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Last Updated : Nov 09, 2018 07:04 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Nifty may see pick up in momentum once it crosses 10,600

Momentum is expected to pick up on the upside once the Nifty crosses the range of 10,600-10,710 on a closing basis.

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TGIF! And, why not after a strong muhurat trading session brought much-needed cheer to the market. The S&P BSE climbed 35,000 while the Nifty50 close a tad lower below its resistance level of 10,600.

Strong global cues helped Indian market climb crucial resistance levels. US markets rose as investors moved past the US midterm elections without any major political surprises. The 10-year Treasury note yield rose to 3.25 percent on Wednesday, its highest since October.

It was a strong 1-hour session for Indian markets. The S&P BSE Sensex jumped more than 200 points while Nifty witnessed a rally of around 60 points in the Muhurat session.

One positive takeaway from the Muhurat Trading session was that Supetrend Indicator gave a buy signal. The last time it gave a buy signal was in the month of July, the Nifty50 index touched the record high of 10,760. Let’s see where index heads from current level.

Technically, level of 10,458-10,441 will act as a key support zone to watch out for.

On the other hand, momentum is expected to pick up on the upside once the Nifty crosses the range of 10,600-10,710 on a closing basis.

Once the hurdle zone is surpassed then the Nifty can stretch towards 11,000-11,140 in the short term.

Big News:

On the earnings front, as many as 74 companies will report their results for the quarter ended September later today which include names like BGR Energy, EID Parry, India Cements, Indian Bank, Amara Raja Batteries, Sobha, Titan Company, and TCI Industries etc. among others.

Amara Raja Batteries: PAT likely to fall by 17% YoY to Rs 105 crore

Titan Company: PAT likely to rise by 21% YoY to Rs 337 crore

Indian Bank: PAT likely to fall by 35% YoY to Rs 1173 crore

(All the estimates are from Motilal Oswal)

Technical Recommendations:

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

Ashok Leyland: Buy| Target: Rs 133| Stop Loss: Rs 110|Return 12%

MRPL: Buy| Target: Rs 94| Stop Loss: Rs 75| Return 14%

V-Guard Industries: Buy| Target: Rs 210| Stop Loss: Rs 178| Return 10%

Disclaimer: The views and investment tips expressed by investment experts 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 9, 2018 07:00 am
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