Moneycontrol Be a Pro
Get App
Last Updated : Apr 18, 2019 07:08 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Nifty may test 12,000 if it sustains above gap zone of 11,731–11,704

Investors should stay put and avoid profit booking at higher levels because chances of a further rise in markets look likely, suggest experts.

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

A historical day for Indian markets as both Sensex and Nifty hit fresh record highs. The S&P BSE Sensex hit a record high of 39,364.34 while the Nifty50 also recorded fresh life highs 11,810.95.

Banks, consumer durables, and telecom stocks led the rally while realty stocks witnessed some profit taking.

Close

The broader market underperformed benchmark indices. The S&P BSE Midcap index rose 0.12 percent while the S&P BSE Smallcap index rose 0.37 percent.

The final tally – the S&P BSE Sensex rose 369 points to 39,275 and the Nifty50 closed 96 points higher at 11,787.15.

Apart from stable global cues, a better monsoon outlook from IMD provided relief to investors. The Street is also building hopes of further rate cuts to reverse the economic slowdown.

Investors should stay put and avoid profit booking at higher levels because chances of a further rise in markets look likely, suggest experts.

The Indian rupee on April 16 lost another 18 paise to close at 69.60 against the US dollar, marking its third straight session of decline owing to sustained demand for the greenback from importers and rising global crude oil prices.

On the institutional front, FPIs were net buyers in Indian markets for Rs 1038 crore while DIIs were also net buyers to the tune of Rs 37 crore, provisional data showed.

Big News:

As many as 11 companies on the BSE will declare their results for the quarter ended March later today which include names like DCB Bank, ICICI Lombard, RBL bank and RIL.

Reliance Industries: PAT is likely to grow by 3.1% YoY to Rs 9753 cr

RIL to report GRM of USD8.0/bbl in 4QFY19, compared to USD11/bbl in 4QFY18 and USD8.8/bbl in 3QFY19.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

RBL Bank: PAT likely to grow by 34% YoY to Rs 240 crore

DCB Bank: PAT likely to grow by 44% YoY to Rs 92 crore

Technical View:

Nifty forms bullish candle to end at a record closing high

If the index sustains above Tuesday’s gap zone of 11,731–11,704 levels, one can remain positive and look for higher targets placed around 12,000 kind of levels.

If Nifty registers a close below 11,700 levels then we could see some profit taking.

India VIX moved up by 2.27 percent to 21.87 levels.

Three levels: 11736, 11810, 12000

Max Call OI: 12000, 11800

Max Put OI: 11500, 11000

Stocks in news:

RIL will be in focus ahead of Q4 results and a news paper report said that Saudi Aramco which is the world's largest crude oil producer, is in "serious discussions" to acquire up to a 25 percent stake in Reliance Industries' refining and petrochemicals businesses.

Wipro has reported 1 percent sequential fall in fourth quarter consolidated profit at Rs 2,483.5 crore on weak revenue growth. The IT services revenue guidance for the first quarter of the financial year 2019-20 was also lower than analyst estimates.

Drug major Cipla on April 16 said its South Africa-based subsidiary will acquire 30 percent stake in the connected healthcare firm Brandmed (Pty) Ltd for an upfront cash consideration of nearly Rs 32 crore.

Technical Recommendations:

We spoke to Sanctum Wealth Management and here’s what they have to recommend:

ICICI Bank: Buy| LTP: Rs 407| Stop Loss: Rs 385| Target: Rs 475| Upside 16%

Vinati Organics: Buy| LTP: Rs 1742| Stop Loss: Rs 1675| Target: Rs 1950| Upside 12%

Indian Hotels Company: Buy| LTP: Rs 154| Stop Loss: Rs 146| Target: Rs 185| Upside 20%

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 Apr 18, 2019 07:08 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant