MARKET WRAP: Cong-JD(S) alliance buzz in Karnataka keeps sentiment in check

The markets pared gains to turn flat on reports of Congress-JD(S) alliance in Karnataka

8:16 AM

Today's picks

 

Nifty

 

Current: 10,806 (fut: 10,807), Target: NA

 

Stop-long positions at 10,700. Stop-short positions at 10,900. Big moves could go till 10,950, 10,650. Be prepared for excess volatility due to Karnataka Assembly results. A long 10,600p (60), long 11,000c (30) is zero-delta with higher put premium. Breakevens at 11,090, 10,510.

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8:15 AM

Markets are not factoring in Karnataka poll outcome yet, say analysts

Markets have not yet priced in the possibility of a loss for the Narendra Modi-led Bharatiya Janata Party (BJP) in the upcoming assembly election in Karnataka. Though analysts expect a knee-jerk reaction to the outcome on May 15, they believe the markets will start focussing on other global and domestic events soon after READ MORE

8:14 AM

Nifty looks set to go North, but Karnataka results to dictate trend

The Nifty looks set to go North, but it could see a trend reversal if the Karnataka Assembly results are not to the market’s taste. In fact, that event will determine the short-term trend. This is one of those rare situations of “known unknowns” where the market has no reliable information to bet on READ MORE

8:12 AM

Top trading ideas from Prabhudas Lilladher

 

BUY JSW STEEL 

CMP : Rs 329.05 

TARGET : Rs 350 

STOP LOSS : Rs 312

 

The stock has been moving with a positive bias in a gradual trending mode upwards and with the RSI indicator indicating a trend reversal, we anticipate the stock to move up till 345-350 levels in the coming days. Also the stock has maintained above significant 34WMA moving average and with decent volume activity seen, we recommend a buy in this stock for an upside target of 350 keeping a stop loss of 312. Click here for more

8:08 AM

Nifty outlook by Prabhudas Lilladher 

 

Nifty as said earlier is near the peak level of 10850 levels and we anticipate choppiness and high volatility as the results would be released in the morning session. We maintain our levels of 10550 as a good support for Nifty on the downside while 10850-10900 would be a strong resistance. However, the support for the day is seen at 10740 while resistance is seen at 10860. All eyes would be awaiting for the Karnataka election results.

8:07 AM

SGX Nifty

The SGX Nifty was at 10,794, down 0.14 per cent from the previous close.

8:05 AM

Markets on Monday

S&P BSE Sensex	35,556.71		0.06%
Nifty 50	10,806.60		0.00%
S&P BSE 200	4,685.65		-0.24%
Nifty 500	9,389.95		-0.28%
S&P BSE Mid-Cap	16,200.03		-0.88%
S&P BSE Small-Cap	17,640.33		-1.00%

8:01 AM

Asia Check

Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from U.S.-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan  dipped 0.16% after rising 0.6% the previous day to its highest since late March. Australian stocks inched up 0.05%, South Korea's KOSPI shed 0.05% and Japan's Nikkei was flat.

8:00 AM

Wall Street

 

Wall Street scraped out gains on Monday after weakness in defensive stocks offset optimism following U.S. President Donald Trump’s conciliatory remarks toward China’s ZTE Corp that helped calm U.S.-China trade tensions.

 

The Dow Jones Industrial Average rose 68.24 points, or 0.27%, to 24,899.41, the S&P 500 gained 2.41 points, or 0.09%, to 2,730.13 and the Nasdaq Composite added 8.43 points, or 0.11%, to 7,411.32.

7:58 AM

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