As long as Nifty holds below 10350 zones it could slip towards its crucial support of 10200 then swing low of 10138.
A volatile day for Indian markets as bulls failed to hold on the momentum which it gathered in opening trade. The S&P BSE Sensex fell over 600 points from its intraday high to close at 34,134, down 181 points. The Nifty50 closed 58 points down at 10,245.
Most analysts attribute the fall to macro concerns, including higher crude prices and liquidity crunch which hurt the trading sentiment.
The fall in the S&P BSE Sensex was led by losses in Reliance Industries, IndusInd Bank, Kotak Bank, Infosys, and Asian Paints. Financials gave up all of their gains and were a drag on the benchmarks.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
On the sectoral front, energy, IT, and metals were the big losers. Sell-off in broader market added to weakness. The S&P BSE Small-cap index slipped nearly 2 percent while the Mid-cap index was down by 0.7 percent.
Technically speaking, as long as Nifty holds below 10350 zones it could slip towards its crucial support of 10200 then swing low of 10138.
Crucial hurdles are placed at 10450-10480 zones.
Big News:
As many as 43 companies are scheduled to report their results for the quarter ended September which include names like Adani Ports, Ambuja Cements, Bajaj Corp, Bajaj Finserv, HCL Technologies, MCX, Rallis India, Tata Metaliks, TVS Motor Company and Zensar Technologies etc. among others.
Ambuja Cements: PAT likely to fall 7.1% YoY to Rs 253 crore
Bajaj Finance: PAT likely to grow by 50% YoY to Rs 839.4 crore
MCX India: PAT likely to grow by 8.5% YoY to Rs 31.6 crore
TVS Motor Company: PAT likely to grow 1.5% YoY to Rs 216 crore
HCL Technologies: PAT likely to grow by 12% YoY to Rs 125 crore
Technical View:
Nifty forms Bearish Belt Hold pattern on daily charts
Three levels: 10138, 10408, 10500
Max Call OI: 10500, 11000
Max Put OI: 10000, 10200
Technical Recommendations:
We spoke to Religare Broking Ltd and here’s what they have to recommend:
Aurobindo Pharma: Buy| Target: Rs 820| Stop-Loss: Rs 730| Return 7.9%
Canara Bank: Sell Nov Futures| Target: Rs 198| Stop-Loss: Rs 224 | Return 7.5%
ONGC: Sell Nov Futures| Target: Rs 148| Stop-Loss: Rs 166 | Return 6.3%
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