Rate cut fails to cheer markets, Nifty settled below 11,900 mark
How well the EQSIS recommendations performed today 07 August?
1. EQSIS Intra: Long INFY above 783.5 Target 789.8 Stop below 778.5 CMP 781
Status: Not Initiated
2. EQSIS Intra: Short IOC below 130 Target 128.3 Stop above 131.35 CMP 130.6
Top Stocks To Watch On Thursday 8 August 2019
SRF volume spiked by 157 percent on 7 August 2019. But largely the volumes are intraday in nature. It suggest for bearish reversalDerivative traders were aggressive in unwinding long positions. Open interest reduced by 13.12 %. The technical indicator RSI indicates overbought scenario.This stock is currently settled above the recent resistance zone. We see short term support around 2584.
IBULHSGFIN plunged by 13.35% and finished at Rs. 445.4. Trading volume rose by 69 percent at last session. Yet numerous trades were intraday trades. It signals negative breakout. Derivative traders were aggressive in adding short positions. Open interest increased by 22.02 %. It is trading below its recent support zone. The Near term resistance is seen around 683.
HINDUNILVR climbed by 1.9% and to close at Rs.1777.25. Trading volume hiked by 105 percent on Wednesday. Furthermore 70% of the trades are taken for delivery. It gives an impression of bullish breakout. It is continuously climbing for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 1681.
ZEEL surged by 4.94% and closed at Rs.327.9. . It did rise in the last trading session, but fell by a significant margin on a weekly basis. It is one among the top traded stocks. However numerous trades were intraday in nature. Currently it is trading around the lower range of its price band. The crucial support zone is around 326.
BATAINDIA volume rose by 56 percent at last trading day. However most of the trades are intraday trades. There could be bearish reversalIt is steadily heading higher levels for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 1266.
BANKBARODA plunged by 6.33% and settled at Rs.97.6. It is the most active stock. It is likely to witness Derivative traders were aggressive in adding short positions. Open interest surged by 7.43 %. It is trading below its recent support zone. The Near term resistance is seen around 128.
TATASTEEL plunged by 4.91% and to close at Rs.381.9. It is the most active stock. However largely the volumes are intraday trades. It is heading for It is trading below its recent support zone. The Near term resistance is seen around 479.
Closing Bell: Rate cut fails to cheer markets, Nifty settled below 11,900 mark
The broader Nifty50 dipped 92 points to 10,855 levels. Indian benchmark index nifty settled marginally lower on Wednesday as the Reserve Bank of India’s monetary policy committee cut repo rate by 35bps. Meanwhile, it was the fourth rate cut by the central bank in a row. However, the RBI rate cut fails to cheer markets due to persistent foreign fund outflows, negative global cues, mixed corporate earnings and slowdown in domestic consumption.
On the sectoral front, PSU Bank sector took the biggest knock, which fell over 3 percent followed by Nifty Bank, Nifty Auto, Nifty Metal and Nifty Realty slipping 1 percent to 2.4 percent.
Best And Worst Nifty 50 Performers Today
Market Update: Nifty trade volatile after RBI rate cut
The NSE Nifty 50 index was down 60 points at 10,889. On the NSE, 943 shares rose and 798 shares fell. A total of 109 shares were unchanged. The Reserve Bank of India (RBI) on Wednesday cut repo rate by 35 basis points, it was the fourth rate cut by the central bank in a row.
The Nifty sectoral indices’, all indices were trading mixed. Nifty Pharma index, up 1.16 percent, and Nifty Media index, up 2.68 percent, rose the highest.
Morning Update: Nifty Jittery Ahead Of RBI Policy Decision
The wider 50-scrip Nifty of the National Stock Exchange (NSE) traded 15 points lower at 10,932 points on Wednesday. Domestic equity index nifty were trading on a tepid note ahead of the RBI MPC decision today. Meanwhile, Asian stocks were trading mixed on Wednesday as traders remained cautious in the face of trade tensions.
The Nifty sectoral indices were trading mixed. Nifty Media, up 2.36 percent, and Nifty Pharma, up 1.5 percent, were among the top gainers, while Nifty Metal slid 1.24 percent.
Yes Bank, Zeel, Cipla, Sun Pharma, IndusInd Bank and Wipro are among major gainers on the Nifty index, while losers are Indiabulls Housing, Titan, Tata Steel, BPCL, M&M, JSW Steel and Maruti.
Rupee trades lower
The Indian rupee was trading lower by 12 paise at 70.93 per dollar versus Tuesday’s close 70.81.
FII & DII data
The foreign institutional investors (FIIs) sold shares worth Rs 2107.93 crore on a net basis, while domestic institutional investors (DIIs) bought shares worth Rs 2289.05 crore as on August 6th, 2019.
Nifty Earnings To Watch
- Adani Ports
- HCL Technologies
- Mahindra & Mahindra
- Tata Steel
- Hindustan Petroleum Corporation
- Aurobindo Pharma
- Adani Power
- India Cements
- Punjab& Sind Bank
- Ramco Cements
Earnings Reaction To Watch
- Total revenue grew to Rs 5151 crores in Q1 FY20, an increase from Rs 4451 crores in Q1 FY20.
- Net profit after tax to Rs 364 crores in Q1 FY20, an increase from Rs 328 crores in Q1 FY20.
- Earnings per share to Rs 4.1 in Q1 FY20, an increase from Rs 3.7 in Q1 FY20.
Pidilite Industries Ltd
- Total revenue grew to Rs 2016 crores in Q1 FY20, an increase from Rs 1834 crores in Q1 FY20.
- Net profit after tax to Rs 294 crores in Q1 FY20, an increase from Rs 240 crores in Q1 FY20.
- Earnings per share to Rs 5.7 in Q1 FY20, an increase from Rs 4.7 in Q1 FY20.
Top News Of The Day
Streets Expects 25 bps Rate Cut
- With inflation under control, experts are expecting another 25 basis points rate cut by the RBI for a fourth time in a row to boost economic activities.
NCLT Approves Britannia’s Debenture
- The National Company law Tribunal (NCLT) has approved issuance of bonus debentures by the Britannia Industries Ltd to its shareholders, which was announced in 2018 in the company’s centenary year.