A morning walk down Dalal Street | Focus on stock specific opportunities with stop loss placed below 10,733

15

Get real time updates directly on you device, subscribe now.

A morning walk down Dalal Street | Focus on stock specific opportunities with stop loss placed below 10,733

What a day for Indian markets! The bulls continued to dominate D-Street as benchmark indices ended higher for the fourth straight session in a row, thanks to global cues. So what was the reason – well, trade talks between US-china ended on an optimistic note which boosted investor sentiments.

The S&P BSE Sensex rallied 231 points to finally close above Mount 36K at 36,212 while Nifty50 reclaimed 10,850 to end at 10855.

The broader market underperformed benchmark indices as the ‘BSE Midcap’ and ‘BSE-Smallcap’ ended lower by 0.04% and 0.2%, respectively.

A steady rise in crude oil prices which are now hovering around $60/bbl could act as a headwind for Indian markets apart from earnings. December quarter is seasonally seen as a slow quarter for India Inc., suggest experts.

On the macro front, World Bank in a report said that India’s GDP is expected to grow at 7.3 percent in the fiscal year 2018-19, and 7.5 percent in the following two years, attributing it to an upswing in consumption and investment.

The bank said India will continue to be the fastest growing major economy in the world. China’s economic growth is projected to slow down to 6.2 percent each in 2019 and 2020 and 6 percent in 2021.

In other news, the Budget session of Parliament is likely to be held from January 31 to February 13 and the interim Budget is expected to be presented on February 1, government sources said on Wednesday.

On the institutional front, FIIs turn net buyers in Indian markets to the tune of Rs 276 crore along with DIIs who poured in Rs 439 crores.

Big News:

As many as 7 companies will be reporting their results for the quarter ended December on Thursday which include names like Bandhan Bank, TCS, and Supreme Infrastructure Ltd.

TCS: Likely to report 20% YoY growth in net profit to Rs 7892 crore

Jefferies expects 1.8 percent QoQ constant currency growth (+1.1 percent USD growth)

Edelweiss said that TCS is likely to deliver revenue growth of 2.2 percent in constant currency terms and 1.6 percent in US dollar terms

Technical View:

Nifty formed a Long Legged Doji pattern on charts

Traders are advised to remain focussed on stock specific opportunities with a market stop placed below 10,733 levels on closing basis.

Three levels to watch: 10750, 10930, 11000

Max Call OI: 11000, 11200

Max Put OI: 10500, 10000

Technical Recommendations:

We spoke to Bonanza Portfolio and here’s what they have to recommend:

Tata Motors Ltd: Buy| CMP: Rs.183.05 | Target: Rs 198| Stop Loss Rs.176| Return 10%

ITC: Buy| CMP: Rs.290.40 | Target: Rs 312| Stop Loss: Rs.279| Return 7%

SPARC: Buy| CMP: Rs.186.50 | Target: Rs 209| Stop Loss Rs.177| Return 12%

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

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-01-11 12:31:42

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

Get real time updates directly on you device, subscribe now.

Comments
Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy