strategy on nifty
Virendra Kumar of CNBC-Awaaz says that its resistance zone is visible at 17868-17916. The major resistance zone is at 17964-18010. The base zone is visible at 17740-17690 and the larger base zone at 17640-17590. On Friday, we had said long, yesterday at 17810, there was a light profit-booking. Hold the rest of the position till 17868-916. Go long, buy the decline till first base. Now the highest writing is at 18000. Traders continue to take profits on Pivot Levels.
strategy on nifty bank
Virendra Kumar on Nifty Bank says that its resistance zone is 37932-38160 and the bigger resistance zone is 38360-38510. The base zone is 37513-37410. The major base zone is 37350-27260. The target of 37750 above was achieved yesterday. SBI got full benefit yesterday, keep an eye on private banks today. 37932 is the first containment zone and the second is 38160 zone. Highest OI on 38000 calls. If it stays above 38160 then 38360-510 level above is also possible.
Today’s Trading Calls
Buy Escorts tgt 1560 sl 1470
Arihant Capital Markets Ltd
Buy Deepak nitrite 2750/2800 sl 2640
KR Choksey Shares & Securities
Buy Infosys @1692, stl 1682, tgt 1712
PM Modi meets Big Bull
PM Modi meets veteran investor Rakesh Jhunjhunwala. After meeting in Delhi yesterday, PM Modi praised Big Bull fiercely and said – he is bullish about India.
BAJAJ FINANCE gave a lot of loans
Good results are expected from Bajaj Finance in the second quarter. The company gave 63 lakh new loans against 36 lakh on an annual basis. There has been a jump of more than 32% in deposits and the position of liquidity is also looking strong.
Crude rises, prices at 3-year high
Crude prices continue to rise amid strong demand and limited supply. Crude oil is trading at a three-year high. Brent has crossed $82. Even today action can be seen in exploration companies like ONGC, Oil India.
Moody’s improves India’s outlook
There is good news on the economic front. Moody’s has changed India’s outlook from negative to stable and retained the rating.
MARICO, GODREJ CP’s revenue expected to increase
FMCG companies have also indicated good results in the second quarter. MARICO said REVENUE could increase by more than 20%. GODREJ CONSUMER has also expressed the expectation of double-digit growth in sales.
Global cues mixed for the market
Global cues are looking mixed for the market. US markets returned brightly yesterday due to the bounce back of tech stocks. DOW closed higher by more than 300 points. Here Asia has a sluggish start. Flat trading is also happening in SGX NIFTY.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.