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Last Updated : Dec 28, 2018 07:17 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Minor pullback likely in metal, auto, cement & pharma sectors

Crude and rupee’s trajectory will be crucial for the market, going ahead.

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After closing the December series on a positive note, investors for the new series is likely to focus on movements on global markets as well as crude.

On Thursday, a sell-off in banks and automobiles, among others weighed on indices.

Close

Shares began on a much higher note as global cues favoured the rally in Indian indices.

At the close of market hours, the Sensex was up 157.34 points or 0.44% at 35807.28, while the Nifty was higher by 49.90 points or 0.47% at 10779.80. The market breadth was narrow as 1313 shares advanced, against a decline of 1233 shares, while 181 shares were unchanged.

Crude and rupee’s trajectory will be crucial for the market, going ahead.

Big News:

It’s a brand new start for the market as January series kicks off for F&O contracts. After seeing some volatility, attempts to stage a recovery have been witnessed by the global markets.

Importantly, global indices are attempting to reclaim some lost glory after multiple sessions of bearishness. Crude attempted to recover during the day, but fell during the last hour of trade.

Technical View:

Technical experts said that rollovers from December to January series were inline were expectation. However, short rollovers were seen in metal, auto, cement and pharma sector and that will put pressure on market in short term.

A minor pullback is expected in these sectors in coming week, however these short covering pullbacks will be short term in nature and fresh shorts can be initiated at higher levels in these sectors whereas long rollovers were seen in Psu banking, nbfc, capital goods and technology sector and one can expect positive move in coming weeks in them.

Max Call OI: 11,000, 10,900, 10,800

Max Put OI: 10,700, 10,500, 10,600

Technical Recommendations:

We spoke to Way2Wealth Brokers and here’s what they have to recommend:

Hexaware | Rating: Buy | Range: Rs 325-320 | Target: Rs 375 | Stop Loss: Rs 300

Adani Ports | Rating: Buy | Range: Rs 380-375 | Target: Rs 410 | Stop loss: Rs 363

Jet Airways | Rating: Buy | Range: Rs 271 | Target: Rs 320-345 | Stop loss: Rs 240

The author is Head — Technical Research at Way2Wealth Brokers.

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 Dec 28, 2018 07:15 am
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