Stock to Watch: Today: Muthoot Finance Limited

Muthoot Finance Limited

Muthoot Finance Limited futures has retracement of 61.8% and sustaining above it strong support of 520 level on daily charts and expected to rise  till the next resistance level of 100% retracement level i.e. 549. Volumes also increased on daily charts, indicating that bulls will take charges upcoming trading days.

Technical indicators also supporting the bullish trend, RSI are giving buying crossovers. The stock price has been sustaining above 50 day’s EMA on the daily charts. Traders can take long positions in MUTHOOT FIN in the range 522-523 for the targets of 549/574 with a stop loss below 499.

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Market Commentary :

The Sensex was up 403.65 points at 35756.26, while Nifty was up 131.10 points at 10735.50. About 1468 shares have advanced, 1107 shares declined, and 161 shares are unchanged.

IBULHSGFIN, TATASTEEL, VEDL, ADANIPORTS, HINDALCO were the top gainers among Nifty 50 stocks while DRREDDY, HEROMOTOCO, HINDUNILVR, ZEEL, INDUSINDBK were the top losers.

News HighLights :

•According to the first estimate of Rabi production in 2018-19, National Bulk Handling Corporation (NBHC), Rabi cereals production is expected to decline by 9.91%, while chana/gram is the most affected pulse seeing 9.92% fall in acreage.

•The Goods and Services Tax (GST) Council meeting on February 20 remained inconclusive after some state finance ministers sought a physical meeting as they felt an issue as crucial as a special scheme for real estate sector should not be discussed through a video conference. The meeting will now take place in Delhi on February 24.

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Asian Markets Advance; Hang Seng, Nikkei Jump

Hong Kong’s Hang Seng added 0.86 percent or 203.15 points at 23,905.19.

Japan’s Nikkei gained 1.70 percent or 266.32 points at 15,924.52.

Singapore’s Straits Times rose 0.27 percent or 8.86 points at 3,243.17.

South Korea’s Seoul Composite was up 0.23 percent or 4.56 points at 1,963.49.

Taiwan’s Taiwan Weighted added 0.35 percent or 30.74 points at 8,918.81.

China’s Shanghai Composite was up 0.36 percent or 8.56 points at 2,399.63.

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Intraday Stock Cash Tips for Today 31-10-2014

BUY AJANTA PHARMA (LCP-1887.6) ABOVE 1890 TG-1902-1925

BUY MPS LTD (LCP 712.4) ABOVE 714 TG-719-727

BUY ASTEC (LCP 104.2) ABOVE 105 TG-107.5-111

BUY ORIENT BELL (LCP-100.95) ABOVE 102 TG-104.5-107.5

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Bank Nifty Support & Resistance Level 31-10-2014

BANK NIFTY TREND – BULLISH

BANK NIFTY FUTURE LEVELS

SUPP 1: 16650

SUPP 2: 16380

RES 1: 17080

RES 2: 17350

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