strategy on nifty
Virendra Kumar of CNBC-Awaaz says that its resistance zone is 15741-15780 and the larger resistance zone is 15821-15871. The base zone is 15610-15571 and the larger base zone is 15531-15490. FII data, technical setup bad, Friday factor will also work in the market. Bank, metal, auto stocks are weak but IT, FMCG are holding the market. Tomorrow’s low and 15571 (20 DEMA) are the most important for today. If it comes out above 14741, the strength can increase further. Large short covering above 15780 is also possible, going up to 15881-871. Keep an eye on the rupee too, from there the weakness or strength will be decided.
strategy on nifty bank
Virendra Kumar says that its resistance zone is 34800-34941. The major resistance zone is 35200-35320. The base zone is 34400-34310 and the larger base zone is 34181-34050. Very weak and also below 20 DEMA. Keep an eye on two levels for short, yesterday’s low and 34181 (50 DEMA). Take short cover at these levels and place a 34941-35000 stop loss on short positions. If it goes above 34941-35000 then there will also be big short covering. Above 35000 levels 35200-320 are also possible.
Today’s Trading Calls
Shrikant Chouhan-Kotak Securities
Buy ICICI PRU TGT 610 SL 585
Der-Chandan Taparia MOFSL
BUY TCS SL 3250 TGT 3450
Gaurav Bissa -LKP Securities
BUY HPCL FUT TG 320 SL 303
IPO of DODLA DAIRY 3 times filled
Dodla Dairy’s IPO has filled more than 3 times on the second day, but the issue of KIMS has got a sluggish response so far and it is only 56 percent subscribed. Today is the last day to invest in both the IPOs.
Weak Result of NATCO PHARMA
NATCO Pharma’s fourth quarter results were weaker than expected. Revenue decreased by 27 percent and profit by 43 percent. Margin has also shown strong pressure.
Predicted Power GRID Result
Power Grid’s results were as expected in the fourth quarter. Revenue has increased by 4 percent and profit by 6 percent. The company has announced to give one bonus share on 3 existing shares.
Big block deal in SBI Cards today
There has been a big block deal in SBI Cards. Carlyle will sell 48 million shares today. . There can be deals in the range of 1 percent to 4.7 percent discount i.e. 1002 to 1041 rupees.
Heavy fall in gold and silver
There is a huge fall in gold due to the Hawkish comment of the Fed. On Comex, gold slipped 4 percent yesterday to reach a 6-week low. Silver has broken around Rs 4000 on MCX but today there are signs of recovery.
The biggest fall of 2 months in the rupee yesterday
The market is also watching the movement of the rupee. The rupee has seen the biggest fall in two months yesterday. Rupee has fallen above 74 by 76 paise in a day. Due to weak rupee, action can be seen in IT, pharma companies.
Global signal better
GLOBAL signs look better. Most of the Asian markets are trading strong. Dow Futures is also visible in the green mark. SGX Nifty is seeing an increase of more than 50 points. The US markets were MIXED yesterday.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.