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Last Updated : Nov 21, 2018 07:16 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Investors should maintain cautious stance

Crucial resistance level for the Nifty is placed at 10740-10800 while supports are placed at 10,500-10440.

 
 
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Weak global cues pushed the bears back in charge for D-Street. It wiped out gains made in the previous session and pushed the index below 200-DMA placed at 10752 levels.

The final tally on D-Street looked like: S&P BSE Sensex plunged 300 points to close at 35,474 while the Nifty50 was down by 107 points to end at 10,656.

Correction in crude oil prices and consistent appreciation in INR vs USD is encouraging but liquidity concerns amongst NBFCs and uncertainty in the upcoming state elections is likely to keep volatility high.

Close

Analysts advise investors to maintain a cautious stance on the markets in near term and be selective while picking stocks.

Technically, it saw a touch-and-go moment with its long term moving average placed at 10752.

It slipped below its crucial moving averages such as 100, 50, as well as 5-EMA.

Technical View:

Nifty formed a bearish belt hold pattern on daily charts

Crucial resistance level is placed at 10740-10800 while supports are placed at 10,500-10440

Three levels to watch out: 10440, 10640, 10740-10800

Max Call OI: 10800, 11000

Max Put OI: 10000, 10500

Stocks in news:

Five companies -- NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group -- have shown interest in taking over debt-ridden Jaypee Infratech, which is facing bankruptcy proceedings in NCLT.

NTPC has signed MoUs with Vehicle Aggregators Ola, Lithium, Shuttl, Bikxie, Bounce, Electrie and Zoom Car for development and utilization of public charging infrastructure.

IT and pharma companies will remain in focus as the rupee rose by 21 paise to end at 71.46 against the US dollar on November 20 on increased selling of the greenback by exporters amid softening crude oil prices, and persistent foreign fund inflows.

Technical Recommendations:

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

Dredging Corporation: Buy| Target: Rs 415| Stop Loss: Rs 342| Return 12%

Filatex India: Buy| Target: Rs 59| Stop Loss: Rs 49| Return 11%

Raymond: Buy| Target: Rs 860| Stop Loss: Rs 730| Return 10%

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.
First Published on Nov 21, 2018 07:14 am
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