END OF THE DAY REPORT (20th MARCH 2015):
Market dips for the third consecutive day; Nifty ends below 8600.
Market ends lower for the third straight day amid profit booking from higher level with Realty and FMCG stocks majors leading the decline as well as Banking stocks extends its losses for the second consecutive session.
Sensex dips 208 points ends at 28,261 while Nifty closed at 8,571.
HEADLINES FOR THE DAY:
- Rajya Sabha passes Mines Bill [Mines and Minerals (Development and Regulation) Amendment Bill].
- Pharma stocks falls on profit booking; SPARC, Suven, Ajanta Pharma dips.
- Sugar stocks dips and hits new low after the sweetener prices fallen to five year low, amidst weak demand.
- IRB Infra dips in early trades after launching qualified institutional placement (QIP).
- BHEL dips on worries FY15 Jan-March results may disappoint.
- Aditya Birla Nuvo gains; Morgan Stanley raises target to 2,272 rupees from 1,520 rupees, keeps “overweight” rating
- Ajanta Pharma turns stock ex-split today.
- Wipro gains after the company told that it has been selected by the U.S based utility company GCWW (Greater Cincinnati Water Works) as its IT partner to transform the utility’s CRM, Service Bureau operations and Billing.
- CLSA upgrade LIC housing Finance stock rating with buy.
- Shares of Zicom gains 10% highest since March 04, after RBI increase FII investment limit.
- Tech Mahindra told that company has sign strategic agreement with GAO Feng a global management consultancy with roots in China.
- HDFC gains as The Board of Directors gives nod for the financial year 2014-15 payment of an interim dividend of 2 Rs. per equity share of face value of 2 Rs. each.
ON THE FLIP SIDE:
- Banking stocks were under pressure for the second consecutive day, Dena Bank, Uco Bank, IOB, J&K Bank hits fresh low.
- Realty stocks were under pressure in today trading session. Realty Index dips 3.88% biggest loser of the day.
- Shares of Tata Motor dips as JLR ( jaguar land Rover) to recall range of SUV’s because of defective gearboxes
- NTPC falls 7% in trade in early market after the stock turned ex-scheme of arrangement today, the lively shareholders will get bonus debentures of F.V (face value) of 12.50 Rs each against each equity shares of Rs 10 held by its members.
- Shares of Indian Hotels falls 6% on reports that its prestigious Hotel ‘Taj Mansingh’ will soon be auctioned.
- Axis Bank cut retail deposit rates by 15-25 bps (basis points) in select maturities. The bank has cut rates by 15 bps for deposits up to 18 months and 25 bps for deposits of 18 to 36 months
SOME STOCKS FOR NEXT TRADING SESSION:
- Just Dial gains on the positive news of brokerage upgrade and shown good recovery in lower level as well as trend line seen on intraday charts (15 mins) further trend line breakout will shows more positive moment in stock Buy above today’s high i.e. of 1403.80 its next important resistance seen near around 1430-1470 and support will be around 1315-1265.
- Allahabad Bank falls for the second straight day and given breakout of trend line as well as of its important support on daily charts which show further bearish trend will continue; Sell below 102.30 good support and resistance level can be 98.50-96.60 & 108.70-110.80
- Shares of Rajesh Export moving in the “ASCENDING CHANNEL” which can be seen in daily charts as well as ends with Strong bullish candle with huge volumes in weekly charts which indicates upward moment will be continue. Buy above 222.50 use stop loss of 207 with target of 230-235.
- Infosys is trading near around its important resistance level as well as trend line seen in daily charts, if this cross 2282 more buying can be seen in the stock.
- JSW Steel has formed red candle and touch the strong support 915 but doesn’t given breakout and closed near around it so may be some correction may seen ahead. Use sell on rise strategy and good support are 890-880 and resistance are 965-996
- European stocks gains amid new hopes for progress on the Greek debt front and as the Fed Reserve’s latest policy statement continued to support.
– Indian markets are trading in a broad range because of profit booking and global macroeconomic news. Nifty seems to have taken the support of 8580 and is trading above it. Nifty is expected to trade in a range of 8500-8680 for couple of sessions. MCX Gold looks positive till 26140-200, if breaches its high; immediate support is at 25880. Crude oil too looks positive above 2880.
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