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Tuesday, January 07, 2025 | 01:36 PM ISTEN Hindi

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MARKET WRAP: Sensex loses 134 pts on weak global cues, sell-off in metals

The S&P BSE Sensex lost 134 points or 0.37 per cent to settle at 36,445, with Sun Pharma (up 4.54 per cent) being the top gainer and Vedanta (down nearly 4 per cent) the worst laggard.

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Markets, Up, Down, BSE, NSE, Stocks

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8:53 AM

Devangshu Datta Derivatives strategies: Nifty level above 11,000 needed for bullish trend

The Nifty has range-traded close to its own 200-day moving average for the last month. The possible upside is till 11,100-plus, but there is strong resistance at 10,900-11,000 zone. Volumes continue to be low. Foreign portfolio investors have been net sellers through January and domestic institutions have been selective buyers.
 
Breadth has been negative with third quarter (Q3) results not really making the market enthusiastic. Session volatility is low. But the Vix is edging up, which signals nervousness. READ MORE

8:49 AM

Buy Hewaware Technologies for a target of Rs 360: Prabhudas Lilladher

CMP: Rs 325.85
TARGET: Rs 360
STOP LOSS: Rs 315
 
The stock has been maintaining a good base near 310 levels and currently also has taken support near the significant 50DMA moving average which lies near 322 and has been rising gradually to signify strength and potential to rise even further in the coming days. The indicators have become favourable and with good rising volume participation witnessed, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 315. Click here for more

8:45 AM

Elara Capital on Rallis India

We believe the new capex plan is the step in the right direction, as the past few years growth was plagued by capacity constraints. The company is expected to launch three new products during the next Kharif season. We cut our EPS by 7.0% for FY19E and by 9.5% for FY20E due to miss in Q3FY19 performance. We introduce FY21 estimates and roll forward valuations to FY21E and arrive at TP of INR 244 from INR 222 based on 18x (unchanged) P/E. Reiterate Buy
8:44 AM

SECTOR WATCH Emkay Global on Consumer Durables

We are initiating coverage on AMBER (BUY- TP- Rs1126), Dixon (BUY- TP- Rs2683) and Crompton Consumers (ACCUMULATE- TP- Rs256), REDUCE on Whirlpool (TP- Rs1293) and V-Guard (TP- Rs187). We downgrade our rating on Havell to HOLD  (TP – Rs705) due to recent outperformance and limited scope of multiple re-rating. Havells, along with V-Guard, leads the way in product launches, technological upgrades, market strategies, as well as distribution reach, while others are playing the catch-up game
8:41 AM

Today's picks

Coal India
 
Current price: Rs 229
Target price: Rs 225

Keep a stop at Rs 231 and go short. Add to the position between Rs 226-Rs 227. Book profits at Rs 225.
 
Infosys
 
Current price: Rs 745
Target price: Rs 755

Keep a stop at 737 and go long. Add to the position between 752-754. Book profits at 755. Read more
8:38 AM

Jefferies on L&T

L&T’s announced order flow indicates the quarter’s potential. 3QFY19 could see 48% YoY order flow decline, taking 9MFY19 to Rs1,033 bn, flat YoY. Order flow could be tepid in 4Q too, given May 2019 General Elections. We believe as long as 3Q execution is strong, markets will give L&T leeway on order flow as existing order book covers it on earnings until FY20-21E. YTD correction of 9% and underperformance offer a buying opportunity.
 
10% underperformance pre 3QFY16 guidance cut followed by 6% outperformance post results: L&T has cut its order flow/revenue guidance in four of the last six years and has done this in six quarters. There were two guidance cuts in FY15-16 and once in FY17-18. Post-result reactions have been typically muted, with a rise seen if the pre-result correction was relatively high. We believe execution is more critical for L&T over the next three quarters and then its annual guidance in May 2019
8:35 AM

Nifty outlook by Prabhudas Lilladher

Nifty crosses one hurdle of 10930, however, failed to cross 10985 along with volatility index on rise implying resistance at these levels. Among the Nifty 50, it has been only a few 4 stocks like RIL, Infy, Kotak & HDFC which have been driving the market. The support for the day is seen at 36300/10890 while resistance is seen at 36850/11020. Bank Nifty would have a range of 27240-27820. Mid-cap sector too has been unable to participate, hence it continues to be a stock specific market. Click here to read more
8:33 AM

MARKET PREVIEW

At 8:00 a.m. IST, the SGX Nifty Futures was trading at 10,956, which is 0.06% lower than its previous close. It is at a discount to the Nifty’s previous closing of 10,961.85.
 
On Monday, FIIs/FPIs sold stocks worth Rs 299.79 crore and DIIs purchased stocks worth Rs 520.8 crore.
 
Global stock markets: Nikkei -0.1%, KOSPI -0.5%, Hang Seng -0.4%, Shanghai Composite -0.4%.
 
O’Neil Market Condition Report
 
Out of the 24 emerging markets tracked by our institutional research team, the breakup is as follows: Confirmed Uptrend, 11; Rally Attempt, 7; Uptrend Under Pressure, 6; Downtrend, 0.
 
Out of the 24 developed markets, the breakup is as follows: Confirmed Uptrend, 18; Rally Attempt, 5; Uptrend Under Pressure, 1; Downtrend, 0.
 
The Indian market is in an Uptrend Under Pressure. The Nifty’s distribution day count stood at four.
 
8:33 AM

Rupee check

The rupee on Monday weakened by 9 paise to close at 71.28 against the US dollar amid rise in demand for the greenback from exporters and unabated foreign fund outflows.
8:32 AM

Oil check

Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s economic growth is cooling and instead latched on to positive supply-side drivers for the market.
 
Brent crude oil futures were up 12 cents at $62.83 a barrel, while US crude futures were up 19 cents to $53.99 a barrel.
8:31 AM

SGX Nifty
 
Nifty futures on Singapore Exchange (SGX) were trading at 10,933, down 29.50 points or 0.27 per cent in early trade. 
8:29 AM

Asian shares, US stock futures dented by growth worries

Asian shares and US stock futures slipped in early trade amid signs of pessimism about world growth.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent but was still within striking distance of a seven-week top touched the previous day. Japan's Nikkei gained 0.2 per cent, helped by a recent pullback in the yen.
 
8:28 AM

Wall Street check

The Dow Jones Industrial Average rose 336.25 points or 1.38 per cent to 24,706.35, S&P 500 climbed 34 points or 1.3 per cent to 2,670.71 and Nasdaq Composite closed flat at 7,157.23 levels.
8:24 AM

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First Published: Jan 22 2019 | 8:17 AM IST