In the July contracts, put writes are active at 9400 strike and call writes are active at 9800 strike indicating a band of 9400-9800.
A look at top cues from domestic and international markets that could have a bearing on D-Street on Wednesday.
“AU Small Finance Bank” that commenced its commercial operation from 19th April 2017 transitioned to its banking avatar after running a successful and highly profitable retail focused NBFC (Non-Banking Finance Company) for over twenty years.
Nilesh Shah of Kotak Mahindra AMC believes that the long term bullish story of the market remains intact and investors, if underweight on equities, could increase investments.
The research firm said that the Street is not fully incorporating strength in global aluminium price to levels that we believe are sustainable.
Research firm said that the company’s margin prospects look better due to improvement in product mix and cost savings.
The belief that assets could be sold at a fair price and some of these dead cats could actually walk again has whetted investors’ appetite, too. But such a belief could be misplaced.
Malaysia-based Integrated Healthcare Holdings (IHH) reportedly has pulled out of controlling stake purchase talks from Fortis Healthcare, Malar Hospitals and SRL Diagnostics.
Tata Motors and BHEL, among others, are being tracked by analysts today.
The expert believes that there is no valuation comfort in most businesses and going forward, the market breadth will collapse and individual stocks will be in focus.
Shares gain between 2 and 4 percent intraday as investors cheered better prospects of financials of these firms on lower input costs.
However, looking at futures open interest and other derivative data we expect Nifty to break 9,700 and moving towards 9,750 in the expiry week and any dip should be used as buying opportunity.
A 'small bearish' candle is formed when the index trades lower, but within a defined range, throughout the session.
Bharat Financial Inclusion also rose on the back of buzz around its merger. Its management told CNBC-TV18 that an announcement on its merger is likely in the next few months.
The level of 9,700-9,720 will be the immediate resistance above which uptrend would confirm and the market will remain upside for over short to medium term.
The big move could also be a result of short covering which propped the index towards 9,700. This was evident from the advance-decline ratio which sits at 99 issues advancing compared with 112 declining.
Says the exit of Sandeep Dadlani is worrying sign; suggests against centralizing all responsibilities at the top level.
Ratings agency said change in outlook reflects stabilization in the company’s operating performance and a decline in its financial leverage.
Anup Maheshwari of DSP BlackRock feels valuations are stretched, but earnings growth will help the market. He likes PSU banks as well as books will be in better shape in 12-18 months.
Motherson Sumi, Asian Paints and Cadila Healthcare, among others are on investors’ radar.
Redemption pressure gripped mutual funds which led to fall in total category wise asset under management (AUM) by 1.2 percent on a sequential basis to Rs 19.03 lakh crore in May 2017, IDBI Capital said in a report.
JPMorgan which has an overweight rating in Tata Motors and a March 2018 target price of Rs570 said that the funds from Tata Technologies could be used to partly pare down parent company debt of USD 2.9 billion
Traders are advised to tread cautiously as the Nifty still closed below its support of 9580.
GAIL, Reliance and Reliance, among others, are being tracked by investors' radar.
We expect the index to consolidate with a positive bias and oscillate between the broad range of 9,500 and 9,750 in the coming sessions while stock specific activity will remain in focus.