The next crucial target for the index stands at 11,150-11,200 while a stop loss should be maintained 10,975 for all long positions.
The Nifty50 is likely to open higher tracking strong global cues, and the big booster that came from the government after it announced a package of Rs 88,139 crore for 20 public sector banks post market hours Wednesday.
The government will infuse money into PSB’s through recapitalisation bonds and budgetary support in this financial year, a move aimed at strengthening these banks' lending capacity and thereby, pulling the country out of a three-year low growth slump.
The S&P 500 was little changed on Wednesday while the Nasdaq lagged in choppy trading. Major indexes in Asia pared gains and was now trading mixed in early trade.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 24points or 0.22 percent. Nifty futures were trading around 11,100-level on the Singaporean Exchange.
The momentum remains fairly strong and short-term traders could look at booking partial profit at higher levels. The next crucial target for the index stands at 11,150-11,200 while a stop loss should be maintained 10,975 for all long positions.
The index which opened at 11,069.35 slipped marginally to hit its intraday low of 11,046.15. Bulls took charge and pushed the index to record highs of 11,110.10 before closing the day 2.3 points up at 11,086.
India VIX moved up by 11.15 percent at 18.04. On the options front, maximum Put open interest was seen at 10500 followed by 10700 and 10600 strikes while maximum Call OI is shifted to 11,200 and 11,100 strikes.
Fresh Put writing was seen at 11100, 11050 and 11000 strikes which are shifting its support to higher levels whereas Call writing is seen at 11150, 11100 and 11300.
Stocks in News:
Canara Bank net profit plunges 61% in Q3 to 126 crore
Motilal Oswal which has been a multibagger stock in 2017 -- Q3 net up 66% at Rs 148 crore
IndiGo Q3 net profit jumps 56.4% at Rs 762.03 crore (Expectation was 33% jump)
Ashok Leyland: The Company has received an order of over Rs 350 crore from VRL Logistics for 1200 trucks.
Bharat Electronics Limited: The company in its Board meeting proposed for buy back of the fully paid-up equity shares of the company of face value of Re 1 each which will also be considered by the Board.
Bharat Financial Inclusion Limited: The company assigned a pool of receivables of an aggregative value of Rs 225.77 crore to a public sector bank on direct assignment basis as per the guidelines of the Reserve Bank of India.Gallant Ispat
Proposal to further expand capacity of various plants
Proposal to install pelletisation plant as backward integration Approved amalgamation of wholly owned subsidiaries
NCC to consider fund raising via QIP on Jan 30 2018
Bhushan Steel bids may touch double of liquidation value
Indian Hotels - Taj mansingkh bid deadline extended to February 7
Electrosteel Steels may see a revision in bids
Cadila turns focus on vaccines, biosimilars
56 companies to report December quarter results today:
As many as 56 companies are scheduled to report their results for the quarter ended December later today which include names like Maruti Suzuki, Ajanta Pharma, Avenue Supermart, Dr. Reddy’s Laboratories, JSPL, L&T Finance Holdings, LIC Housing Finance, Tata Coffee, UPL Ltd, VIP Industries etc. among others.
Maruti Suzuki is likely to report 24 YoY growth in net profit| Net sales to rise 16%
Dr. Reddy’s Laboratories is likely to report 20% fall in net profit| Sales to dip marginally
Avenue Supermarts is likely to report 44% YoY growth in PAT| Sales to grow by 25%
Recommendations from ICICIdirect:
ITC: BUY| Target Rs301| Stop Loss Rs268| Return 8%| 6 months
Chambal Fertilisers: BUY| Target Rs182| Stop Loss Rs143| 6 months| Return 17%NRB Bearings: BUY| Target Rs204| Stop Loss Rs153| 3 months | Return 20%