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Last Updated : Jul 18, 2019 07:23 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Close above 11,700 would take Nifty towards 11,772-11,798 levels

Selling pressure around 11700 was seen but it was heartening to see that the index managed to hold on to 11650 levels.

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Bulls remained in control of D-Street for the third consecutive day in a row.

But, selling pressure at higher levels spoiled the party as index closed slightly above its opening levels making a ‘Spinning Top’ kind of pattern on the charts

Close

The S&P BSE Sensex closed with gains of over 80 points while Nifty50 failed to hold on to 11700 levels on closing basis| But, the momentum still remains intact as the index is making higher high and higher low

The broader markets underperformed the benchmark with BSE Midcap and BSE Smallcap ending lower by 0.2% and 0.1% respectively.

The sectoral indices witnessed mixed trend. While Consumer Durables, Oil and Gas and Auto ended with losses of around 0.4-1%, the other indices including FMCG, IT and Banking ended with healthy gains.

The rupee depreciated by 11 paise to close at 68.82 against the US dollar July 17 due to foreign fund outflows and rising crude oil prices.

On the institutional front, FPIs were net sellers in Indian markets for Rs 16 cr while DIIs were net buyers to the tune of Rs 208 cr, provisional data showed.

Big News:

On the results front, as many as 22 companies will declare their results for the quarter ended June which include names like ACC, Colgate Palmolive, Rallis India, L&T Infotech etc. among others.

ACC: Profit likely to fall by 8% YoY to Rs 337 cr

Colagte: PAT likely to fall marginally by 0.6% YoY to Rs 165 cr

L&T Infotech: PAT likely to grow by 1.2% YoY to Rs 365 cr

(All the estimates are from Motilal Oswal)

Technical View:

Nifty formed a small bullish candle which resembles a ‘Spinning Top’ kind of pattern on daily charts.

The index witnessed selling pressure near 20-DMA placed at 11711.

Selling pressure around 11700 was seen but it was heartening to see that the index managed to hold on to 11650 levels.

A close above 11700 would take the index towards 11772-11798 levels.

Three levels: 11651, 11706, 11772

Max Call OI: 12000, 11800

Max Put OI: 11600, 11300

Stocks in news:

Private sector lender Yes Bank turned the corner in June quarter with a Rs 113.76 crore standalone profit against loss of Rs 1,506.64 crore in the previous quarter due to sharp fall in provisions.

Wipro reported 3.86 percent sequential fall in Q1 consolidated profit and 2.4 percent decline in revenue from operations on July 17. Profit for the quarter ended June 2019 stood at Rs 2,387.6 crore and revenue at Rs 14,786 crore, the company said in its BSE filing.

Mid-sized IT firm Mindtree Wednesday posted a 41.4 per cent rise in consolidated net profit to Rs 92.7 crore for the quarter ended June 30.

Technical Recommendations:

We spoke to Bonanza Portfolio and here’s what they have to recommend:

Avenue Supermart: Buy| LTP: Rs 1463.80| Target: Rs 1565|Stop Loss: Rs1400|Upside 7%

CESC: Buy| LTP: Rs.783.70| Target: Rs 845|Stop Loss: Rs 744|Upside 8%

Bharti Airtel: Sell| LTP: Rs 346.25| Target: Rs 326|Stop Loss: Rs 358|Upside 6%

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any
investment decisions.

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First Published on Jul 18, 2019 07:21 am
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