Closing Bell: Nifty ends Sept series above 11,550, Sensex up 396 pts; metal stocks shine

Technical View: Nifty forms bullish candle on expiry day, strength likely above 11,695

Mohammad advises traders to continue to hold on to their long positions with a stop loss below 11,416 on closing basis, whereas fresh longs should be considered on a fresh breakout above 11,695 levels.... Read More

The Indian rupee ended at 70.88 against the US dollar, higher compared toWednesday's close of 71.03 a dollar.

FIIs net bought Rs 737.17 crore worth of equity shares andDIIs net bought Rs 339.28 crore in equities today, as per provisional data available on NSE.

An evening walk down D-St: Market recovers most previous day losses amid positive global cues

Nifty ended September series at 11,571 with gains of nearly 6 percent, forming a bullish candle after forming red candles in the last three consecutive expiries.... Read More

We could see 11,700/11,720 levels, its sustenance above this level would result in a rally towards 11,800. This is where the market had left a bearish gap on the day following Union Budget. Failure to do so may result in another round of weakness, where markets would trade below the level of 11,530 and may retest 11,400.

We reiterate our bullish view on the Nifty and advice continuing with “buy on dips” approach. It has the potential to test 11,700-11,800 in the near future thus any intermediate dip should be considered as a buying opportunity. We’re still seeing limited participation thus suggest keeping caution during stock selection.

After showing one day downward reversal in the last session, the Nifty witnessed a sharp upside bounce today and erased the loss of the last session. A long bull candle was formed today, that has engulfed the negative candle of the last session. Technically, this pattern indicates a strength of a recent uptrend and a smart comeback of bulls from a lower levels.

The crucial opening upside gap (event gap of 23rd Sept) remains partially filled as of last session. The Nifty showing upmove today, without violating this upside gap at the lows could be a positive indication. The next upside resistance to be watched at 11,700 levels.

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The overall setup suggests that the move can develop on the upside. Also the hourly momentum indicator is about to start a new cycle on the upside from the equilibrium line. On the higher side, the recent high of 11,694 & the 78.6% retracement mark i.e. 11,790 will be the short term targets to watch out for.

Nifty is currently trading above 50 and 200 DMA and we believe 11,300 will be the support level, 11,600 will be good resistance and we may see supply around this level. From derivative point of view, FIIs have doubled their position in Index future during the month so far. The monthly option data suggest that the Nifty range for the month of October will be 11,000-11,500, however, 12,000 call holds a decent open interest making it the next resistance.

Nifty bounced back from the previous session fall and ended the September F&O series above 11,550 level.

At close, the Sensex was up 396.22 points at 38,989.74, while Nifty was up 131 points at 11,571.20. About 1260 shares have advanced, 1236 shares declined, and 161 shares are unchanged.

Vedanta, Coal India, M&M, Zee Entertainment and IOC were among major gainers on the indices, while losers were Yes Bank, Infosys, HUL, HCL Tech and Wipro.

Among sectors, except IT all other indices ended higher led by the metal, auto, bank, energy, infra, pharma and energy. BSE Midcap and smallcap ended with 0.5 percent gain.

IRCTC enjoys monopoly business in online rail ticket booking and food catering on running trains. Mobile application-based food ordering is gaining fast traction among travellers. It provides multiple caterers in tune with today’s taste and preferences of commuters.

Strong fundamentals and debt free balance sheet along with decent return ratios; ROE being 26%, operating margins of 20% and PAT margin at 15% augurs well. We expect revenue and PAT CAGR of 20% plus for next couple of years. IPO looks conservatively priced at a PER of around 19x based on FY19 earnings. We recommend subscribe.