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Last Updated : Jul 19, 2019 07:21 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Nifty may slip below 11,500 if support of 11,560 is broken

Experts feel overall the index has been range bound for several weeks now but if it extends sell-off and breaks immediate support of 11,560, then chances of it falling below 11,500 can't be ruled out in coming sessions.

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Bears regained control of D-Street after 3 straight sessions of gains on Thursday and pushed the Nifty50 index below 11600 while Sensex also gave up 39000 towards the close.

The Nifty50 found resistance near its 50-days EMA placed at 11685. The next big support for the index is near 100-DMA placed at 11560

Close

Trade war concerns led to a fall in US markets on July 17 while muted results from India Inc were a dampener for domestic investors.

More than 300 stocks hit fresh 52-week low which include names like Bosch, Maruti Suzuki, HEG, MindTree, M&M, YES Bank, Cox & Kings, and Reliance Power etc. Among others.

Foreign portfolio investors (FPIs) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Budget 2019, Finance Minister Nirmala Sitharaman said, in a discussion on the Finance Bill in the Parliament on July 18.

Foreign institutional investors have been net sellers in the equity segment of Indian markets, pulling out more than Rs 4,000 crore till now in July, SEBI data showed.

On the institutional front, FPIs were net sellers in Indian markets for Rs 1404 cr, while DIIs were net buyers to the tune of Rs 329 cr, provisional data showed.

The rupee depreciated by 15 paise to close at 68.97 against the US dollar July 18, amid heavy selling in domestic equities and rising crude oil prices.

Big News:

As many as 30 companies will report their results for June quarter later today which include names like Dabur India, RIL, Bandhan Bank, Hindustan Zinc, L&T Finance Holdings, and Unitech among others.

Dabur India: PAT likely to grow by 4% YoY to Rs 342 cr

Reliance Industries: PAT likely to fall by 5.9% YoY to Rs 8926 crore

Hindustan Zinc: PAT likely to fall by 6.7% YoY to Rs 1789 cr

(All the estimates are from Motilal Oswal)

Technical View:

Nifty has formed a Bearish candle which also resembles a Bearish Belt Hold kind of pattern on daily charts

Experts feel overall the index has been range bound for several weeks now but if it extends sell-off and breaks immediate support of 11,560, then chances of it falling below 11,500 can't be ruled out in coming sessions.

Three levels: 11582, 11677, 11700

Max Call OI: 12000, 11700

Max Put OI: 11300, 11600

Stocks in news:

Lupin, India’s third-largest drugmaker said it will be focusing on execution of complex generics pipeline, biosimilars and speciality portfolio to improve profitability, even as it tries to overcome pricing pressure and regulatory challenges in the key US market.

IT company L&T Infotech (LTI) July 18 reported a 1.5 per cent decline in consolidated net profit to Rs 355.8 crore for the quarter ended June 2019.

Cement maker ACC July 18 reported 38.61 per cent rise in consolidated net profit at Rs 455.68 crore for the quarter ended June 30, 2019 helped by improvement in operating performance and sales.

Thermax has concluded an Rs 471 crore order from an Indian government power company to set up two Flue Gas Depressurization (FGD) systems at their thermal power plant in the state of Jharkhand.

Technical Recommendations:

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

Sun Pharma Advanced: Buy| Target: Rs 169| Stop Loss: Rs 147| Upside 10%

Colgate Palmolive India Ltd: Buy| Target: Rs 1288| Stop Loss: Rs 1163| Upside 7%

Glenmark July Futs: Sell| Target: Rs 416| Stop Loss: Rs 449| Downside 5%

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 Jul 19, 2019 07:19 am
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