Stock Market Technical Outlook 20-May-2016

Market Wrap

INDIAN MARKET OVERVIEW

The Nifty opened up with Negative note and ended down with 86.75 points or 1.1% at 7783.40. The trend of Market is looking uncertain due to the global clues.

After a lot of struggle fearing fed rate hike and results of assembly elections, the market has ended with losses. The market has ended down with 304.89 points or 1.2% at 25399.72.About 913 shares has advanced, 1638 shares declined, and 161 shares are unchanged.

Lupin Q4 profit soars 47% on US biz despite 65% rise in R&D cost. US formulation business for the quarter increased by 58.7%, India by 14.7% and Japan sales rose 17% compared to year-ago period. Rest of World markets clocked in sales growth of 38.3% in Q4 while South African subsidiary, Pharma Dynamics recorded 7.1% degrowth in sales.

Assembly Elections 2016: Sun TV tanks 12%, Raj TV soars 20% on AIADMK win in Tamil Nadu Chennai-based Sun TV owned by Kalanithi Maran grandnephew of DMK President M Karunanidhi had jumped 11% on Tuesday as most exit polls had predicted that the DMKCongress alliance may win the state elections in Tamil Nadu.

GLOBAL MARKET OVERVIEW

Asia markets start pricing in possibility of imminent Fed hike Japan’s benchmark Nikkei 225 index tacked on 0.68%, likely driven by the stronger dollar helping to push down the persistently stronger yen, which has been dampening earnings for the country’s exporters.

Bank shares buoy Wall Street as Fed signals possible June hike The Dow Jones industrial average fell 3.36 points, or 0.02%, to 17526.62, the S&P 500 gained 0.42 points, or 0.02%, to 2047.63, and the Nasdaq Composite added 23.39 points, or 0.5%, to 4739.12.

Wall Street closed flat on Wednesday after a volatile session, supported by bank shares, as the minutes from the Federal Reserve’s April meeting signaled a potential interest rate increase in the near term.

Technical Outlook Nifty

Technical Overview:

Nifty futures opened with negative note than witnessed bearish movement rest of the day and made a low of 7775, manage to close near to its low at 7785.Over all Nifty is looking bullish on charts but On the upcoming session Nifty may trade in range of 7700-7900levels. Once can make a short position on higher levels and buy from lower levels. Down ward side major support level of 7530.

Bank Nifty Technical Overview:

Bank Nifty futures opened with negative note after that Bank Nifty test the level of 17000 and made a high of 17282 buy it could not sustain on higher levels and witnessed bearish movement at the end of the day. Bank Nifty traded in range of 16500-17000 level. On the upcoming session if it sustain below the level of 16500 marks then down ward movement expected. On the down ward side it holds major support level at 16250.

Technical Overview:

Stock recommendation for 20/05/2016 is CESC. The stock is in consolidation since two weeks and yesterday it has declared its quarterly result which was quite positive. It has created a strong resistance at 555 and if the prices sustains above this level then we can expect a strong up trend. The stock also rebounded on monthly time frame and heading towards next level of retracement i.e. 50 %. Buy CESC above 557 for the target of 570 and 585 with stop loss below 537.

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Indian ADRs: HDFC Bank, Dr Reddy’s, Infosys slip

Indian ADRs ended lower on Thursday

Infosys shed 0.91 percent at USD 18.47

Wipro was down 0.59 percent at USD 11.87

HDFC Bank declined 2.49 percent at USD 62.18

ICICI Bank slipped 3.64 percent at USD 6.62

Tata Motors was down 0.52 percent at USD 28.44

Dr Reddy’s Laboratories fell 1.15 percent at USD 44.67

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F&O cues: Nifty 8000 Call adds 19.6 lakh shares in Open Interest

F&O cues:

Nifty 7900 Call added 23 lakh shares in Open Interest on May 19

Nifty 8000 Call added 19.6 lakh shares in Open Interest

Nifty 7800 Put shed 13.3 lakh shares in Open Interest

Nifty 7900 Put shed 5.4 lakh shares in Open Interest

FIIs in F&O on May 19 (Provisional data from NSE)

FII net sell Rs 293 crore in Index Futures

FII net sell Rs 1240 crore in Index Options

FII net buy Rs 427 crore in Stock Futures

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Stock Market Technical Outlook 19-May-2016

Market Wrap

INDIAN MARKET OVERVIEW

  • The Nifty opened up with slightly Negative note and ended down with 20.60 points or 0.3% at 7870.15. The trend of Market is looking uncertain due to the global clues.
  • On Wednesday, the market has ended down with 69 points or 0.3% at 25704.61.About 1241 shares has advanced, 1314 shares declined, and 179 shares are unchanged.
  • Punjab National Bank has posted net loss of Rs 5,367.14 crore in January-March quarter, which is the highest ever loss reported by an Indian Bank, against profit of Rs 306.56 crore in year-ago period. Sharp surge in provisions and weak asset quality hit profitability despite higher other income and big tax write-back.
  • JSW Steel ‘s fourth quarter consolidated profit nearly trebled to Rs 171.25 crore compared to Rs 62.38 crore in year-ago period, supported by operational performance and other income. Revenue declined 15% to Rs 10697.52 crore in quarter ended March 2016 compared to Rs 12599.7 crore in same period last fiscal.

GLOBAL MARKET OVERVIEW

  • Asia markets opened lower Wednesday, with Japan’s shares wavering as traders struggled to interpret data showing the country’s economic growth beat expectations. The benchmark Nikkei 225 index was up 0.62%, continuing to weave between positive and negative territories as traders were likely weighing whether the good news from the data was good or bad news for markets.
  • The Dow Jones industrial average fell 180.73 points, or 1.02%, to 17529.98, the S&P 500 lost 19.45 points, or 0.94%, to 2047.21 and the Nasdaq Composite dropped 59.73 points, or 1.25%, to 4715.73.
  • Wall Street sold off on Tuesday as investors boosted their bets on the Federal Reserve raising rates later this year, while Home Depot dragged on indexes following its quarterly report.

Technical Outlook

Nifty Technical Overview

Nifty futures opened with slightly negative and after that traded in range of 7811-7860, manage to close over 7800 marks. Over all Nifty is looking bullish but on daily charts it sustained below 200day moving average and major resistance level of 8000.On the upcoming session Nifty may trade in range of 7700-7900 levels. Once can make an short position on higher levels and buy from lower levels. Down ward side major support level of 7650.

Bank Nifty Technical Overview

Bank Nifty futures opened with slightly negative note after that traded in range of 16590-16700 on the middle session and manage to close over 16750 marks. Over all Bank Nifty is looking bullish on charts but it may have major resistance level of 17000. On the upcoming session if it sustain below the level of 16700 marks then down ward movement expected. On the down ward side it holds major support level at 16250.

Todays Stock Recommendation

Stock recommendation for 19/05/2016 is Kitex Garments. The stock broke the consolidation and trend line on daily time frame on yesterday. The stock crossed its last one months high and managed to trade above 450 level. If prices sustains above 470 then a short term up trend is confirmed. Buy Kitex above 472 for the target of 485 and 499 with stop loss below 450.

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Indian ADRs: Tata Motors, Infosys, ICICI Bank gain

Indian ADRs ended higher on Wednesday

ICICI Bank was up 1.33 percent at USD 6.87

HDFC Bank rose 0.60 percent at USD 63.77

Infosys gained 1.19 percent at USD 18.64

Wipro added 0.84 percent at USD 11.94.

Tata Motors rose 1.28 percent at USD 28.59

Dr Reddy’s Laboratories was up 0.60 percent at USD 45.19

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F&O cues: Nifty 7700 Put adds 7.3 lakh shares in Open Interest

F&O cues:

Nifty 7800 Call added 7.8 lakh shares in Open Interest on May 18

Nifty 7900 Call shed 3.5 lakh shares in Open Interest

Nifty 7700 Put added 7.3 lakh shares in Open Interest

Nifty 7900 Put shed 8.5 lakh shares in Open Interest

FIIs in F&O on May 18 (Provisional data from NSE)

FII net sell Rs 1282 crore in Index Futures

FII net sell Rs 112 crore in Index Options

FII net buy Rs 285 crore in Stock Futures

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Stock Market Technical Outlook 18-May-2016

Market Wrap

INDIAN MARKET OVERVIEW

  • The Nifty opened up with slightly positive note and ended up with 30 points or 0.4% at 7890.75. The trend of Market is looking uncertain due to the international clues.
  • After a volatile day the market has ended up with 120.38 points or 0.5% at 25773.61.About 1300 shares has advanced, 1306 shares declined, and 177 shares are unchanged.
  • Shares of Sun TV Network surged 11% intraday on Tuesday as most exit polls have predicted that the DMK-Congress alliance may win the state elections in Tamil Nadu. Chennai-based Sun TV owned by Kalanithi Maran (grandnephew of DMK President M Karunanidhi) is seen gaining high revenue growth when DMK is in power
  • India’s largest lender State Bank of India is looking to sell a part of its non-core assets in National Stock Exchange. SBI along with its subsidiaries have a total of 15% stake in NSE. SBI Capital Market has invited bids for a stake sale of 5% to rise around Rs 1,000 crore.

GLOBAL MARKET OVERVIEW

  • Asian markets advanced Tuesday as energy plays rallied after rising oil prices spurred a banner session on Wall Street.
  • Australia’s S&P/ASX 200 was up 0.30%, as a 1.07% gain in the materials sub index and a 1.57% gain in the energy sub index were offset by the heavily weighted financial sub index falling 0.09%.
  • The Dow Jones industrial average rose 175.39 points, or 1%, to 17710.71, the S&P 500 gained 20.05 points, or 0.98%, to 2066.66 and the Nasdaq Composite added 57.78 points, or 1.22%, to 4775.46.
  • Apple shares finished up 3.7% after Warren Buffett’s Berkshire Hathaway reported a stake worth about $1 billion in the iPhone maker. The stock, which had lost about one-fifth of its value in the past month, gave the biggest boost to the three indexes.

Technical Outlook

Nifty Technical Overview:

Nifty futures opened with slightly positive and after that traded in range of 7900-7960, manage to close over 7900 marks. Over all Nifty is looking bullish on charts but it may have major resistance level of 8000 on the upward side. On the upcoming session if Nifty sustain below the level of 8000 then down ward movement will be expect, Once can make an short position on higher levels. Down ward side major support level of 7650.

Bank Nifty Technical Overview:

Bank Nifty futures opened with slightly positive note after that traded in range of 16900-16800 on the middle session and then witnessed down ward movement at the end of the day and made an low of 16766. Over all Bank Nifty is looking bullish on charts but it may have major resistance level of 17000. On the upcoming session if it sustain below the level of 17000 marks then down ward movement expect. On the down ward side major support level of 16250.

Todays Stock Recommendation

Stock recommendation for 18/05/2016 is Bombay Burmah Trading Corporation Ltd (BBTC). Yesterday the stock has given break out above important resistance on daily time frame. It has a support of upward trend line as well. If the stock sustains above 425 then we can expect a strong uptrend in upcoming trading sessions. Buy BBTC above 425 for the target of 435 and 450 with stop loss below 405.

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