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Last Updated : Nov 15, 2019 07:14 AM IST | Source: Moneycontrol.com

Early on D-Street: Dip below 11,800-11,839 can be used to short Nifty with target of 11,700

The Nifty50 formed a ‘Bullish’ candle which resembles a ‘Hammer’ kind of pattern on daily charts.

 
 
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Indian market witnessed a volatile day but bulls managed to defend the 11800 mark to close the day in the green. The S&P BSE Sensex rallied by over 150 points while the Nifty50 closed above 11850 levels.

Close

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 170 points to 40,286 while the Nifty50 closed 31 points higher at 11,872 on Thursday.

In terms of sectors, the action was seen in IT, consumer durables, finance, and banking stocks while profit booking was seen in telecom, metals, energy, and capital goods index.

On the earnings front, as many as 15 companies on the BSE will report their results which include names like Reliance Communications, Tata Teleservices, and Vadilal Industries.

India and China have agreed to hold another meeting on matters relating to the boundary question after Prime Minister Narendra Modi met Chinese President Xi Jinping on the sidelines of the BRICS Summit here, according to an official statement.

The Indian rupee on Thursday clocked its first gain after five sessions, closing 13 paise higher at 71.96 against the US dollar in line with domestic equities.

On the institutional front, FPIs were net sellers as they pull out Rs 562 cr from Indian equity markets while DIIs were net buyers to the tune of Rs 82 cr, provisional data showed.

Big News:

Assets of mutual funds grew by over 7 percent in October but equity mutual funds inflows hit a 5-month low in the same period despite a rise in equity markets.

Among large caps, ICICI Lombard, Bharti Infratel, United Breweries, HDFC AMC and Bajaj Finserv witnessed the highest buying during October 2019.

Largecap stocks, which saw selling by AMCs on a consolidated level were Zee Entertainment, Godrej Consumer, Berger Paints, NMDC and Siemens.

In midcaps, stocks like Godrej Industries, Motilal Oswal Financial Services, 3M, Escorts and NBCC witnessed buying during October 2019

Midcap stocks, which saw selling by AMCs were GMR Infra, Adani Power, Castrol India, RBL Bank, and Sterlite Technologies.

Technical View:

The Nifty50 formed a ‘Bullish’ candle which resembles a ‘Hammer’ kind of pattern on daily charts

It faced resistance near its 5-Days EMA placed at 11888

A dip below 11800-11839 levels could be used to short the index with a target of 11700

Three levels: 11802, 11895, 12034

Max Call OI: 12000, 11800

Max Put OI: 11600, 11500

Stocks in news:

Country's third-largest telecom operator Bharti Airtel posted a massive loss of Rs 23,044.9 crore in Q2FY20, dented by exceptional loss for license fee and spectrum usage charge (SUC) especially after an unfavourable verdict from Supreme Court on adjusted gross revenue (AGR) dues.

Oil and Natural Gas Corporation (ONGC) reported a 24.2 percent year-on-year (YoY) fall in standalone profit at Rs 6,263.13 crore for the quarter ended September 30 on November 14.

Suzlon Energy on Thursday reported widening of its consolidated net loss to Rs 777.52 crore in the quarter ended September 30, 2019

Technical Recommendations:

We spoke to IndiaNivesh Securities Limited and here’s what they have to recommend:

Zee Entertainment: Sell| LTP: Rs282| Target: Rs255| Stop-Loss: Rs 300| Downside: 9.5%

InterGlobe Aviation: Buy| LTP: Rs 1,516| Target: Rs 1,600| Stop-Loss: Rs1,450| Upside: +5.6%

Just Dial: Buy| LTP: Rs 514| Target: Rs 560| Stop-Loss: Rs 480| Upside: 8.9%

Disclaimer: The views and investment tips expressed by investment experts 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 Nov 15, 2019 07:14 am
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