Moneycontrol
Last Updated : Oct 12, 2018 07:12 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Crucial resistance for Nifty at 10,350

Nifty recovered from lows and reclaimed 10,200 levels but it failed to surpass 10,300-10,350 levels. Crucial resistance is placed at 10,350-10,400 and support is placed at 10,200 and 10,100.

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Indian markets wiped out gains made in the previous trading session as it fell to a six month low on Thursday. The fall was triggered by a sell-off in US markets which saw its worst fall since February due to concerns over FED rate hike trajectory and trade tensions.

The S&P BSE Sensex lost 759 points but closed at 34001 while the Nifty dropped 225 points but managed to hold on to 10,200 which is a positive sign.

In the foreign exchange market, the rupee depreciated further against the US dollar hitting a record low of 74.48 in early trade yesterday.

A sharp plunge in domestic stocks in morning wiped off Rs. 2.6 lakh crore of investor wealth in just one session.

Technically, Nifty50 did recover from lows and reclaimed 10,200 levels but it failed to surpass 10,300-10,350 levels. For Friday, crucial resistance is placed at 10,350-10,400 and support is placed at 10,200 and 10,100.

Big News:

Moneycontrol Exclusive: The government may announce a fresh set of measures that could include higher customs duties and import restrictions on certain non-essential items as part of a broader plan to contain a widening current account deficit (CAD) and arrest the rupee’s slide.

Click here to further details

Rupee slipped to a fresh record low against the USD on Thursday. Some experts feel that

The Prime Minister’s Office (PMO) will also take stock of the situation on Friday (October 12), particularly with the situation pertaining to CAD and depreciating rupee, sources told Moneycontrol.

India’s CAD widened to 2.4 percent of GDP in April-June and the rupee is hovering at above 74 to a dollar.

Technical View:

Nifty hit fresh 6-month low

The index formed bullish candle on an intraday basis because the closing level is higher than opening.

Three levels: 10,100, 10,200, 10,460-10,500

Max Call OI: 11,000, 10,500

Max Put OI: 10,000, 10,500

Stocks in news:

TCS: The country's largest software exporter Tata Consultancy Services on October 11 reported a double-digit annual rise in its revenue for the September quarter, which it expects to maintain for the rest of the year.

GM Breweries Q2: Profit rises to Rs 19.42 crore versus Rs 15.73 crore; revenue increases to Rs 413.59 crore versus Rs 384.82 crore (YoY).

Bank of Baroda: Company has extended the term of office of P S Jayakumar as Managing Director and Chief Executive Officer for a further period of one year.

Avenue Supermarts: Company has issued commercial paper of Rs 65 crore.

Technical Recommendations:

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

Pfizer: Buy| Target: Rs 2,980| Stop Loss: Rs 2680| Return: 7.1%

Dhampur Sugar: Buy| Target: Rs 171| Stop Loss: Rs 145.5| Return: 11%

Jindal Steel & Power: Sell October Futures| Target: Rs 155| Stop Loss: Rs 171| Return: 6.6%

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol are his own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
First Published on Oct 12, 2018 07:10 am
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