Moneycontrol
Last Updated : Feb 12, 2019 07:17 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Profit booking can continue if Nifty fails to hold 10,850

The index has to hold above 10850 zones which is the 50% retracement from 10583 to 11118 levels while on the upside hurdles are seen at 10985 zones, suggest experts.

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Monday blues for D-Street! Yes, after falling over 1 percent in the week gone by, bears maintained their hold on D-Street and pushed Sensex and Nifty lower by another 1% on Monday.

Selling pressure continued as investors turned risk-averse due to the upcoming election. Quarter results have not surprised investors while the scope of a downgrade in earnings further dampened the sentiment.

Global trade deal and risk of a slowdown in growth continue to give caution while investors remain focused on macro data on Tuesday.

On the macro front, investors will keep an eye on CPI inflation and IIP data to get some direction.

The underperformance of broader markets clearly indicates a lack of appetite for risky bets.

The rupee strengthened by 13 paise to close at 71.18 against the dollar on Monday on easing crude oil prices even as the greenback strengthened vis-a-vis other major currencies.

On the institutional front, FPI and DIIs were net sellers in Indian markets to the tune of Rs 125 crore, and Rs 232 crore respectively, provisional data showed.

Big News:

In terms of earnings, as many as 464 companies will declare their results for the quarter ended December which include names like Balaji Telefilms, Bata India, Coal India, Crisil, DB Realty, HEG, Ipca Laboratories, Jain Irrigations, Lux Industries, Natco Pharma, Oil India, Religare Enterprises, Sun Pharma, Vadilal Industries etc. among others.

Coal India: PAT likely to grow 18% YoY to Rs 3570 crore

Sun Pharma: PAT likely to fall by 17% YoY to Rs 33 crore

Ipca Laboratories: PAT likely to fall by 4% YoY to Rs 101 crore

Technical View:

Nifty formed a bearish candle which looked like a bearish Belt Hold kind of pattern

The index has been forming lower highs - lower lows from the last two trading sessions

Nifty slipped below 5, 13-days EMA

The index has to hold above 10850 zones which is the 50% retracement from 10583 to 11118 levels while on the upside hurdles are seen at 10985 zones, suggest experts

If the index fails to hold 10850 then profit booking could continue towards next support at 10777 zones.

Three levels: 10857, 10930, 11100

Max Call OI: 11000, 11200

Max Put OI: 10400, 10700, 10500

Technical Recommendations:

We spoke to Religare Broking Ltd and here’s what they have to recommend:

Jayant Manglik, President - Retail Distribution, Religare Broking Ltd.

HDFC Bank: Buy| Target: Rs 2230| Stop-Loss: Rs 2080| Upside 4.4%

UPL: Buy| Target: Rs 850| Stop-Loss: Rs 775| Return 6.2%

ICICI Bank: Sell Feb Futures| Target: Rs 334| Stop-Loss: Rs 364 | Downside 5.4%

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 Feb 12, 2019 07:17 am
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