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The Nifty has to cross and hold above 11750-11777 zones to get the bull’s grip for a bounce towards 12020 then 12200 zones ahead of the festive season.
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Earnings rush continues on Dalal Street. Bajaj Auto, Eicher Motors, NTPC, Grasim and Nestle India are few key stocks that will announce Q2 results today. Lacklustre quarter is expected from Bajaj Auto as Q2 profit is seen up 9 percent and weak volumes may hurt revenues.
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The market bounce-back seen in the early part of the October series gave way to a consolidation in the latter part and Angel Broking's derivatives specialist Siddharth Bhamre believes the trend has turned lower going into November.
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In the upcoming December series, Siddarth Bhamre of Angel Broking will probably buy puts and sell futures. He has done some shorting of December futures at 8550-8570 odd levels. He explains that even though there is highest built up in 8000 put, 8400, 8300 put option of the December series are also seeing good amount of writing.
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Manoj Murlidharan of Religare Securities says buy NTPC as an intra-day trade at Rs 141 on Futures with a stop loss of Rs 137 for a target of Rs 148.
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The November series opened on a strong note with hopes of more reforms from the Modi-led government.
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In an interview to CNBC-TV18, Siddarth Bhamre, Head - Investment Advisory and Derivatives, Angel Broking says traders shouldn't short this matket as it still has some steam left.
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Sudarshan Sukhani of s2analytics believes the market is in an on-going momentum driven uptrend and it is likely to take out 8200 in early part of November.
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BHEL, Hindalco, M&M, Coal India and L&T are top gainers in the Sensex. Among the losers are Cipla, Tata Motors, ICICI Bank, ITC and HDFC Bank.
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In the December series, Nifty is likely to hold 6,030-6,050, Hemant Thukral, Aditya Birla Money said.
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Tushar Mahajan, Nomura Financial Advisory & Securities believes the trend for the market is definitely up and the Nifty is likely to touch levels of 6350 by year-end.
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The November series so far has been largely rangebound and TS Harihar of ICICI Securities said he is currently looking at a range between 5530 and 5680. He expects the expiry to be somewhere around 5660 to 5680.
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Anu Jain of IIFL Private Wealth Management expects the Nifty to make an upmove in the latter half of the November series. The medium term target for the Nifty is seen at 6,200, she said in an interview to CNBC-TV18.
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It was not a great day of trade as there was a bit of a pullback towards the end, said Udayan Mukherjee, Managing Editor, CNBC-TV18.
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Portfolio manager PN Vijay says market is expecting some sort of monetary loosening from the Reserve Bank of India, given the fact that inflation has not risen dramatically for quite sometime now.
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The October series is history and hopefully with that, the long phase of consolidation for the market might come to an end because in the last three weeks, the Nifty has been stuck in just a 100 point range.
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Angel Broking‘s Siddharth Bhamre explains to CNBC-TV18 that he is skeptical on the first half of the November series and adds that DLF at Rs 195-200 is a good buy.
