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Last Updated : Aug 14, 2019 07:49 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Crucial level for Nifty at 10,782, resistance at 11,170

The index closed way below the 11,000 level and formed bearish candle. 10,782 will remain a crucial level to watch out for which was the intraday low recorded on August 5.

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A terrible Tuesday for D-Street! Bulls look tired after a long weekend which gave bears an opportunity to regain control. Benchmark indices wiped out gains made in the last two sessions as bulls pushed both Sensex and Nifty below crucial support levels.

The S&P BSE Sensex closed below 37000 while the Nifty50 failed to hold on to 11000-11100 levels. The final tally on D-Street: the Sensex down 623 points at 36,958 and the Nifty down 183 points at 10,925, the biggest single-day fall in a month.

Close

Investor wealth dropped by over Rs 2.21 lakh crore on August 13 after the BSE benchmark tumbled 624 points amid sell-off in global equities and domestic front-line companies.

At the BSE, 1,652 stocks declined, while 861 advanced and 148 remained unchanged. Over 250 stocks were at their 52-week low levels on the BSE. In the broader market, the BSE small-cap and mid-cap indices fell by up to 2.25 per cent.

On the macro front, India's retail inflation rate in July eased slightly to 3.15 percent, remaining comfortably within Reserve Bank of India's (RBI) target level of 4 percent, latest price data released by the Central Statistics Office (CSO) on August 13 showed. Retail inflation for June came in at an eight-month high of 3.18 percent.

The rupee plunged 62 paise on Tuesday to close at a nearly six-month low of 71.40 against the US dollar in line with battered equities as global market turmoil and Argentine currency crash drove investors to safe havens.

On the institutional front, FPIs were net net sellers in Indian markets for Rs 638 cr while the DIIs were net buyer to the tune of Rs 201 cr, provisional data showed.

Big News:

As many as 981 stocks will report their results for the quarter ended June later today which onclude names like Autoline Industries, CESC, Cox & Kings, Eveready Industries, Finolex Cables, GTL Infra, HDIL, HEG, Indiabulls Real Estate, IDBI Bank, IDFC Ltd, Kitex Garments, MMTC, Omaxe, Prabhat Dairy, Suzlon Energy, Unitech, Zee Learn, and Zuari Global etc. among others.

Technical View:

Nifty forms a 'Long Black Day' on the daily charts

The index closed way below the 11,000 level and formed bearish candle

10,782 will remain a crucial level to watch out for which was the intraday low recorded on August 5

On the higher side, 11,144, 11170 will act as crucial resistance

Three levels:  10,782, 10,906, 11170

Max Call OI: 11000, 10500

Max Put OI: 11000, 10700

Stocks in news:

Manappuram Finance on August 13 reported a 36 percent rise in its profit after tax (PAT) to Rs 272.23 crore on a consolidated basis during the first quarter ended June 30.

Housing Development Finance Corporation (HDFC) August 13 said it has raised Rs 5,000 crore through a private placement of secured non-convertible debentures (NCDs).

Healthcare major Apollo Hospitals Enterprise on August 13 reported over two-fold jump in consolidated net profit at Rs 49.15 crore for the quarter ended June 30, 2019, mainly on account of robust growth in healthcare services and pharmacy verticals.

Technical Recommendations:

We spoke to SMC Global Securities and here’s what they have to recommend:

Reliance Nippon Life Asset Management: Buy| Target: Rs 267| Stop Loss: Rs 225| Upside 11%

Bharat Electronics: Sell| Target: Rs 86| Stop Loss: Rs 98| Downside 8%

Adani Ports and Special Economic Zone: Sell| Target: Rs 339| Stop Loss: Rs 380| Downside 7%

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 Aug 14, 2019 07:17 am
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