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Monday blues hits D-Street! The Sense & Senbad BSE index closed Monday at 217 points, while Nifty broke its crucial support placed at 11,000 on the decline.
The average and smallcap stocks suffered the most. Both indexes saw deep cuts of more than 2 percent in the trade today. Some experts believe that money is moving from small and medium-sized companies to large caps, which has contributed to the market rally in July. Higher bond margins also hurt investor sentiment and liquidity.
A market that reached a record high of over 400 points on Friday hit a new 52-week low on BSE and 300 titles on the NSE on Monday.
The market is expected to remain volatile in the near term due to global trade concerns.
Any major decline towards key support levels should be used as an opportunity to obtain quality names in the market. the space of consumption and finances.
Looks like bears are pushing at higher levels. The index must continue to hold and maintain above 10,929 zones to extend its gain to 11,080.
If the index slips below 10,929, the selling pressure could be up. expand to 10888 areas.
Analysts advise investors to adopt strategy Dips as long as Nifty holds 10800 levels.
Big News :
The HUL numbers would be in the center on Tuesday. The director of FMCG said that the profit on a standalone basis increased by 19.2% to Rs 1.529 crore for the quarter ended in June, supported by growth in domestic volume and operational performance.
Tuesday promises to be a busy day since 23 BSE companies will report its results for the quarter ended in June, which include names like 8K Miles, Ashok Leyland, Federal Bank, Jindal Stainless, Rallis India, Sintex Industries , Tata Sponge and Zee Entertainment.
Federal Bank: PAT is expected to increase 19% on an annual basis to Rs 250 crore
Ashok Leyland: PAT is expected to increase 176 percent on YoY to Rs 331.60 crore
Zee Entertainment: PAT is expected to increase from 50 per cent YoY to Rs 377.40 crore
( Note : All estimates come from Motilal Oswal)
Technical View:
L & # 39; Nifty's index failed to hold above the 11000 psychological level and formed a candle on a daily scale. Let's Understand What's a Bearish Belt Hold …
A "Bearish Belt Hold" pattern is formed when the opening price becomes the highest point of the trading day (high intraday ) and the index drops throughout the trading day. the big body. The candle will have either a small shadow or no shadow and a smaller shadow
On the options front, the maximum Put is 10,600 followed by 10,700 strokes while the maximum Call is placed at 11,000 followed by 11,100 shots. ] Three levels: 10888, 10929, 11000
Max Call OI: 11000, 11100
Max Put OI: 10600, 10700
Technical Recommendations :
We spoke to Religare Broking Ltd and here is what they have to recommend for intraday trading:
Havells India: Buy | Target: Rs 590 | Stop loss: Rs 540 | Back 5,35%
Hindalco Industries: Sell July Futures | Target: Rs 195 | Stop loss: Rs 225 | Back 9.30%
Larsen & Toubro: Sell July Futures | Target: Rs 1,240 | Stop loss: Rs 1,315 | Back 3.72%
Disclaimer : The opinions and investment advice expressed by an investment expert on moneycontrol.com are his own and not those of the site or its management. Moneycontrol.com advises users to check with certified experts before making any investment decision.
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