Benchmark Indices were trading in a tight range for almost whole session but sharp decline was seen in the last hour of trade due to weakened rupee and closed near their support levels. Nifty future saw free fall after surpassing the major support of 6200 and closed with negative bias. It is expected to move in range bound where 6200-6240 will act as resistance for it. While, if rupee continue to depreciate then immediate support is seen near 6090.
SUPPORT : 6090 & 6040
RESISTANCE: 6190 & 6240
DAILY MARKET TREND
- Sensex, Nifty slump 1%; Bank Nifty loses 2%, Coal India up.
- IFC raises Rs 1,000 crore from first rupee bond sale at 7.75%.
- Wyeth locked at 20% upper circuit on plan to merge with Pfizer.
- Shriram EPC rallies over 10% on multiple orders worth Rs 214 crore.
SOURCE :: TRIFID RESEARCH
Sensex (20975) / Nifty (6253)
The opening session of the week began with half a percent downside gap on the back weak Asian bourses. Right from the opening tick, our benchmark index experienced enormous selling pressure in some of the index heavyweights. As a result, despite marginal recovery in the midsession, the index eventually closed almost at the lowest point of the day. On the sectoral front, the FMCG, Consumer Durables and IT conglomerates ended in the red; whereas the Realty and PSU counters outperformed our benchmark index. The advance to decline ratio was in favor of the advancing counters.
- The ’89-day EMA’ and the ’89-week EMA’ are placed at 19860 / 5906 and 18915 / 5687 levels, respectively.
- The ’20-day EMA’ and the ‘20-week EMA’ are placed at 20683 / 6143 and 19900 / 5924 levels, respectively.
- The monthly momentum oscillators are now positively poised.
- On the monthly chart, we are observing a breakout from the ‘Multiple Resistance Zone’.
A four day winning streak has finally come to end as the index trimmed by a percent during yesterday’s session. Going forward, previous highs of 6305 – 6358 levels are seen as major resistances for the index. In our previous report, we had mentioned that the Nifty is currently trading at the Multiple Resistance Zone and in the past, the market had a tendency of reversing from these levels. On the downside, 6222 level would act as a crucial support for the index. A sustainable move and close below this level would open up the possibilities of a further downside towards 6070 levels. However, looking at the higher degree charts if the index manages to take a support around 6222 level, then possibility of a new all-time high cannot be ruled out. At present, we advise traders to adopt a stock specific approach and keep revising stop losses in order to safeguard their profits.
Bank Nifty Outlook – (11499)
Amidst significant volatility, yesterday the Bank Nifty shed nearly a percent by the end of the session. The recovery from the lows in the first half got sold into as the banking heavyweight, ICICI Bank corrected significantly in yesterday’s session. Considering current chart structure, we are of the view that 11691 – 11736 levels would act as major hurdles for the bulls in coming trading session. If Bank Nifty manages to sustain above these levels then we may see extended rally towards 11992. On the flipside, 11462 – 11443 may provide decent support for the Index. Any fall below 11443 would open up possibilities of near term correction towards 11219 – 11170 levels.
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Stock Bank Nifty Outlook 06 November 2013
Markets opened with negative sentiments but soon momentum was boosted as soon as RBI declared repo rate hike and finally closed on a strong note. Nifty future moved in one sided rally after it surpassed the resistance mark of 6150 and closed above the crucial level of 6200 indicating that the index is again in strong zone. Now, 6270 is seen as major resistance for nifty while correction can be said if it holds below the immediate support of 6150.
SUPPORT : 6190 & 6150
RESISTANCE: 6270 & 6320
DAILY STOCK MARKET TREND
- Banks, realty, metal stocks push Sensex 350 points higher.
- RBI hikes repo rate, cuts MSF by 25 bps each; CRR unchanged.
- Maruti Suzuki jumps 6% on strong Q2 earnings.
- ApolloHos up 2%, partners with KKR to raise Rs 550 cr.
- Marico Q2 net up 23%, margin expands but revenues slip.
INTRADAY STOCK TIPS
INDUSINDBANK EQ BUY ABOVE 440 TARGETS 444.40/448.80/453.20 SL 435.60
TATAMOTORS EQ BUY ABOVE 385 TARGETS 388.85/392.70/396.70 SL 381.15
FUTURE STOCK TIPS
HDFC FUT BUY ABOVE 846.50 TARGETS 854.50/862.50/868.50 SL 838.50
LICHSGFIN FUT BUY ABOVE 210.50 TARGETS 212.50/214.50/216.50 SL 208.50
ASIANPAINT BUY FUT ABOVE 438 TARGETS 440/442/444 SL 435.
Trifid Research, 8878998007
Markets opened on a firm note and maintained on higher side amid volatility due to IIP data and finally ended above their crucial resistance levels. Nifty future gave satisfactory closing above 5600 mark and also surpassing the trend line coming from previous highs around 6100 on daily charts. Index can show some correction if it is able to maintain 5500 while on higher side resistance is seen in the range of 5670-5700 while 38.2% retracement is coming around the level of 5740.
SUPPORT : 5565 & 5500
RESISTANCE: 5660 & 5710
Daily Markets Trend –
- Sensex ends up 158 points; metal, FMCG rally.
- SBI Q1 net falls 14% on higher provisions against bad loans.
- TechM Q1 consolidated profit climbs 27%; up 7.6% q-o-q.
- Britannia Q1 cons net profit jumps 93% to Rs 90cr.
- Aurobindo Pharma up 8% on Q1 nos, injectable biz demerger.
Intraday Stock Calls –
BPCL EQ BUY BELOW 285.85 TARGETS 288.60/291.40/294 SL 283
M&M FIN EQ BUY BELOW 250.50 TARGETS 253/255.50/258 SL 248
Stock Future Calls –
ADANIENT FUT BUY BELOW 173 TARGETS 175/177/179 SL 171
ASIANPAINTS FUT BUY BELOW 440.50 TARGETS 442.50/444.50/446.50 SL 438.50