Equity Report Outlook|24 carat financial services | 30 August 2017

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nifty tips
  • Nifty future is looking bearish on the charts .In today’s trading session Nifty traded with negative movement and closed with overall loss of 1.26%. Nifty has breached its important support mark of 9840 and sustaining below it. Nifty is also sustaining below its 50 day moving averages on daily chart. In upcoming trading sessions further down side movement can be seen in it and it can test down side levels of 9760 & 9720 if it breaches its next support level of 9780 while up side 9870 will act as a good resistance level. 
  • Bank Nifty future is looking bearish on the charts .In today’s trading session Bank Nifty traded with negative movement and closed with overall loss of 1.14%.Bank Nifty has breached its important support mark of 24200 and sustaining below it. In upcoming trading sessions further down side movement can be seen in it and it can test down side levels of 24000 & 23900 if it breaches its next support level of 24100 while up side 24300 will act as a good resistance level.
NIFTY & SENSEX
 Nifty, Sensex snap 4-day gaining streak; Nifty below 50- DMA 

  • Markets ended their trade in red strongly led by bearish sentiments. Nifty in the mid-market hours breached the 9800 mark and slipped further below thereafter. Nifty 50 index ended below 50-DMA of 9,810 level to end at 9,796, down by 116 points.
  • Tech Mahindra was the top Nifty gainer finishing its today’s trade up 1.23% at Rs 433 per share. 
  • Bank Nifty closed lower by 248 points or 1.02% at 24,128 level. 
  • All sectoral indices on BSE ended in red wherein BSE Telecom was the top loser slipping 1.87% at NTPC was the biggest index loser after Government has diluted its stake via OFS. The stock closed lower by 2.88% at Rs 168.35 per share on BSE.
  • BSE Mid-cap index closed lower by 130 points at 15,277. BSE Small-cap index closed lower by 166 points at 15,651. India VIX closed higher by 7.1% at 13.54.
  • There were 385 advances, 1099 declines and 35 unchanged stocks on NSE reflecting strong negative undertone floating in the market.
  • Tech Mahindra, M&M and ZEE Entertainment Enterprise were the top Nifty gainers, whereas Bank of Baroda, NTPC and Hindalco were the top Nifty losers.
  • NTPC Limited, a public sector power generation company’s offer for sale non-retail portion got oversubscribed by 1.41 times.
Market View-:
  • Nifty closes at 9,796 below its 50-day EMA placed at 9798. Also, Nifty shuts near day's low (- 1%) led by intensified selling seen in scrips across the sectors due to North Korea tensions. Pharma and Financial Services were the top laggards. Immediate support seen around 9750. Bank Nifty too ends near day's low, immediate support seen around 24000 psychological mark. 

SGX Nifty:-
 at 9788 down 4 points from Nifty future close of 9792 level. (Updated 4:07 PM). 
European Markets:-
 DAX (-208 pts), FTSE 100 (-87 pts), CAC 40 (-70 pts).

 Closing Bell:-

 Gainers:- Tech Mahindra, M&M, Wipro end marginally up.
 Losers:- NTPC (-3%), Sun Pharma, RIL (-2%). BoB (-3%), Tata Power, Tata Motors DVR (-2.5%) after exclusion from the Nifty 50 index effective Sept 29, 2017. 

NTPC stock slips 3% as govt to sell up to 10% stake via OFS. OFS gets over subscribed by 1.41 times. Floor price set at Rs 168/ share. 

Fortis Healthcare:-

stock fell 3% after promoter shareholding reduced from 36.6% to 34.3% due to invocation of pledge. 

Orissa Minerals signs deal to develop Brahamani Coal Block. Stock jumps 13.5%. RBI sends fresh list of defaulters to be taken to NCLT by banks. Visa Steel (-12%), Unity Infra (-12.5%), JP Associates(-9.5%), Ruchi Soya(-10%),Videocon (-4.5%).

RBL Bank stock gains 4% after 1.9 Cr shares trade in 2 blocks on BSE at Rs 515-516/sh. Reliance Infra stock jumps 3% on talks Of Mumbai electricity unit sale. 

Sugar stocks slip after govt imposes limits on sugar stocks ahead of festive season. Bajaj Hindusthan Sugar (-2%), Sakthi Sugars (-1%). 

 

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