Tuesday, September 27, 2016

Nifty futures to open at 8743: Dynamic Levels

According to a report by Dynamic Levels, nifty futures is expected to open at 8743 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8733.

Indian benchmark Nifty witnessed major profit booking in the September series for last 2 trading sessions. Nifty corrected by 100 points from its recent high of 8900 but with the exception of Reliance Industries which has gained 1.68 percent in last 2 days. Other major Indices, namely Bank Nifty and NSEIT have witnessed profit booking too. Bank Nifty fell below its critical support level of 19810.

As per Dynamiclevels, the next weekly target is 19100. FIIs were sellers in both cash and F&O segment which suggests that if the support of 8710 is breached the next target can be 8550.

Nifty Futures is expected to open at 8743 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8733.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Monday, September 26, 2016

Sensex, Nifty under pressure; GNA Axles lists at 22% premium

GNA Axles started off day on a strong note, listing at 22 percent premium. The stock has opened at Rs 252 against issue price of Rs 207 on the National Stock Exchange.

10:20 am FII View: Sanjay Mookim of Bank of America Merrill Lynch says several reforms like GST, bankruptcy code, real estate bill etc should benefit the economy as they are implemented over the next 2-3 years.

Indian equity valuations have expanded meaningfully on global flows. Midcap valuation premiums are at all-time highs. All this points to heightened risk, he feels.

Mookim suggests sticking with quality names in India continuing to focus on consumer, domestic-oriented businesses.

Also read - Market stuck at 8900; safe to keep some cash in hand: Mukherjee

10:00 am Market Check


Equity benchmarks remained under pressure on weak Asian cues but the broader markets outperformed.

The 30-share BSE Sensex was down 107.78 points at 28560.44 and the 50-share NSE Nifty fell 32.85 points to 8798.70. The BSE Midcap and Smallcap indices were flat with a positive bias.

The market breadth was positive as about 1060 shares advanced against 859 declining shares on the BSE.

Reliance Industries, TCS, L&T, Dr Reddy's Labs, Tata Steel and Coal India gained 0.5-1.5 percent while ICICI Bank, HDFC and ITC fell 1-2 percent.

GNA Axles started off day on a strong note, listing at 22 percent premium. The stock has opened at Rs 252 against issue price of Rs 207 on the National Stock Exchange.
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Friday, September 23, 2016

Sensex, Nifty consolidate; L&T Technology lists at Rs 920, up 7%

Equity benchmarks continued to consolidate with the Nifty hovering in 20 points range while the broader markets outperformed. The BSE Midcap and Smallcap indices gained 0.4 percent each.

10:40 am Listing: GNA Axles, the rear axle shafts manufacturer, will make its stock market debut on September 26. The issue price is fixed at Rs 207 per share, the higher end of price band.

The 63 lakh equity shares public issue was oversubscribed 54.88 times.

The reserved portion of qualified institutional investors oversubscribed 17.18 times and non-institutional investors 217.47 times. The reserved category of retail investors also oversubscribed 11.84 times.

The Rs 130-crore public issue was opened for subscription during September 14-16 with a price band of Rs 205-207 per share.

10:20 am Market Expert: A catch-up trade is happening now on back of liquidity, believes Sridhar Sivaram, Investment Director at Enam Holdings. But, he adds that this liquidity will not continue forever and earnings will have to come through.

Enam expects earnings growth to be around 10 percent for FY17 unlike other brokerages that are estimating growth of mid double-digit growth. Any dip in the market with expectations of earnings following through will be a buying opportunity.

Speaking to CNBC-TV18, Sivaram said that a 25 basis point hike by the US Federal Reserve in December is already priced in by markets.

Sivaram expects the Reserve Bank to cut 50 basis points by October this year on back of positive inflation numbers last month.

Also read - Buy, sell or hold: Analysts pick 7 stocks

10:00 am Market Check


Equity benchmarks continued to consolidate with the Nifty hovering in 20 points range while the broader markets outperformed. The BSE Midcap and Smallcap indices gained 0.4 percent each.

The 30-share BSE Sensex was down 27.98 points at 28745.15 and the 50-share NSE Nifty fell 4.65 points to 8862.80 after rising more than 200 points in previous session.

The market breadth was positive as about 1105 shares advanced against 842 declining shares on the BSE.

L&T Technology Services, the subsidiary of engineering & construction giant Larsen and Toubro, has made its stock debut at Rs 920 per share, up 7 percent over its issue price of Rs 860.
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Thursday, September 22, 2016

Rupee opens at 66.86 per dollar, gains 16 paise

Dollar weakened marginally across the board in particular against yen. This is positive for EM currencies. USD-INR trading range for the day seen between 66.75-67/dollar, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee gained in early trade on Thursday. It has opened higher by 16 paise at 66.86 per dollar versus 67.02 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "FOMC at its meeting yesterday left the Fed funds rate unchanged even while the case for hiking has strengthened. Bank of Japan has also kept its policy rate unchanged while introducing yield curve control."

"Dollar weakened marginally across the board in particular against yen. This is positive for EM currencies. USD-INR trading range for the day seen between 66.75-67/dollar," he added.

The US dollar extended losses against a basket of major currencies after the US Federal Reserve left monetary policy unchanged and projected a less aggressive rise of interest rates in coming years.
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