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Last Updated : Jul 17, 2019 07:48 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Nifty must hold above 11,600 for rally to extend towards 11,750

The index has to now hold above 11,600 levels for the rally to extend towards 11720 and then 11750 levels while on the downside supports are seen at 11,550, feel experts.

 
 
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Bulls remained in control of D-Street for the second day in a row on Tuesday and pushed the S&P BSE Sensex above 39000 for the first time since July 5 and Nifty50 closed above 11600 levels.

Sharp fall in the domestic 10-year yield to 6.34 percent, improvement in monsoon, as well as earnings, helped the sentiment while a rise in crude oil prices and ongoing geopolitical concerns between the US and Iran capped the upside.

Close

Amongst the sectoral indices, except IT which ended with minor losses, all the other indices ended with gains wherein oil & gas, realty, and capital goods were top gainers.

Nomura India has set a target of 12,900 for Nifty by March 2020, driven by pick up in the investment cycle and lower bond yields.

The rupee on July 16 depreciated by 17 paise to close at 68.71 against the US dollar due to rising crude oil prices and foreign fund outflows.

On the institutional front, FPIs were net sellers in Indian markets for Rs 444 crore while the DIIs were net buyers to the tune of Rs 637 cr, provisional data showed.

Big News:

As many as 12 companies will declare their results for the quarter ended June which include names like Dhanlaxmi Bank, MindTree, Wipro, and Yes Bank among others.

Mindtree: PAT likely to grow by 12% YoY to Rs 177 cr

Wipro: PAT likely to grow by 33% YoY to Rs 2456 cr

(All estimates are from Motilal Oswal)

Yes Bank: PAT likely to fall by 74% YoY (Equirus Securities)

Technical View:

Nifty formed a bullish candle on the daily charts| Closed above crucial short term moving averages

The index closed above 11650 levels and other important short term moving averages which is a positive sign for bulls

The index has to now hold above 11,600 levels for the rally to extend towards 11720 and then 11750 levels while on the downside supports are seen at 11,550, feel experts.

Three levels: 11573, 11670, 11800

Max Call OI: 12000, 11800

Max Put OI: 11300, 11500

Stocks in news:

5paisa Capital Q1: Consolidated loss at Rs 0.52 crore versus loss Rs 6.09 crore; revenue jumps to Rs 22.86 crore versus Rs 8.97 crore YoY.

DCB Bank Q1: Profit grows 16.6 percent to Rs 81.1 crore versus Rs 69.5 crore and NII rises 11.7 percent to Rs 304.7 crore versus Rs 272.9 crore YoY; gross NPA at 1.96 percent versus 1.84 percent and net NPA at 0.81 percent versus 0.65 percent QoQ.

MCX Q1: Consolidated net profit jumps to Rs 43.7 crore versus Rs 7.3 crore (There was an exceptional loss of Rs 23.8 crore in Q1FY19), revenue rises 9.1 percent to Rs 79.4 crore versus Rs 72.8 crore YoY.

Technical Recommendations:

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

Gujarat State Petronet: Buy| Target: Rs 236| Stop Loss: Rs 193| Upside 13%

ACC: Buy| Target: Rs 1720| Stop Loss: Rs 1530|Upside 7%

Manappuram Finance: Buy| Target: Rs 148| Stop Loss: Rs 127|Upside 9%

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 17, 2019 07:10 am
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