Moneycontrol Be a Pro
Get App
Last Updated : Jul 03, 2019 06:59 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Strong rally possible only if Nifty closes above 11,920

Buying interest has been seen at lower levels and supports are shifting higher that indicates bulls are back on track to ride the next move, but a strong rally is possible only if the index closes above 11,920, experts feel.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Despite weak auto sales data as well fall in GST collections below the Rs 1 lakh crore mark since February, bulls managed to steal the show. The Nifty50 after starting on a muted note managed to reclaim 11900 levels for the first time since June 13.

The market seems to be waiting for the union budget of the govt. of India which is scheduled to be presented on July 5, 2019 this week.

Close

Experts feel that we could witness a pre-budget rally in the run up to the event on expectations of various measure to be adopted by the govt. to boost the economic growth of the country.

Real Estate, Pharma, Infra, FMCG and Steel sectors could be expected to show up-side movements for the rest of this week, they say.

Trade war fears have not faded away completely. The Indian government may impose anti-dumping duty on imports of certain types of steel products from the EU, Japan, the US and South Korea, as the commerce ministry has started an investigation into an alleged dumping of the item following complaints from domestic players.

If it would established that dumping is impacting domestic players, it would recommend imposition of a certain amount of anti-dumping duty, which if levied, would be adequate to remove the injury to the domestic industry.

The Indian rupee July 2 ended almost flat at 68.95 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the Union Budget due on July 5.

On the institutional front, FPIs were net sellers in Indian markets for Rs 512 crore while DIIs were net buyers to the tune of Rs 141 crore, provisional data showed.

Technical View:

Nifty forms a bullish candle which also resembles a Hanging Man kind of pattern on charts

The index ended above 11,900 level for the first time since June 13 and formed bullish candle that resembles a Hanging Man pattern on daily charts.

Buying interest has been seen at lower levels and supports are shifting higher that indicates bulls are back on track to ride the next move, but a strong rally is possible only if the index closes above 11,920, experts feel.

Three levels: 11814, 11917, 12000

Max Call OI: 12000, 12500

Max Put OI: 11500, 11000

Technical Recommendations:

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

DLF: Buy| LTP: Rs 192.30| Target: Rs 205| Stop-Loss: Rs 182| Upside 7%

Engineers India: Buy| LTP: Rs 120.55| Target: Rs 132| Stop-Loss: Rs 116| Upside 10%

Maruti Suzuki India: Sell July Futures| LTP: Rs 6559| Target: Rs 6300| Stop-loss: 6670| Downside 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.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jul 3, 2019 06:59 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant