Moneycontrol
Last Updated : Nov 01, 2018 07:06 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Nifty must hold above 10,280 for move towards 10,480

Nifty has to continue to hold above 10280 zones to extend its up move towards 10440-10480 then 10650 levels. On the downside multiple supports are seen at 10250 then 10180 levels.

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A day of fireworks on D-Street exactly 1 week before Diwali. The S&P BSE Sensex rallied over 500 points while the Nifty50 came close to 10,400 levels.

The final tally – Sensex closed 550 points higher at 34,442 while the Nifty50 jumped 188 points to end at 10,386.

Market witnessed short covering rally after the government issued a statement asserting that autonomy of the central bank is essential within the framework of the RBI Act.

Section 7 of the RBI Act, when invoked, allows the government to consult with and give instructions to the Governor of the RBI on certain issues that it believes are serious and are in public interest.

Interestingly, Section 7 has never been invoked in independent India. And it was not because everything has been hunky dory over the past seven decades.

Sectorally, IT, consumer durable, finance, pharma stocks rose 2-4 percent while metals sector was the only sector on the losing front, down 1.4 percent. Broader marker too witnessed a gains of over 1 percent.

Sensex gainers: HDFC, IndusInd Bank, Infosys up 4-5 percent.

Sensex losers: Tata Steel, Maruti Suzuki, Adani Ports down 1-2 percent.

Big News:

On the earnings front, as many as 138 companies will be declaring their results for the quarter ended September later today which include names like Aarti Industries, Arvind, Bajaj Electricals, Berger Paints, DLF, Firstsource Solutions, Godrej Properties, Greaves Cotton, HCC, HDFC, IIFL Holdings, Marico, Parag Milk, Tata Communications, Welspun Corp, Zuari Agro etc. among others.

Marico: PAT likely to grow by 8.1% YoY to Rs 199 crore

Tata Communications: PAT likely to fall by 93% on a YoY basis

HDFC: PAT likely to grow by 24% YoY to Rs 2576 crore

Technical View:

Nifty formed bullish candle on the back of short coverings

Nifty has to continue to hold above 10280 zones to extend its up move towards 10440-10480 then 10650 levels

On the downside multiple supports are seen at 10250 then 10180 levels.

Max Call OI: 10700, 11000

Max Put OI: 10000, 10200

Stock to watch:

Auto and two-wheeler stocks will be in focus such as Tata Motors, Maruti Suzuki, Bajaj Auto as companies start declaring their sales data for the month of October.

Tata Motors reported consolidated loss of Rs 1,048 crore for the quarter ended September 2018, impacted by disappointing performance of Jaguar Land Rover which also reported loss of 101 million pound.

Larsen & Toubro, reported 23 percent YoY jump in the net profit to Rs 2,230.49 crore for the September quarter. The numbers also include a one-time gain of Rs 294.8 crore.

Technical Recommendations:

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

Aurobindo Pharma: Buy| LTP: Rs 790.30| Target: Rs 925| Stop Loss: Rs 750| Return 17%

PI Industries: Buy| LTP: Rs 773.70| Target: Rs 880| Stop Loss: Rs 740| Return 14%

Kotak Mahindra Bank: Sell| LTP: Rs 1,118| Target: Rs 990| Stop Loss: Rs 1,160| Return 11%

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.
First Published on Nov 1, 2018 07:06 am
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