Bulls managed to take control of D-Street and pushed the index back above 11550 levels and closed just a shade below 11600 on Thursday.
It has been a roller coaster ride for traders throughout this week as Nifty gyrated in a range of 11460-11600 levels
Rate cut hopes in the US seems to have brought back animal spirit which was lacking after the Budget 2019.
Additionally, slide in 10-yr yield and strength in rupee despite a surge in oil prices may ease investor’s concern over liquidity, suggest experts.
After muted TCS Q1 numbers all eyes will be on Infosys which will declare its numbers later today.
On the macro front, investors will also keep a close eye on inflation data for the month of June, which is scheduled on July 12 as well.
The rupee darted up 14 paise to finish at 68.44 against the US dollar on Thursday after dovish comments by US Federal Reserve chair Jerome Powell boosted emerging market currencies, said a PTI report.
On the institutional front, FPIs were net sellers in Indian markets for Rs 316 crore while the DIIs were net buyers to the tune of Rs 719 cr, provisional data showed.
Big News:
As many as 22 companies will declare their results for the quarter ended June which include names like Infosys, IndusInd Bank, Hathway Cable, Karnataka Bank, and Unitech, etc. among others.
Infosys: PAT likely to fall by 11.9% YoY to Rs 3657 crore
IndusInd Bank: PAT likely to grow by 1.7% YoY to Rs 1053 crore
(All the estimates are from Motilal Oswal)
Technical Recommendations:
Nifty formed a bullish candle on the daily charts
It closed in positive after 4-days of consecutive decline
If the pullback rally extends and helps Nifty close above 11,600 levels, then the index could reclaim 11,700 in coming sessions, said experts. On the downsides 11,460 shall remain critical support in the near term.
Traders are advised to create long positions in Nifty either on dips or on a close above 11,600 levels but technical stop remains below 11,460.
Three levels: 11461, 11650, 11800
Max Call OI: 12000, 11900
Max Put OI: 11300, 11500
Technical Recommendations:
We spoke to IIFL and here’s what they have to recommend:
Torrent Power: Buy| Target: Rs 330| Stop Loss: Rs 292.5| Upside 8%
HDFC Life: Buy| Target: Rs 490| Stop Loss: Rs 455.5| Upside 5%
Shree Cement: Buy| Target: Rs 22,936| Stop Loss: Rs 20,836|Upside 7%
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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