Moneycontrol
Last Updated : Nov 14, 2018 07:07 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Selling pressure can drag Nifty towards crucial support at 10,440

Nifty should ideally close above 10650-10700 levels, else the selling pressure could drag the index towards crucial support placed at 10,440-10,333 levels.

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The Nifty50 recouped morning losses and climbed 10,500-10,550 levels to close just a shade below its crucial resistance levels of 10,600 levels on Tuesday while for Sensex it reclaimed 35,000 levels.

Robust IIP data for the month of September, cool off in inflation numbers as well as fall in crude oil prices added to the tailwind.

Sectorally, energy, infra, metals, banks and automobiles were the top gainers, while pain was seen in the pharma space.

Technically, most experts feel that Nifty should ideally close above 10650-10700 levels, else the selling pressure could drag the index towards crucial support placed at 10,440-10,333 levels.

Big News:

On the earnings front, as many as 1395 BSE companies will declare earnings later today which include names like Coffee Day Enterprises, Cox & Kings, Mahindra & Mahindra, Motherson Sumi, Page Industries, PC Jeweller, SpiceJet and Unitech among others.

M&M: PAT likely to fall by 1.5% YoY to Rs 1389 crore

Motherson Sumi: PAT likely to grow by 6% YoY to Rs 465 crore

Page Industries: PAT likely to grow by 33% YoY to Rs 112 crore

Technical View:

Nifty formed a piercing pattern on the charts which suggest a halt in the downtrend

Three levels: 10440, 10600, 10650

Max Call OI: 11000, 10800

Max Put OI: 10000, 10200

Technical Recommendations:

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

Titan Company: Buy| Target: Rs 968| Stop Loss: Rs 840| Return 8%

Apollo Tyres: Buy| Target: Rs 241| Stop Loss: Rs 206| Return 9%

Redington (India): Buy| Target: Rs 102| Stop Loss: Rs 85| Return 12%

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 14, 2018 07:07 am
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