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It was a day of consolidation after a blockbuster rally seen last week when both Sensex and Nifty saw a rally of about 5 percent each. The S&P BSE Sensex closed below its crucial level of 35000 while Nifty slipped below 10,550.
The S&P BSE Sensex closed 60 points down at 34,950 while the Nifty50 closed 29 points down at 10,524.
Technically speaking, 10440 will act as crucial resistance level for the index while on the upside 10600 will act as stiff resistance level for the index.
Among the sectors, the BSE Realty index rose 1.5 percent, followed by the metal index which was up 0.15 percent and banking index gained 0.12 percent. On the losing front, BSE Power index was down 1.6 percent, followed by pharma index and consumer durable index was down 0.5 percent.
The consolidation was visible in the broader market as well. The outlook remains positive from a short-term perspective. Though there are couple of hurdles lying ahead in the range of 10600-10710.
Once these barriers are taken out, then the Nifty can stretch towards 11000-11140, suggest experts.
Big News:
On the earnings front, as many as 46 companies are scheduled to report its results for the quarter ended September which include names like Camlin Fine, Balmer Lawrie, Graphite India, JK Industries, Dr Lal Pathlabs, Manappuram Finance, Voltas etc. among others.
Voltas: PAT is likely to fall by 2.5 percent YoY to Rs 93 crore
Technical Recommendations:
The Nifty50 slipped below its crucial support placed at 10550 to form a ‘Hanging Man’ kind of pattern on the daily charts.
Crucial support for the index is placed at 10440, and below that at 10,200 levels while on the upside, Nifty50 is likely to face stiff resistance at 10,600-10,700 levels, suggest experts.
Max Call OI: 11000, 10800
Max Put OI: 10000, 10200
Stocks in news:
SBI which reported results for the Sep quarter returned to profitability after four quarters helped by a one-time gain and lower provisions. The Net profit fell 40 percent year-on-year to Rs 945 crore. The stock jumped 3.4 percent.
Tata Consultancy Services Ltd. needs to offer a good explanation for why engineers hired at its American outposts are 13 times as likely to be fired if they’re not South Asian.
Pharma firm, Unichem Laboratories announced that the company has entered into an agreement to acquire 20 percent equity stake in the API and intermediate business of Hyderabad based Optimus group.
Technical Recommendations:
We spoke to HDFC Securities and here’s what they have to recoomend:
Sterlite Technologies Ltd: Buy| LTP: Rs 364| Target: Rs 420 | Stop-Loss: Rs 340 | Return 15%
Torrent Power Ltd: Buy| LTP: Rs 265 | Target: Rs 290 | Stop-Loss: Rs 248 | Return 9%
Coromandel International Ltd: Buy| LTP: Rs 430 |Target: Rs 475| Stop-Loss: Rs 405 | Return 10%
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