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Economic Times | 17 Dec, 2019 | 08.56AM IST

Traders’ Diary: Nifty to stay under pressure

Sensex ended 71 pts lower at 40,938.72, dragged down by losses in energy, FMCG and auto stocks amid weak macro numbers.

!1 New UpdateClick here for latest updates
09:35 PM

Wall St hits record high on China data, trade deal; Apple shines

Wall Street notched a fresh record high on Monday as investor confidence was boosted by upbeat data from China, while cooling trade tensions between the world's two biggest economies removed one of the hurdles for global economic growth. Data showed China's industrial output and retail sales growth accelerated in November, adding to optimism from the announcement of a trade deal by the two sides on Friday.
07:42 PM

Mark Mobius at India Economic Conclave

06:52 PM

Nifty turned southward from the upper end of the trading range, which is around the 12,150-12,135 range. A sustained trade below the 12,040 level will extend the profit booking to 11,980-11,940 levels. On the flip side, a trade beyond the 12,085 level will take it back to the upper end of the 12,135-12,150 range. Moreover, the RSI has turned lower from the resistance at 60, suggesting a weakening uptrend

- Aditya Agarwala, YES Securities

06:51 PM

The daily upper Bollinger Band, which has fallen flat over the last few sessions, acted as a barrier on the upside. The 12,134-12,158 range now becomes a significant resistance zone. If the bulls manage to overcome this hurdle, then the index can march towards its short-term target at 12,350. On the flip side, the recent gap area between 12,023 and 12,005 levels would be an immediate support zone to keep a tab on

- Gaurav Ratnaparkhi, Sharekhan

06:50 PM

The overall trend of Dalal Street is still positive and traders can continue with buy on dips strategy till the headline index above 12,000, from where Nifty can witness an upmove towards its lifetime high of 12,158 and then 12,250. On the downside, support is seen in the 11,950-11,900 zone

- Chandan Taparia, Technical & Derivative Analyst, MOFSL

04:42 PM

Nifty consolidates in a tight band as the bulls took a break. Market traded in an extremely narrow band, however, the action was in the broader market, especially in midcaps and smallcaps. Nifty is marginally away from lifehighs and once the index scales new high, expect the index to scale 12,400. Overall trend continues to remain bullish. The near-term support is placed at 12,000. Support: 11,980-11,900 & Resistance: 12,150-12,400

- Manav Chopra, CMT, Head Research - Equity, Indiabulls Ventures

04:28 PM

FMCG stocks, RIL drag Sensex 71 pts lower; Nifty ends below 12,100

04:24 PM

Nifty50 registered a Dark Cloud Cover kind of bearish formation, as it closed below the midpoint of preceding session’s candle body after witnessing a gapup opening. Hence, in next trading session if Nifty trades below 12,046, then it shall attract follow through selling, which can slightly tilt the tide in favor of bears in the near term. Moreover, if today’s high of 12,131 turns out to be a lower top then there is a possibility that the recent rally from the lows of 11,832 can be part of a ‘right shoulder’ of a bearish reversal formation v.iz Head & Shoulders which is in the making for last 26 sessions on line chart

- Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

04:21 PM

Nifty formed a dark cloud cover candle pattern on the daily chart, which is a bearish reversal pattern. Now the index has good support near 12,000 and if it manages to hold above this zone, then we may see some recovery, otherwise sharp profit booking can be seen. Immediate resistance is coming near 12,100-12,150 zone

- Rohit Singre, Senior Technical Analyst, LKP Securities

04:20 PM

The short term trend of Nifty is at the verge of downward reversal. A sustainable move below 12,000 could open up more weakness. The key overhead resistance to be watched around 12,150-12,200 levels

- Nagaraj Shetti – Technical & Derivative Analyst, HDFC Securities

04:17 PM

We expect Indian market to stay under pressure in the near-term, as there are no visible positive triggers, which could boost investor sentiment. Further, market participants would continue to track global factors such as US-China trade deal, crude oil price and currency movement. We would recommend investors to follow stock specific approach

- Ajit Mishra, VP - Research, Religare Broking

04:15 PM

Inflationary pressure and static manufacturing activity impacted sentiment while trade deal optimism buoyed global markets. Global factors are likely to be more supportive in the near term and market anticipates a better economic growth in the coming years, which is giving support in every consolidation. Investors are also keenly waiting for the upcoming GST council meet to get any cues on overcoming revenue shortfall

- Vinod Nair, Head of Research, Geojit Financial Services

03:36 PM

CLOSING BELL: FMCG stocks, RIL drag Sensex 71 pts lower; Nifty ends below 12,100; Voda Idea, Bandhan Bank drop 5% each

CLOSING BELL: FMCG stocks, RIL drag Sensex 71 pts lower; Nifty ends below 12,100; Voda Idea, Bandhan Bank drop 5% each
03:27 PM

Centre releases GST compensation of Rs 35,298 crore to states

Centre releases GST compensation of Rs 35,298 crore to states
03:19 PM

Indoco Remedies' Goa plant gets approval from UK health regulator

03:12 PM

Sebi bans Trade India Research's proprietor Neha Gupta from capital market

Regulator Sebi has barred Trade India Research's proprietor Neha Gupta from the capital markets for promising assured returns to lure clients into subscribing multiple packages in order to maximise fee for her own benefit.The order comes after the Securities and Exchange Board of India (Sebi) received several complaints against Gupta.
02:44 PM

RBI acted ahead of time in reducing policy rates: Shaktikanta Das

The Reserve Bank of India Governor Shaktikanta Das on Monday said the monetary policy committee had acted ahead of time to cut policy rates as it had anticipated the slowdown. While speaking at the Times Network India Economic Conclave 2019, Das also underscored that he hopes to be proven right on the latest pause in monetary policy rates.
02:41 PM

Crude oil futures gain on spot demand, global cues

Crude oil prices on Monday gained Rs 14 to Rs 4,255 per barrel as speculators created fresh positions amid positive trend in spot market. Analysts said fresh bets created by participants kept crude prices higher in futures trade.
01:21 PM

For MSMEs, I think the Insolvency and Bankruptcy Code (IBC) is not the right route. It is more for the bigger corporates. MSMEs should have a rehabilitation...we are not in favour to take them to the NCLT because it will burden the system unnecessarily

- Rajnish Kumar, SBI

01:11 PM

Government has no business to be in a business. I have acquired four government companies. All four have become three times more productive and shown tremendous capability. Today government holds 87% on an average in this company, including banks. If they bring down their holding to 50% they will get $1 trillion.

- Anil Agarwal, Vedanta

01:09 PM

Shaktikanta Das in IEC: Informed, objective discussion on economy need of the hour

12:59 PM

Maruti sells over 6 lakh automatic transmission cars

The country's largest carmaker Maruti Suzuki India (MSI) on Monday said it has sold over six lakh automatic cars. Out of these six lakh automatic transmission passenger vehicles sold, over five lakh are equipped with auto gear shift (AGS) technology.

"Maruti Suzuki India Ltd has created a new milestone with the sales of over six lakh automatic transmission passenger vehicles," the company said in a filing to BSE. In 2018-19, the company had sold over two lakh units of automatic vehicles. (Source: PTI)
12:44 PM

Trying to frontload infra spending as much as possible

- Nirmala Sitharaman, Finance Minister

12:32 PM

WPI inflation rises to 0.58% in November

WPI inflation rises to 0.58% in November
12:31 PM

The broking industry in India has to figure a way to broaden the market participation. It is important for the country as well if you look at all the world economies. The ones which became superpowers were countries where the investors backed the entrepreneurs. You cannot just put money in a bank account, savings account and expect the country to do well. You need people to take that incremental risk and invest to help entrepreneurs build businesses and in turn help the economy grow.

- Nithin Kamath

11:34 AM

PNB falls 2% after RBI flags under-reporting of NPAs

Shares of Punjab National Bank on Monday fell over two per cent after the Reserve Bank of India said the lender under-reported its non-performing assets by Rs 2,617 crore for the last fiscal. Shares of PNB dropped 2.48 per cent to trade at Rs 62.85 on the BSE. The stock declined 2.40 per cent to Rs 62.90 on the NSE.
11:08 AM

Glenmark's Baddi manufacturing unit receives GMP certificate from European regulator

Price as on 16 Dec, 2019 11:08 AM, Click on company names for their live prices.
11:04 AM

I do hope events will unfold and prove that MPC was right in holding rates: RBI Guv

I do hope events will unfold and prove that MPC was right in holding rates: RBI Guv
10:50 AM

Globally, there should be co-ordination to boost global growth: RBI Governor

Globally, there should be co-ordination to boost global growth: RBI Governor
10:46 AM

Brookfield Infrastructure Partners to invest Rs 25,215 crore in telecom tower assets of RIL

Price as on 16 Dec, 2019 10:46 AM, Click on company names for their live prices.
10:35 AM

We are living in uncertain times, but it is good there are efforts taken to remove this uncertainty

- Shaktikanta Das, RBI Guv

10:35 AM

RBI is taking steps to strengthen the banking system

- Shaktikanta Das, RBI Guv

10:34 AM

Though the focus of RBI is on growth and inflation, the underlying tone is also financial stability

- RBI Governor

10:33 AM

RBI's mandate is also to maintain financial stability: Shaktikanta Das, RBI Guv

RBI's mandate is also to maintain financial stability: Shaktikanta Das, RBI Guv
10:16 AM

India seems to have missed the trick for growth: V Vaidyanath

We need to know we are behind our potential; We are behind time; we need to get going on this front, MD & CEO of IDFC First Bank said at India economic conclave.
10:08 AM

Sun Pharma skids 3% after USFDA issues 8 observations to Halol plant

Shares of Sun Pharma slid nearly 3 per cent in Monday's session after the US drug regulator issued eight observations to its Halol facility.

The drug manufacturer in a regulatory filing said, “US FDA conducted a Good Manufacturing Practices {GMP) inspection of Sun Pharmaceutical Industries's Halol facility (Gujarat, India) from December 03-13, 2019. At the conclusion of the inspection, the agency issued a Form 483, with eight observations.”

Halol plant is one of the largest facilities contributing to US sales.
10:04 AM

Nifty stocks where FII holding is intact despite high volatility

Image Source: ICICI Securities
Nifty stocks where FII holding is intact despite high volatility
09:57 AM

20,000 Reliance Home Finance bondholders to take first hit

About 20,000 debenture holders in Reliance Home Finance (RHFL) — including individuals, mutual funds and retirement bodies — are set to take the first hit on their investments as the full repayments of about Rs 3,000 crore fall due on January 3, with little hope of recovery. The trustee of such junk bonds has warned the company of legal action if it fails to repay the same.
20,000 Reliance Home Finance bondholders to take first hit
09:55 AM

Nifty has potential to test 12,300 ahead while 11,900 would act as a cushion in case of any profit taking. Though all the sectoral indices are contributing to the move, we’re seeing selective participation within the sector. We thus advise keeping caution in stock selection and preferring counters which are trading in line with the benchmark trend. We expect banking, financials, auto, metal and realty pack to do well so plan your trades accordingly.

- Ajit Mishra Vice President, Research, Religare Broking

09:29 AM

Podcast: What may matter on D-Street today

09:23 AM

Voda Idea, YES Bank, RCom among most active stocks on NSE

Price as on 16 Dec, 2019 09:23 AM, Click on company names for their live prices.
09:18 AM

OPENING BELL: Sensex gains 100 pts, Nifty above 12,100; Nifty Bank hits record high of 32,186

OPENING BELL: Sensex gains 100 pts, Nifty above 12,100; Nifty Bank hits record high of 32,186
09:03 AM

Pre-open session: Sensex up 200 points, Nifty nears 12,150; rupee trades at 70.82 against dollar

08:01 AM

Singapore trading sets stage for a muted start

Nifty futures on the Singapore Exchange traded 12.50 points, or 0.10 per cent, lower at 12,137, indicating a muted start for Dalal Street.
08:01 AM

Tech view: Nifty faces resistance at 12,103

The market has registered gapup openings in the last two sessions, which show the strength in the rally. Despite this, Nifty hasn’t achieved a breakout and has closed at the Double Top resistance level at 12,103, which makes 12,103-12,150 resistance zone difficult to negotiate.
08:01 AM

Asian shares up on US-China trade deal

Asian shares ticked higher on Monday as investors cheered an announced trade agreement between Beijing and Washington over the weekend. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.21 per cent. Australian shares jumped, adding 1.23 per cent. But Japan's Nikkei 225 pulled back 0.21 per cent after a strong rally on Friday that pushed the index to a 14-month high.
08:01 AM

US stocks settled higher on Friday

US shares had struck a cautious note on Friday, paring initial gains to end barely higher as weary investors await signs of a concrete deal. However, the news of a deal was still enough to send the S&P500 to a record closing high of 3,168.8, up 0.01 per cent. The Nasdaq Composite index added 0.2 per cent to end at 8,734.88, also a record, and the Dow Jones Industrial Average index rose 0.01 per cent to 28,135.38.
08:01 AM

China raises yuan mid-point to highest in 4 months

The People's Bank of China (PBOC) set the midpoint rate at 6.9915 per dollar prior to the market open, 241 pips or 0.34 per cent firmer than the previous fix of 7.0156 and the strongest since August 6. Monday's official guidance rate was also the biggest daily uptick in percentage terms since November 6.
08:00 AM

'Phase one' deal likely to double US exports to China

The phase one US-China trade deal will nearly double US exports to China over the next two years and is "totally done" despite the need for translation and revisions to its text, US Trade Representative Robert Lighthizer said on Sunday. Lighthizer, speaking on CBS' "Face the Nation" program, said there would be some routine "scrubs" to the text but "this is totally done, absolutely."
08:00 AM

Crude oil prices fall in early trade

Oil prices, which had risen on Friday following the deal, cooled in early Asian trade on Monday. US West Texas Intermediate crude was down 0.38 per cent at $59.84 per barrel. The dollar index, which tracks the greenback against a basket of six major rivals, was down at 97.140.
08:00 AM

WPI data to be out today

Among macroeconomic factors, participants would eye announcement of WPI inflation on Monday, PTI reported. "We expect the market to continue to move higher as momentum is favouring the bulls while easing global sentiments is a much bigger boost for investors at this moment," said Mustafa Nadeem, CEO, Epic Research.
08:00 AM

DIIs buy Rs 385 crore worth stocks

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 116 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 385 crore, data suggests.
08:00 AM

FM to hold pre-Budget consultations

Beginning the customary pre-Budget consultation exercise from Monday, Finance Minister Nirmala Sitharaman will seek inputs from various stakeholders including industry bodies, farmer organisations and economists for reviving consumption and boosting growth. Sources told PTI that the pre-Budget consultations starting Monday will last till December 23.
07:59 AM

Sensex on Friday

The Sensex soared 428 points to close above the 41,000-mark on Friday as the US and China reportedly reaching a trade deal and Boris Johnson's win in UK general elections turbocharged global equity sentiment. After hitting a high of 41,055.80 points, the 30-share BSE Sensex ended 428 points, or 1.05 per cent, higher at 41,009.71.
07:59 AM

Good Morning, dear reader! Here's something to kickstart your trading day

Good Morning, dear reader! Here's something to kickstart your trading day
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