Indian market witnessed a volatile trading session on Monday but bulls managed to push the index back in green towards the close.
The final tally on D-Street – the S&P BSE Sensex rose 21 points to 40,345 while the Nifty50 closed 5 points higher at 11,913.
Going forward, technical experts are of the view that fresh shorting opportunity shall arise on a close below 11830 levels for a target close to 11,700 levels while a close above 12034 could put bulls back in the driver’s seat.
On the macro front, India’s industrial production shrank for the second consecutive month in September, lowest in almost 8 years. India’s industrial output continued to stutter as it contracted 4.3 percent month-on-month (MoM) in September.
The rupee on Monday tumbled by 19 paise to a near one-month low of 71.47 against the US dollar as fresh concerns over US-China trade deal and Hong Kong unrest kept forex market participants edgy.
On the institutional front, FPIs were net buyers in Indian markets for Rs 664 cr while the DIIs were net sellers to the tune of Rs 245 cr, provisional data showed.
On the earnings front, as many as 690 companies on the BSE will declare their results for September quarter which include names like Pidilite Industries, ABB India, Muthoot Finance, OFSS, Adani Power, 3M India, Cadila Healthcare, Bata India, BHEL, IRCTC, Spicejet, and Blue Star etc. among others.
Nifty formed a Small bullish candle, faces resistance near 5-days EMA
For the time being, the near-term support for Nifty50 is placed at 11850 levels
In case of bulls manage a sustainable trade above 11932 levels in the next session then the strength may get extended up to 12034 levels
A breach of 11850 – 11833 levels on a closing basis shall accelerate the selling pressure further.
Fresh shorting opportunity shall arise on a close below 11830 levels for a target close to 11700 levels, Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
Three levels to watch on Wednesday — 11850-11830, 11932, 12034
Max Call OI: 12000, 11800
Max Put OI: 11600, 11500
Stocks in news:
Godrej Properties’ sales bookings rose 44 percent to Rs 2,343 crore during the first half of the ongoing financial year on higher volumes despite a slowdown in the housing segment.
Tata Motors held Jaguar Land Rover (JLR) on November 12 reported a 5.5 percent decline in total retail sales at 41,866 units in October as compared with the year-ago period.
Essel Group will soon begin the sale of Zee Entertainment shares pledged with lenders, CNBC-TV18 reported quoting sources. We have seen a good volume spike in ZEE Ent which saw a long buildup on Friday. The stock closed with gains of over 6% and was also the top Nifty gainer.
We spoke to HDFC Securities Limited and here’s what they have to recommend:
AU Small Finance Bank: Buy| Target: Rs 796 | Stop-Loss: Rs 653| Upside 11%
Maharashtra Scooters: Buy| Target: Rs 5600| Stop-Loss: Rs. 4410| Upside 17%
Bajaj Holdings: Buy| Target: Rs 4250| Stop Loss: Rs 3450| Upside 15%
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