Markets extend losses for 6th session in a row; Nifty settles below 9,900

All that happened in today's trade

9:29 AM

ONGC-HPCL deal

Oil and Natural Gas Corporation gained 2.19 % post announcement that the company will acquire the government's 51.11% stake in HPCL through a bulk or block deal sometime in November or December at the prevailing market price. 

9:27 AM

Nifty realty index gained nearly 1% today after falling 3% in yesterday's trade

Source: NSE

9:24 AM

Sectoral Trend

Source: NSE

9:22 AM

Top Sensex gainers and losers

Source: BSE

9:20 AM

Broader Markets

The broader markets were in line with the frontline indices with BSE Smallcap and BSE Midcap trading 0.2% and 0.3% higher respectively

9:19 AM

Markets at open

Benchmark indices open flat on Tuesday tracking Asian peers and global developments on backdrop of rising tensions in the Korean peninsula. Sentiment will also remain volatile ahead of the September F&O expiry later this week.

At 9:17 am, the S&P BSE Sensex was trading at 31,672, up 45 points while the broader Nifty50 index was ruling at 9,884, up 12 points

9:13 AM

Today's picks

 

Bank Nifty       

Current: 24,165   (futures: 24,204) 

Target: NA  

Stop-long positions at 24,100. Stop-short positions at 24,310. Big moves could go till 24,500, 23,900. Support at 24,000-24,050 may be tested again.

 

Adani Ports           

Current price: Rs 388.5

Target price: Rs 383

Keep a stop at Rs 392 and go short. Add to the position between Rs 384 and Rs 385. Book profits at Rs 383.

 

ONGC

Current price: Rs 165   

Target price: Rs 161.5

Keep a stop at Rs 167 and go short. Add to the position between Rs 162 and Rs 163. Book profits at Rs 161.5. 

9:11 AM

Rupee at lowest level since March

The rupee on Tuesday slid past the 65-mark for the second session in a row as weakness continued in the equity benchmarks. The currency was trading 33 paise lower at Rs 65.12

9:07 AM

Key Nifty levels to watch today

 

For the Nifty 9950, 10027, 10171 are the immediate resistance levels, and 9805, 9738, 9594 are its immediate support levels. For the Sensex 31937, 32247, 32789 are the immediate resistance levels, While 31395, 31163, 30621 are its immediate support levels.

(Source: Zen Research)

9:05 AM

Nifty outlook by Prabhudas Lilladher:

 

The downslide has begun with now Nifty resting at a support of 9,850, a break of this would slide it further down to 9,750-9,600 levels. Nifty needs to cross 9,920 to confirm the end of correction. The support for the day is seen at 9,825 while resistance is seen at 9,920.

9:02 AM

Few trading ideas by Prabhudas Lilladher

 

BUY COAL INDIA    

CMP: Rs 257.05     

TARGET: Rs 275     

STOP LOSS: Rs 245

 

BUY INDUSIND BANK     

CMP: Rs 1,701.70       

TARGET: Rs 1845    

STOP LOSS: Rs 1,640

 

BUY BF UTILITIES        

CMP: Rs 408.60      

TARGET: Rs 452       

STOP LOSS: Rs 378

Click here for rationale

9:02 AM

Chart check: 10,000 level (Nifty) now to act as a hurdle

 

It is the second consecutive session, when our market witnessed immense selling pressure. During the day, index plunged 144 points due to the broad based sell-off; however, due to some modest recovery in the latter half, Nifty concluded today’s session with a cut of 92 points.

 

In Nifty options front, we witnessed significant OI addition in 9900-10000 call options, followed by some unwinding in 10200 and 10300 strikes. As a result, highest concentration of OI in call option shifted to 10000 strike price. On the flip side, 9700-9850 put options added some fresh positions; while, good amount of short covering was seen in 10000 and 10100 puts. Thus, maximum open interest in put options remains intact at 9900.

 

Throughout September series, we witnessed good amount of open interest addition, wherein FIIs were net sellers in index futures. In index options too, they formed bearish bets recently by adding fresh index puts and writing call options. The way options activity has shaped up, we believe 10000-10050 may now act as a strong hurdle. Hence, any bounce back beyond 9900 should be an opportunity to go short on index.

 

(Source: Angel Broking)

Photo: Shutterstock

9:00 AM

Nifty view by Edelweiss Research

 

The last two days of decline has been intense with the move accounting for almost 280 points. We believe the current tumultuous phase is the result of a host of factors like weak Q1FY18 earnings, concerns associated with economic growth and geo-political risks. With newsflows of economic stimulus now doing rounds, it is natural for the market participants to become more nervous assessing its impact on the prevailing fiscal situation in the backdrop of weak growth. 

9:00 AM

Market-wide rollovers at 22%; Nifty rollovers at 20%

 

Nifty futures rollover stood at 20% which is lower as compared to the average rollovers of 24% of last three series while the market-wide rollovers on the D-3 stood at 22% as compared to the average rollovers of 21% (last three series).

 

Among the sectors, IT (40%), Telecom (25%) and Auto (23%) have witnessed reasonable rollovers compared to the other sectors on the D-3. High rollovers were seen in GNP (43%), BIOS (36%) and AL (32%). Rollover in Cement (17%) has been relatively weak on the D-3.

8:58 AM

Bonanza Wealth Management on Motherson Sumi

 

Recently, the stock price of Motherson Sumi Systems Ltd. (Motherson Sumi) corrected by ~4% from 52-week high of Rs 350 despite reporting good sets of numbers in the recent quarters.

 

With one of the largest manufacturers of rear-view mirrors for cars in the world, evolve as a preferred supplier to all its customers, plan to treble its revenue from $5bn in FY15 to $18 billion by FY20E, recently acquired Finland based PKC Group and not witness any material impact of Volkswagen group violating emission norms, we value Motherson Sumi at 38.50x FY19E EPS of Rs.10.60 to arrive at target price of Rs 409.