Equity Report Outlook|24 carat financial services | 28 August 2017.
- NIFTY:-
- Nifty future is looking bullish on the charts .In today’s trading session Nifty traded with positive movement and closed with overall gain of 0.76%. Nifty has crossed its important resistance mark of 9850 and sustaining above it. In upcoming trading sessions further up side movement can be seen in it and it can test up side levels of 9900 & 9940 if it crosses its next resistance level of 9875 while down side 9800 will act as a good support level.
BANKNIFTY:-
- BANK NIFTY future is looking bullish on the charts .In last trading session Bank Nifty traded with sideways movement and closed on flat note. Bank Nifty has crossed its important support mark of 24200 and it is also sustaining above its 50 day moving averages on daily charts. In upcoming trading sessions up side movement can be seen in it and it can test up side levels of 24450 & 24550 if it crosses its next resistance level of 24350 while down side 24200 will act as a good support level.
NIFTY & SENSEX
Markets end sharply higher
- Nifty closed at 9,857 level, up by 4.5 points while Sensex closed at 31,596 level, up by 28 points. There were 943 advances, 700 declines and 317 unchanged stocks on NSE, reflecting fairly positive sentiments floating in the market. India VIX ended at 12.57 level, down by 4.62%. Nifty traded in a tight narrow range throughout the day.
- The index has witnessed marginal gain of three points in this week. Pharma stocks gained the most during Thursday’s trade. Nifty Pharma index ended at 8,902 level, up by 286 points or 3.32% outperforming the major and broader indices in the market. Cadila Healthcare was the top gainer in the index ending with gains of 6.56% at Rs 493 per share, while Divi’s Lab closed up by 5.73%. Infosys ended in positive territory for the third consecutive day.
- The stock closed marginally higher Rs 913.05 per share by 2.07% on BSE. On the broader markets, BSE Mid-cap index closed at 15,252 level, up by 0.8%. BSE Smallcap index closed at 15,633 level, down by 0.37%. Bank Nifty closed in the negative territory, down by 42 points or 0.18%. Bank of Baroda was the top gainer on the index closing at Rs 142.85 per share, down by 1.35%. Canara Bank also ended higher by more than 1% at Rs 339.85 per share on NSE.
Closing Bell:-
Gainers:-
Healthcare (+2.2%)Banking (+1%)
Metals (+0.9%).
Losers:-
Utilities (-1.8%)
Consumer Durable (-1.6%)
Auto (-1%)
Consumer Durable (-1.6%)
Auto (-1%)
Weekly Recap
Indian equity markets inched higher amid a highly volatile and truncated week.
The Infosys conundrum and global weakness dragged indices early in the week.
Indices staged a smart comeback led by the banking stocks after govt gave approval for merger
of PSU Banks.
To set up a ministerial panel led by FM to oversee mergers among the PSU Banks.
Infosys saw a bounce on buzz that the company's co-founder Nandan Nilekani is likely to
return as the head.
Liquor companies were in action after the SC clarified that the ban on liquor vendors near
national highways does not apply to licensed establishments falling within municipal areas.
Metal stocks continued to remain in focus as zinc and aluminum prices jumped to their highest
levels in over 10 years, while Copper price was also hovering around its 3-year high.
Index moves:
Nifty, Sensex (+0.2%).
Cash market volumes: $ 17 bn v/s $ 24.1 bn.
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