Moneycontrol Be a Pro
Get App
Last Updated : Jul 11, 2019 07:10 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Market likely to remain choppy in near term amid mixed trend in Q1 earnings

Experts feel as the index has been moving in a particular range and still holding 11,460, there is still hope for recovery on short covering.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Bulls failed to push the index back above 100-days EMA on Wednesday as Nifty50 closed below 11500 levels.

Despite firm global cues Indian markets witnessed a breakdown as fresh tariff threats from the US caused volatility.

Close

Amongst the broader market indices, ‘BSE Midcap’ and ‘BSE Smallcap’ too ended lower by 0.8 percent each. Amongst the sectoral indices Realty, Capital Goods, Metal and Auto were the biggest losers in the range of 1.1-1.7 percent.

Experts feel that the market is likely to remain choppy in the near term amid mixed trend seen in Q1 earnings.

The rupee declined by 7 paise to close at 68.58 against the US dollar on Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices.

On the institutional front, FPIs were net sellers in Indian markets for Rs 604 cr while the DIIs were net buyers to the tune of Rs 667 cr, provisional data showed.

Technical View:

Nifty formed a bearish candle on the daily charts

The index closed below 11,500 for the first time since May 17 and formed bearish candle on daily charts.

Experts feel as the index has been moving in a particular range and still holding 11,460, there is still hope for recovery on short covering.

Three levels: 11461, 11475, 11593

Max Call OI: 12000, 11900

Max Put OI: 11300, 11500

Stocks in news:

Piramal Enterprises: Board approves raising up to Rs 1,500 crore via NCDs.

GTPL Hathway Q1: Consolidated profit jumps to Rs 29.45 crore versus Rs 13.37 crore; revenue rises to Rs 445.5 crore versus Rs 296.9 crore YoY.

Himachal Futuristic Communications Q1: Profit rises 148 percent to Rs 117 crore versus Rs 47 crore; revenue jumps 23 percent to Rs 1,343 crore versus Rs 1,088 crore YoY.

Technical Recommendations:

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

Power Grid: Buy| LTP: Rs 205.30 | Target: Rs 221|Stop Loss Rs.195|Upside 8%

Tata Motors: Sell| LTP: Rs 151.65 | Target Rs 140|Stop Loss Rs.158| Upside 7.5%

Apollo Hospitals: Buy| LTP: Rs 1318 | Target: Rs 1425|Stop Loss: Rs.1265| Upside 8.10%

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.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jul 11, 2019 07:10 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant
Make every wish come true
10% CashBack on Apparel
10% CashBack on Electronics
Swipe & Win iPhone 11 every hour