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Last Updated : Jan 09, 2019 06:58 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Stay positive as long as Nifty trades above 10,700 on closing basis

Technically, on the downside 10628 for Nifty is important critical support. Traders are advised to remain positively biased as long as Nifty50 trades above 10700 on a closing basis.

Kshitij Anand @kshanand
 
 
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Another day of strong gains for Nifty. The index managed to recoup 10800 levels on a closing basis and closed above most of the short-term and long-term moving averages on Monday. A big thumbs up to the bulls.

Coming to the final tally – the S&P BSE Sensex rose 130 points to close at 35,980 – yeah, just a shade below 36000. For the Nifty, the index closed 30 points higher at 10,802.

Close

Sectorally, PSU banks remained in limelight. NiftyBank rose more than 200 points on account of improving NPA resolution along with capital infusion. Apart from that, healthcare and Telecom index rose 1 percent.

Technically, on the downside 10628 for Nifty is important critical support. Traders are advised to remain positively biased as long as Nifty50 trades above 10700 on a closing basis.

The Indian rupee on January 8 plunged by 53 paise to close at 70.21 against the US dollar amid renewed concerns over the widening of current account deficit following a constant rise in global crude oil prices.

On the institutional front, FPI were net sellers in Indian markets for Rs 553 crore while DIIs were net buyers to the tune of Rs 698 crore, according to provisional data.

Big News:

Earnings will remain in focus as India Inc. will start declaring their results for the quarter ended December. As many as 4 companies will declare their results later today which include names like Bajaj Corp, Delta Corp, IndusInd Bank, and Pankaj Polypack Ltd

Delta Corp: PAT likely to grow by 11% on a YoY basis to Rs 49 crore

IndusInd Bank: PAT likely to grow by 1% YoY to Rs 945 crore

Technical View:

Nifty formed a bullish candle on daily charts

Three levels: 10,733, 10850, 10930-10950

Max Call OI: 11000, 11200

Max Put OI: 10500, 10000

Technical Recommendations:

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

Titan Company Limited: Buy| Target: Rs 1025| Stop Loss: Rs 885| Return 9%

Indian Bank: Buy| Target: Rs 278| Stop Loss: Rs 240| Return 9%

Repco Home Finance Limited: Buy| Target: Rs 471| Stop Loss: Rs 390| Return 12%

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their 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 Jan 9, 2019 06:58 am
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