, further rate cut

Another reason that boosted sentiment is the likely start to recapitalisation of PSU banks.

Government sources told CNBC-TV18 that bank recapitalisation, announced in the budget, was likely to start September 1. The finance minister allocated Rs 70,000 crore towards bank recapitalisation bonds.

Analysts say the early beginning to recapitalisation along with transmission of rate cuts announced by the RBI in 2019 would boost credit growth and the economy.

After meeting the finance minister, FICCI president Sandip Somany has said transmission of cut in interest rate to consumers by banks is a big issue.

Banks must be encouraged to pass on the benefits of rate reduction to consumers and borrowers. We are hopeful of further rate cut.

Technical factors

The Nifty50 decisively surpassed its near term hurdles like 11,900, 11,000 and 11,100, rallying more than 300 points in two sessions.

The sharp move indicated that bullish bias is expected to continue in coming sessions and the index may move towards its 200-day exponential moving average (11,271 level) in coming sessions, experts feel.

Besides, last four days of consolidation with intraday lows of around 10,800 level, the market appears to have registered a short-term bottom.

MORE WILL UPDATE SOON!!

Apollo Tyre is Looking Good in Charts for a upside move

Apollo Tyre is  Looking Good in Charts for a upside move

  

Immediate support at 154

Positional Support 144.80

Immediate Support at 164

Positional Resistance at 172

MORE WILL UPDATE SOON!!

Stock picks of the day: Nifty likely to face resistance around 11,080-11,120 levels

The index is likely to face resistance around 11,080, followed by 11,120 while supports are placed at 10,990, and 10,950 levels.

 

Indian equity benchmarks indices made a strong comeback in the last hour of trade and ended sharply higher on August 8 on reports that the Modi government may reconsider surcharge on foreign portfolio investors (FPIs) and may also defer higher registration charges on vehicles.

The Sensex was up 637 points at 37,327.36, and the Nifty was up 177 points at 11,032.50. About 1,379 shares advanced, 1,020 shares declined, and 149 shares remained unchanged.

All the sectoral indices ended higher led by the IT, auto, banks, energy, FMCG, metal, pharma and infra.

The stock market enjoyed a tentative recovery after better-than-expected Chinese export data and a steadying of the yuan restored some calm to global markets.

Oil prices regained some ground amid talk that Saudi Arabia was weighing options to halt its decline, offsetting an increase in stockpiles and fears of slowing demand.

The index is likely to face resistance around 11,080, followed by 11,120 while supports are placed at 10,990, and 10,950 levels.

Here is a list of top four intraday trading ideas which could return 2-4% return:

Hero MotoCorp: Buy| LTP: Rs 2585| Target: Rs 2635| Stop Loss: Rs 2548| Upside 2%

YES Bank: Buy| LTP: Rs 89.15| Target: Rs 93| Stop Loss: Rs 86| Upside 4%

Mahanagar Gas: Buy| LTP: Rs 821.70| Target: Rs 842| Stop Loss: Rs 807| Upside 2.5%

Escorts: Buy| LTP: Rs 482| Target: Rs 500| Stop Loss: Rs 470| Upside 3.7%

MORE WILL UPDATE SOON!!

Stocks in the news: Yes Bank, Nalco, Mahanagar Gas, Page Industries, Adani Transmission, Hexaware

Technologies and Engineers India are stocks which are in the news today.

Here are stocks that are in the news today:

Results on August 9: GAIL (India), BPCL, Shree Cements, Hindalco Industries, Britannia Industries, Cadila Healthcare, Sobha, BHEL, Oil India, Reliance Communications, RattanIndia Power, NEL Holdings, PC Jeweller, TTK Healthcare, SH Kelkar, Marksans Pharma, Hercules Hoists, Arshiya, Jamna Auto Industries, Kakatiya Cement, IG Petrochemicals, Royal Orchid Hotels, TV Today, Amber Enterprises, Vivimed Labs, MRF, Future Consumer, Speciality Restaurants, NCC, HG Infra Engineering, Century Plyboards, Kanoria Chemicals

Results on August 9: ITD Cementation, Natco Pharma, PSP Projects, Tourism Finance Corporation of India, VIP Clothing, Narayana Hrudayalaya, Golden Tobacco, Tilaknagar Industries, Pfizer, Oswal Chemicals, Neogen Chemicals, Sun TV Network, Satin Creditcare, Subros, NHPC, NRB Bearing, Arvind Fashions, Uniphos Enterprises, Nitco, Shipping Corporation, Himatsingka Seide, Meghmani Organics, Gujarat Industries Power, Pokarna, Inox Wind, State Trading Corporation of India, SAIL, 63 Moons Technologies, Garden Reach Shipbuilders, VST Tillers, Balaji Telefilms, Varroc Engineering, Honeywell Automation

Coffee Day Enterprises: Company appointed Ernst & Young to probe statements in VG Siddhartha's letter and company's units' financials.

Yes Bank: QIP issue opened, floor price for issue fixed at Rs 87.9 per share. Bank is currently in the process of appointing new key officers, including CFO, COO.

NBCC Q1: Consolidated profit dips 38.4 percent to Rs 49 crore versus Rs 79.4 crore, revenue falls 16.3 percen to Rs 1,885.8 crore versus Rs 2,251.8 crore YoY.

Nalco: Company signed joint venture agreement with Mishra Dhatu Nigam for setting up aluminum alloys plan for manufacturing plates, sheets.

Tata Chemicals Q1: Consolidated profit rises 19.5 percent to Rs 313 crore versus Rs 261.6 crore, revenue increases 5.6 percent to Rs 2,896.9 crore versus Rs 2,744.4 crore YoY.

Mahanagar Gas Q1: Profit jumps 27.5 percent to Rs 170.2 crore versus Rs 133.5 crore, revenue increases 4.8 percent to Rs 831.2 crore versus Rs 793.2 crore QoQ.

Endurance Technologies Q1: Consolidated profit jumps 32.9 percent to Rs 165.6 crore versus Rs 124.6 crore, revenue rises 2.6 percent to Rs 1,909.2 crore versus Rs 1,860.4 crore YoY.

Page Industries Q1: Profit falls 11.1 percent to Rs 110.6 crore versus Rs 124.4 crore, revenue increases 2.4 percent to Rs 835 crore versus Rs 815.3 crore YoY.

Jindal Stainless (Hisar) Q1: Consolidated profit falls to Rs 104.68 crore versus Rs 139.49 crore, revenue dips to Rs 2,372.35 crore versus Rs 2,476.70 crore YoY.

Rashtriya Chemicals and Fertilizers Q1: Profit falls to Rs 7.98 crore versus Rs 22.99 crore, revenue jumps to Rs 2,409.5 crore versus Rs 1,943.5 crore YoY.

Adani Transmission Q1: Profit rises to Rs 213.42 crore versus Rs 146.70 crore, revenue jumps to Rs 2,858.08 crore versus Rs 2,545.56 crore QoQ.

Hexaware Technologies June quarter: Consolidated profit rises to Rs 151.35 crore versus Rs 138.5 crore, revenue increases to Rs 1,308.3 crore versus Rs 1,264 crore QoQ.

Engineers India Q1: Profit jumps to Rs 125.7 crore versus Rs 89.5 crore, revenue climbs to Rs 742.66 crore versus Rs 582.8 crore YoY.

Clariant Chemicals Q1: Profit rises to Rs 11.27 crore versus Rs 9.64 crore, revenue increases to Rs 295.81 crore versus Rs 264.32 crore YoY.

DHFL: Company said payment obligations falling due in the near future may not be met on schedule, but it is committed to resolving issues related to liquidity crisis and making best efforts to work out a resolution plan.

Bodal Chemicals: Company acquired 80 percent stake in SEN-ER Boya Kimya Tekstil Sanayi VE Ticaret Ltd. STI. by entering share sale and transfer agreement.

Marico: Company will further invest in Revolutionary Fitness Private Limited and will increase stake in same to 37 percent.

HCL Technologies: UK subsidiary makes minority investment in OM Mobile Ventures (doing business as Kalido), headquartered in London.

Indostar Capital Finance: Company approved appointment of Amol Joshi as the CFO.

Alphageo (India): CRISIL revised long term credit rating to BBB+/Watch Developing, from BBB+/Stable.

Cochin Shipyard: Company launched two Ro Pax vessels designed and built for Inland Waterways Authority of India.

SBI: Term of office of Dinesh Kumar Khara, MD, extended by two years with immediate effect.

IDBI Bank: Bank to cut MCLR on most tenures by 5-15 bps from August 12.

Oriental Bank of Commerce: Bank to cut MCLR across tenures by 5-10 bps from August 10.

GMR Infrastructure: Board approves raising up to Rs 2,500 crore via equity, debt.

Wipro: Company partners with Camunda to offer workflow automation platform.

NBFC: The government is likely to come up with some relief measures on sectors like the non-banking financial companies (NBFCs).

Marico will further invest in Revolutionary Fitness and will increase stake to 37 percent

Lakshmi Vilas Bank is working in close co-operation with Indiabulls Housing Finance to ensure all regulatory approvals are received at the earliest

8K Miles Software Services stated that company has entered into new projects

Jamna Auto Industries has made changes in production schedule at a1l its plants. The plants may not run or partially run on all working days in August, 2019.

Care Ratings has downgraded its rating on Long Term Bank Facilities and Non-Convertible Debentures rating of Vodafone Idea to CARE A from CARE A+, with negative outlook

Bulk deals

MORE WILL UPDATE SOON!!

Nifty finds respite with Thursday turnaround, but needs push from HDFC Bank, RIL for further upside

Thursday’s action could well be described as an act of defiance as global markets have been on treacherous path in past few sessions with US & China involved in a continuing trade war.

  

Whenever weakness or bearish bias swings too far in one direction, market always tends to revert to the mean. Similarly, index’s prolonged correction seems to have found some respite around 10,750-10,800. Prior to Thursday’s big fat green bar, index had witnessed a tussle around 10,800 in last three sessions.

Barring Thursday’s session, Nifty had struggled to sustain any intra-day recoveries. However, action of last three sessions placed importance to confluence of support around 10,800 zone as it failed to drift lower (second line of defense as per Gann rule of 8, midpoint of three-digit Gann channel & two-year mean).

Appearance of a bullish candle near support levels along with RSI bouncing off oversold region infers immediate floor near 10,800. Such pattern requires positive follow-up action, hence a sustenance above the three-digit Gann number of 11,100 is essential.

Peak & bottom of a tall Green bar tends to have repercussions in the future trend too. It acts as a point of polarity zone. In BankNifty’s case, it found respite around the peak of a big bullish bar seen on 5th March 2019. The month of March was a breakout month for both the benchmark indices. Presence of three-digit Gann number of 273(00) and two-year mean proved to be a reference point in the recent structural set-up.

Thursday’s action could well be described as an act of defiance as global markets have been on treacherous path in the past few sessions with US & China involved in a continuing trade war. However, sell on rallies and buy on declines movement (evident from this week’s activity) led to a choppy environment on Dalal Street.

Choppy market is not an ideal time to make money on the index. During a period where the market is creating whipsaws within the trading band of 200 points, current rally would gain credence only on a convincing move above three-digit Gann number of 111(00). Sustenance above the same would result in a move towards 11,350 zone.

The architects in Thursday’s turnaround were index heavyweights with RIL & HDFC Bank among the major contributors. Reliance, after around 20 percent correction from the peak of Rs 1,418, has reversed from PRZ of Bat harmonic pattern. The same is placed around its 2-year mean, which suggests that prolonged corrective wave has come to an end. Similarly, HDFC Bank has bounced back from the confluence of support zone around Rs 2,170. It is essential for these index heavyweights to participate from hereon for Nifty to advance further.

MORE WILL UPDATE SOON!!

Our Glenmark Pharma Cash Call Hits 1st Target........Waiting for 2nd Target.....Are You...

  

Yesterday  We had given a call to Buy Glenmark (Cash ) around 423 for the target of  433--438

Look at the call as Today it made a high of 433 and now trading around 430

Patience wins the trade.......

We Booked Full Profit Today around 433

Return of 2.36 Percent on 1  Lot....... 

We Believe in our Research......

Hope You Minted Profit.

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

Still Looking for trade or confused!!..............Don't Worry Join Our Team......

KEEP TRADING FOR FREE>Just Click on  link below

https://tradingcalls-indianmarketpulse.blogspot.com/

or

 E-Mail Us at indianmarketpulse@gmail.com

MORE WILL UPDATE SOON!!

Our Nilkamal Cash Call Hits Its Target ...........Still Confused....Join Our Team.....

  

Yesterday  We had given a call to Buy Nilkamal (Cash ) around 1044--1040 for the target of  1055—1060

Look at the call as Today it made a high of 1073  and now trading around 1065

Patience wins the trade.......

We Booked Full Profit Today around 1072

Return of 1.6 Percent on 1  Lot....... 

We Believe in our Research......

Hope You Minted Profit.

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

Still Looking for trade or confused!!..............Don't Worry Join Our Team......

KEEP TRADING FOR FREE>Just Click on  link below

https://tradingcalls-indianmarketpulse.blogspot.com/

or

 E-Mail Us at indianmarketpulse@gmail.com

MORE WILL UPDATE SOON!!