Traders’ Diary: Nifty has support at 11,770-11,700
Market benchmark Sensex ended 70.21 points higher on Friday, led by gains in Bharti Airtel and SBI, amid positive cues from global equities.
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On the global front, signs of progress in US-China trade deal has improved overall sentiment across global markets. However, domestic macros are not providing confidence to investors. But in recent times we are seeing some concrete steps from the government and RBI to push growth which will soothe investors nerves. Going ahead, RBI is likely to give more focus on growth rather than rising inflation in the near term which may influence them for few more rate cuts and induce greater transmission. Given this scenario, we may see limited downside for Nifty despite premium valuation. The likely trading range for market will be 11,600-12,000
- Vinod Nair, Head of Research, Geojit Financial Services Ltd for your perusal
We reiterate our consolidation view on Nifty and suggest focusing more on stock selection and position management. The buoyancy in banking space is largely helping the benchmark to hold at the higher levels while others are witnessing mixed trend. In present scenario, we advise maintaining a balanced approach on stock-specific front, by adding few short positions
Price activity over the last few sessions is unfolding as a complex correction as per the Elliott Wave Theory. Nifty is still in minor degree correction phase and can slide towards the 11,700-11,600 range next week. On the other hand, the 12,000-12,034 range will continue to act as a key resistance
- Gaurav Ratnaparkhi, Sharekhan
During the week gone by, the index traded in the narrow range of 171 points, which was the narrowest weekly trading range in last six months. Now, it has to hold above 11,850 level to witness an up-move towards 11,950 and then 12,000 levels, while on the downside a major support is seen at 11,780 level
Nifty and Bank Nifty are consolidating before hitting their fresh all-time highs, as they are not showing any major signs of weakness. The overall trend of the market is bullish and buy on dip strategy will continue to work till Nifty trades above 11,700 mark. The 12,000-12,100 zone is one supply area but once Nifty will cross 12,100 mark, it may see further bullish momentum where 12300 will be an immediate target
"Signals on progress on US-China trade deal improved sentiment across global markets, but weakening macros and a muted end to Q2 results induced investors to book profits at higher levels. The government’s plan to set a minimum price for mobile calls and data to revive the telecom sector, boosted telecom stocks. Further, PSU Banks gained some ground on account of likely reduction in NPAs post the favourable verdict from Supreme Court. Given declining macros, market expects concrete steps from the government and RBI to push growth going ahead
- Vinod Nair, Head of Research, Geojit Financial Services
Nifty formed a doji candle pattern on the weekly chart, hinting indecisiveness. The index has good support near 11,820-11,770-11,700 zone. If it manages to hold above said levels, then we may see again northward move towards strong hurdle of 12,000 mark
- Rohit Singre, Senior Technical Analyst, LKP Securities
CLOSING BELL: Sensex erases 300-pt gains in late selloff, ends 70 pts higher; Nifty near 11,900; Voda rallies 27%, Airtel 9%
UCO Bank elevates deputy GM Shashi Kant Kumar as CFO
Price as on 15 Nov, 2019 02:58 PM, Click on company names for their live prices.
China stocks fell on Friday to end the week lower, with the country's blue-chip index posting its biggest weekly decline in more than three months, amid uncertainty around the Sino-US trade deal while investors sought more clues on Beijing's policy support in the midst of a slowing economy. The blue-chip CSI300 index fell 0.7 per cent, to 3,877.09, while the Shanghai Composite Index ended down 0.6per cent at 2,891.34 points.
Media shares fall; Jagran Prakashan slips 5%
Media shares were trading with losses in Friday's afternoon session.
Shares of Jagran Prakashan (down 4.52 per cent) , Den Networks (down 2.56 per cent) , DB Corp (down 0.80 per cent) and Dish TV India (down 0.75 per cent) were the top losers in the index.
Blackstone invests Rs 1,750 crore in Future Lifestyle Fashion
Blackstone, the world’s biggest private equity firm, has invested Rs 1,750 crore in Future Lifestyle Fashion (FLF), the flagship fashion business of Kishore Biyani-owned Future Group. Funds managed by Blackstone will invest in Ryka Commercial Ventures, the holding company of the lifestyle retailer through debentures which will be used to retire or pre-close all existing financial obligations, Future Group said.
Nifty Financial Services index up; Edelweiss gains 3%
The Nifty Financial Services index was up with its components trading mixed in Friday's afternoon session.
Shares of State Bank of India (up 4.51 per cent) , Cholamandalam Investment & Finance Company (up 3.64 per cent) , Edelweiss Financial Services (up 2.61 per cent) and Sundaram Finance (up 2.16 per cent) were trading with gains.
Fortis Healthcare tumbles as SC holds Singh brothers, co guilty of contempt
Price as on 15 Nov, 2019 01:16 PM, Click on company names for their live prices.
Glenmark Pharma zooms after Q2 earnings
Price as on 15 Nov, 2019 12:55 PM, Click on company names for their live prices.
Asian stocks cheered by trade deal hopes but caution prevails
Asian stocks jumped on Friday, lifted by White House comments that suggested the possibility of an imminent trade deal between Washington and Beijing, which revived hopes that their tariff war may be nearing an end, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.57 per cent. Japan’s Nikkei added 0.7 per cent and Australian shares gained 0.87 per cent.
Gold, silver bleed as renewed hopes of trade deal dent safe-haven appeal
Rekindled hopes of a trade deal between US and China made a dent in gold futures as the commodity dipped on Friday on domestic bourses.
US and China are getting close to a trade agreement, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive talks with Beijing about ending a 16-month trade war.
MCX Gold (Dec) futures fell 0.79 per cent to Rs 37,963 while MCX Silver (Dec) futures followed with a 1.23 per cent cut to Rs 44,173 .
46 stocks hit 52-week lows on NSE
Around 46 stocks fell to touch their 52-week lows on NSE in Friday's session.
Among the stocks that touched their 52-week lows were GRP, Lakshmi Machine Works, Shemaroo Entertainment and Sterling And Wilson Solar.
Bharat Road Network, Entertainment Network, Everest, Future Retail, Parag Milk Foods and Shakti Pumps also featured among the stocks that touched their 52-week lows on NSE.
Voda Idea, Airtel shares recover despite combined loss of Rs 74,000 crore in Q2
Price as on 15 Nov, 2019 11:43 AM, Click on company names for their live prices.
Top 10 NSE losers in early trade
Price as on 15 Nov, 2019 11:33 AM, Click on company names for their live prices.
Stocks like Godrej Industries, Motilal Oswal Financial Services (MOFSL), 3M India, Escorts, Federal Bank, Jindal Steel and Power (JSPL), Adani Enterprises, Godrej Properties, Tata Power and NBCC were some of the midcap stocks that were in demand among domestic fund managers during the month, said a report by ICICIdirect.
Emkay Global maintains 'buy' on Airtel
Brokerage firm Emkay Global Financial Services maintained ‘Buy’ rating on Airtel with a 12-month target price of Rs 432. “Bharti Airtel posted better-than-expected operating performance, along with a moderation in capex spends. India Mobile EBITDA continued to improve and Africa business remained on the right track, helping quell any qualms about Bharti’s operational performance,” it said.
Price as on 15 Nov, 2019 10:42 AM, Click on company names for their live prices.
Brokerage Radar: 6 solid buy calls from global brokerages
CITI ON VEDANTA
Maintain BUY, Target at Rs 180/share
Lower Debt but slower ramp up for some businesses
Ved lowered FY20 volume guidance
UBS ON BHARTI AIRTEL Maintain BUY, Target at Rs 415/share
Solid Operating performance but focus on AGR liabilities
Bharti is attractively valued
Capex intensity slowed in the quarter
UBS ON M&M Maintain BUY, Target at Rs 690/share
Valuation support but weak earnings growth outlook
Focus to get growth back in Marazzo
Working on improving performance of overseas subs
JP MORGAN ON VEDANTA Maintain Overweight, Target at Rs 144/share
Continued Operational Misses Drive EBITDA Lower
Zinc and Oil Expansions Key from Here
Cut earnings est given weaker aluminum & expansion delays
MACQUARIE ON ICICI PRU Maintain Outperform, Target at Rs 535/share
IPRU Life now trades at 2.6x FY21E P/EV
Market volatility led to weak APE growth
Plans to double FY19 VNB in the next 3-4 years
HSBC ON BHARAT FORGE Maintain BUY, Target at Rs 500/share
Q2 earnings were disappointing
Q3 to be weak as well but it should be the bottom
Expect -ve newsflow to bottom out as investor focus on FCF
Maintain Buy & keep target price unchanged at Rs 500
NOMURA ON BHEL Maintain Reduce, Target at Rs 48/share
Weak financials at state-run utilities impacting execution
Cash burn in H1FY20 is concerning
Cut FY21/22F EBITDA by 5-7% to factor in weak execution
Coffe Day jumps 5% as PE firms look to pick stake in firm
NEW DELHI: Shares of Coffe Day Enterprises rose 5 per cent in Friday's trade after it signed non-disclosure agreements with private equity firms KKR, TPG Capital and Bain Capital for initiating discussions on a significant stake buy in the group’s coffee business.
The PE firms are expected to begin due diligence shortly.
Following the development, the scrip hit its 5 per cent upper circuit limit at Rs 45.85 on BSE.
Vodafone Idea, YES Bank, ALL among most active stocks on NSE
Price as on 15 Nov, 2019 09:48 AM, Click on company names for their live prices.
OPENING BELL: Sensex climbs 150 pts, Nifty reclaims 11,900; Glenmark Pharma surges 6%, Voda Idea tanks 8%
Podcast: What's buzzing on D-Street this morning
Pre-open session: Sensex gains 70 pts, Nifty flat; rupee trades at 71.80 against dollar
Day's events you need to track
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange traded 33.50 points, or 0.28 per cent, higher at 11,921, indicating a positive start for Dalal Street.
Tech view: Nifty forms small bullish candle
Nifty on Thursday rose above its immediate support at 11,850 and formed a bullish candle on the daily chart with a long wick, suggesting that the intraday fall got bought into. But the advance-decline ratio for the day remained weak and the short-term outlook stays negative.
Asian markets make limited gains
Asian equities rose on Friday after the S&P500 index notched a new record closing high, but investor sentiment remained fragile following weak data from China and Germany, which reinforced concerns about the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.34 per cent. Japan's Nikkei added 0.58 per cent and Australian shares gained 0.53 per cent.
US stocks ended mixed
After trading low as the investors continued to monitor the latest development of US-China trade issues and digested major economic date, the US stocks ended mixed in overnight trade. The Dow decreased 0.01 per cent to 27,781.96, the S&P 500 increased 0.08 per cent to 3,096.63, and the Nasdaq decreased 0.04 per cent to 8,479.02 on Thursday.
US and China getting close to trade deal
The United States and China are getting close to a trade agreement, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive talks with Beijing about ending a 16-month trade war.
Trump admitted to bribery with Ukraine: Nancy Pelosi
House of Representatives Speaker Nancy Pelosi on Thursday said that the US President Donald Trump already has admitted to bribery in the Ukraine scandal at the heart of a Democratic-led inquiry, accusing him of an impeachable offence under the US Constitution.
Oil prices rise on OPEC production outlook
Oil prices posted early gains as OPEC's outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month. Brent crude futures were up 30 cents, or 0.5 per cent, at $62.58 a barrel, having dropped 9 cents on Thursday.
RCom, IL&FS Engineering to announce Q2 results
RCom, Tata Teleservices (Maharashtra), Sanwaria Consumer, IL&FS Engineering and Vadilal Industries will be among companies that will disclose quarterly results on Thursday.
FIIs sell Rs 562 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 562 crore on Thursday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 82.74 crore, data suggests.
Sensex on Thursday
Led by banking and financial sectors stocks the Indian stock markets finished in the green on Thursday despite Moody's downward revision of India's GDP growth forecast. The Sensex finished at 40,286.48, higher by 170.42 points, and the Nifty gained 30 points at 11,870.45. While the BSE midcap index ended 0.14 per cent higher, the BSE SmallCap ended marginally lower.
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