strategy on nifty
Virendra Kumar of CNBC-Awaaz says that its resistance zone is visible at 17710-17754. The major resistance zone is at 17819-17860. The base zone is visible at 17581-17539 and the larger base zone at 17507-17455. The position of institutional investors is not clear. Buy in the fall and exit on the upside, yesterday it has been good to take profits at the pivot levels. Buy and then buy in fall till 17581-539. There was heavy call writing yesterday at 17700. If it stays above 17700, short covering up to 17818-860 is possible. Following Moody’s outlook on 9 banks, the focus will be on bank stock futures.
strategy on nifty bank
Virendra Kumar says on Nifty Bank that its resistance zone is 37745-37870 and the bigger resistance zone is 37970-38130. The base zone is 37414-37322. The larger base zone is 37213-37070. Following Moody’s outlook on 9 banks, a rally in the index is possible. There is heavy call writing at 38100-37500. If 200-250 above 37800, then call writers will get stuck. Can go anywhere in short covering. Initially keep the SL at 34414-322, then keep increasing the SL by 200 points.
Today’s trading tips
Buy HDFCBANK @ 1613 SL 1580 target 1650-1660
BUY COROMANDEL AROUND 844,SL-828,TRGT-880
Religare Broking Limited
Sell RBL Bank @CMP(184.5) SL 192 TGT 170
SOBHA Q2 Update: 50% jump in sales
Real estate company Sobha has also had excellent Q2 updates. The company has seen a jump of more than 50% in sales in the second quarter and is the best quarter in terms of sales volume.
MOODYS improves outlook for 9 Indian banks
Moodys’ trust in Indian banks has increased. The rating agency has stabilized the outlook of 9 banks including SBI, Bank of Baroda, Canara Bank, HDFC Bank and Axis Bank from negative. The outlook on GAIL and POWER GRID also remains stable.
Entry of 8 new shares in FNO from November
There will be 8 more new shares included in the FNO from the November series. There will be entry of shares like Birlasoft, Chambal, GSPL and SBI Card. The number of SCRIPS included in Futures and Options will be 189.
TITAN Q2 Update: Strong recovery across segments
In the second quarter, strong recovery is being seen in all segments of TITAN. According to the company’s Q2 update, the jewelry, watches and eyewear business has registered 70-80% growth. Sales have reached the pre-covid level.
Good signal from global market
Global cues are looking good for the market. Asia has got off to a strong start. SGX NIFTY is showing a rise of 130 points. DOW FUTURES is also trading above 100 points. Yesterday the US markets closed higher.
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