Nifty spot close @8177
Nifty future close @8199
Today’s view on Nifty
Consolidation from upper level we have seen today, though buying opportunity on every dip. We may see 8225 level as a next resistance level, more buying will be seen from this level.
Bank Nifty levels:
Bank nifty spot close @17605
Bank nifty future close @17616
View on Banknifty
Buy as remain above 17500 we may see 17800-18000 level in coming days, below 17500 major support will be 17250.
MARKET COMMENTERY
Gains in metal and mining sector companies, oil exploration and production (E&P) firms and index heavyweights ITC and HDFC aided decent gains for the barometer index, the S&P BSE Sensex. The index rose 132.30 points or 0.49% at 27,065.18, as per the provisional closing data. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty gained 31.85 points or 0.39% at 8,184.75, as per the provisional closing data. The Sensex provisionally closed above the psychological 27,000 mark, having alternately moved above and below that level in intraday trade. The Sensex and the Nifty edged higher for the sixth day in a row.
STOCK BUZZ
1. Metal and mining shares surged as prices of most metals rose in global commodities markets. JSW Steel (up 1.29%), Bhushan Steel (up 3.69%), Hindustan Copper (up 0.61%), Vedanta (up 5.83%), Hindalco Industries (up 9.64%), Hindustan Zinc (up 3.21%), Tata Steel (up 4.25%), Steel Authority of India (Sail) (up 4.06%), and National Aluminum Company (up 1.4%) gained. Jindal Steel & Power declined 5.14%.
2. Redington (India) rose 3.45% after the company's step-down subsidiary Redington Gulf FZE entered into a definitive agreement to acquire 70% of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus). The balance 30% will be acquired over a 3 year period, Redington (India) said. Established in 1995, Linkplus is a leading ORACLE Distributor in Turkey.
HOT PURSUIT
1. Intraday volatility was witnessed on the domestic bourses for the second day in a row. The Sensex rose 149.40 points or 0.55% at the day's high of 27,082.28 in late trade, its highest level in almost 7 weeks. The index lost 55.37 points or 0.2% to the day's low of 26,877.51 in afternoon trade. The Nifty rose 36 points or 0.44% at the day's high of 8,188.90 in late trade, its highest level in almost 7 weeks. The index lost 20 points or 0.24% at the day's low of 8,132.90 in afternoon trade.
2. In overseas stock markets, European stocks edged higher, tracking their Asian counterparts as declining expectations for a US rate hike before the end of the year continued to support equities. Trading in US index futures indicated that the Dow could surge 129 points at the opening bell today, 7 October 2015. Asian stocks edged higher as oil prices showed some signs of life, supporting battered resource shares and emerging economy currencies and after the Bank of Japan stood pat on policy.
OPTION STRATEGY
1. In today’s session we have seen call buying in 8100 and 8200 strike price, we may see 8200 as a strong resistance level in coming days.
2. RELIANCE 900 and 920 calls and puts were so active, we may see buying above 900 level.
3. INFOSIS 1160 puts were so active today, we may see more selling below 1160.
STOCKS TO WATCH
MARUTI:
SELL MARUTI AS REMAIN BELOW 4400 WE MAY SEE 4200/4100 IN COMING DAYS.
ONGC:
Buy ONGC above 250 level we may see 270/280, below 250 major support will be 242.
TATASTEEL:
Buy TATASTEEL above 220 for the target of 235/250, below 220 major support will be 209.
Top PICKS OF THE DAY
• GAIL ABOVE….? TGT…..?STOP LOSS……?
• SELL ICICI BANK BELOW…..?...TARGET….?..STOPLOSS…?
• SELL ONGC BELOW….? STOCK MAY SHOW 190/210 LEVEL IN COMING DAYS WITH STOP LOSS…?
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