Nifty outlook and stock calls for today’s trade by Tradebulls

Latest News – Occurrence of consecutive Doji’s reflects the ongoing mood of the market. Neither the bulls nor the bears are confident at the current juncture. Increasing IV’s (Implied volatility) & PCR at 1.30 coupled with the resistance faced around the 61.8% (10340) & 78.60% (10405) retracement zone of the previous down move highlight a good probability of the trend eventually turning in favor of the bears. Highest CE OI remains firm at 10,500 while PE OI around 10,300 could be a make or break level for the expiry. The above setup is indicating the upside to remain (Read More)

 

Technical calls: Buy NCL Industries, Godrej Properties

Latest News – Nifty outlook and top trading ideas by Devarsh Vakil & Vinay Rajani, technical analysts (PCG desk) at HDFC Securities:

Nifty Outlook: Nifty has been forming higher top and higher bottom formation on the daily charts. At Present, Nifty is placed above 5, 20, 50 and 100 DMAs, indicating bullish setup on time frames. It clearly seems that supply is getting absorbed on every dip and Nifty is climbing wall of worries. All time high of 10,137 would remain next resistance, while support is now shifted upwards to 9,840. Oscillators are also showing strength on the charts. Considering the technical evidences, we advise (Read More)

IT shares gain; TCS, HCL Tech near 52-week high

Latest News – Shares of information technology (IT) companies were in focus with the Nifty IT and S&P BSE IT index gaining more than 2% in an otherwise range-bound market.

Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tata Elxsi, Hexaware Technologies and Tech Mahindra were up in the range of 2% to 6%.

At 09:59 am; Nifty IT (10,895) and S&P BSE IT index (10,510) were up 2.2%, as compared to a marginal 0.08% decline in the benchmark indices.

In the past one month, the IT indices have outperformed the market by gaining 8% against 5% rise in the S&P BSE Sensex and 4.2% gain in Nifty 50 index.

TCS has rallied 4% to Rs 2,707 on the BSE in intra-day trade, quoting close to its 52-week high of Rs 2,740 touched on August 12, 2016. HCL Technologies was also up 3.3% at Rs 887, trading closer to its 52-week high of Rs 890 hit on March this year.

TCS’ buyback offer of about 56 million equity shares, which ended on May 31, received an overwhelming response. The offer was subscribed by 221% or 124 million shares. The company had fixed the buyback at price of Rs 2,850 a share.

HCL Tech buyback offer will (Read More)

5 Nifty companies announce bonus shares in 2017; highest in 11 years

Latest News – Engineering & construction giant Larsen & Toubro (L&T) and state-owned oil marketing company, Bharat Petroleum Corporation (BPCL) from the Nifty50 index in last week declared bonus shares in the ratio of 1:2 i.e. 1 new bonus equity share for every existing 2 equity shares.

Besides these two, total five companies including ICICI Bank, Wipro and Gail (India) from the index announced bonus shares thus far in the current calendar year 2017 (CY17). The number of companies from the Nifty50 index rewarding bonus shares to their shareholders is the highest in past 11 years.

Earlier, during the entire calendar year 2006, total seven companies – Cipla, Tata Consultancy Services (TCS), Infosys, Dr Reddy’s Laboratories, L&T, Oil and Natural Gas Corporation (ONGC) and HCL Technologies – from the benchmark index had issued bonus shares.

In 2015 and 2010, five companies from the Nifty 50 issued bonus shares, but Aurobindo Pharma in 2015 and Bajaj Auto and Zee Entertainment in 2010, were not part of the index in (Read More)

Sensex, Nifty settle at record closing highs ahead of RBI policy review

Latest News – In a volatile trading session, the benchmark indices ended at record closing highs ahead of the Reserve Bank of India’s monetary policy statement due tomorrow.

The S&P BSE Sensex ended at 29,974, up 64 points after rising as much as 97 points to 30,007 in intraday trade. The broader Nifty50 hit fresh lifetime high of 9,274 before closing at 9,265, up 27 points.

In the broader market, the S&P BSE Midcap and S&P BSE Smallcap indices also logged their fresh closing highs by gaining over 0.4%, and over 1%, respectively.
The market breadth, indicating the overall health of the market, was strong with over two gainers against one loser. On the BSE, 1,977 shares rose and 957 shares declined. A total of 137 shares were unchanged.

“The Sensex crossed 30,000 mark in intraday trade. This is in line with the overall positive sentiment in the market which has been riding on the passage of GST Bill and the strengthened position of government after the assembly elections. The improved macro-economic numbers such as sharp reduction in current account deficit are resulting in lot of funds flowing into equities- both from domestic and global institutions. The buying interest is not only in large caps but also in mid and small caps, which have actually outperformed the large caps. Going forward, the market would be keenly looking for trends from the March quarter numbers,” said Kunj Bansal – Executive Director & CIO – Equity , Centrum Broking.

RBI policy due tomorrow

The monetary policy committee of the Reserve Bank of India (RBI) is likely to leave the repo rate at (Read More)