How Share Market Behaves Today

LIFE TIME NEW HIGHS AGAIN; MARKETS IN GOOD SHAPE AS MOMENTUM CONTINUES TO FAVOR BUYERS; NIFTY MAY REMAIN STABLE WITH FOUR TRADING DAYS TO F&O EXPIRY.

PSU BANKS, HIND LEVER OFFER ACTIVE INVESTING OPPORTUNITIES. THE BIG RALLY IN IT STOCKS MAY BE READY FOR A CONSOLIDATION.  CEMENT (ACC, AMBUJA, ULTRATECH OFFER OPPORTUNITIES WHILE INDIA CEMENT IS A SPECULATIVE BUY (LARGE BASE BUILDING). 

• Under performance continues in Bank Nifty. Prices are finding a strong resistance near 15650 –  15750 zones. A breakout above this zone may give us a buying opportunity in this sector.
• Up move continues in the CNX IT. The index is now at the verge of making new life time highs above  10400. Trend is very strong on upside in IT Sector. Traders should look for a buying opportunity in  IT Stocks like HCL TECH, WIPRO, INFY, TCS and TECH M.
• Trend is up in FINANCIAL Sector. Prices are consolidating at its top. This consolidation has find  support and prices moves on upside. Traders can look for a buying opportunity in outperforming  Financial Stocks such as HDFC, LICHSGFIN and REL CAPITAL..

Corporate & Economic News 

• Wipro reported a 29.5% growth in its consolidated net profit at Rs 2,103.2 crore for April-June period, helped by large deals in the application and infrastructure space.
• The Union Cabinet on Thursday cleared a Bill to raise the foreign investment ceiling in private insurance companies from 26 per cent to 49 per cent, but inserted a provision that the management and control of these companies must be with Indians. This cap will be composite — both foreign direct investment (FDI) and foreign portfolio investment.

Share Market Today

MARKETS CONTINUE RALLY AFTER BRIEF CORRECTION, BANK NIFTY CONTINUES ITS OUT PERFORMANCE; NIFTY RETURNS TO IT’S TRADING RANGE BETWEEN 7500 TO 7750; AFTER A PROCESS OF CONSOLIDATION NIFTY MAY TEST PREVIOUS HIGHS OF 7800.

Take Profits in the Bank Nifty, consider buying the CNX IT if it opens cheerful (higher or at par with today’s close). For the Nifty, you may like to watch the early morning action and take profits at least partially. 

Up move continues in Bank Nifty. Prices have come back in its trading range inside 14900 – 15700. Short Term Trend is up and we should look for a buying opportunity here. Above the next resistance comes near 15600 -15700. 

CNX IT is now holding its support at 9750. A short term resistance is now coming at 9900. It seems that the IT Sector may start an up move from this support. A breakout above 9900 will be first sign that the sector is going to start an up move. Look for a buying opportunity in IT Stocks if this breakout occurs. 

CONSTRUCTION Sector has seen a deep correction and prices are now finding support at the lower levels. Prices may begin an up move from here. We should look for buying opportunity in this sector. Look for a buying opportunity in DLF, HDIL and IRB INFRA.

      
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How Share Market behaves Today ...

          Market OutLook By Elite Wealth  

 

We are in the beginning of what may become the mother of all bull markets. Stay on the long side of the market. Add to your equity portfolio on every correction and dip. Yes, corrections will come, be sure about that! 

INDIA BEGINS ITS TRYST WITH DESTINY, TAKES THE FIRST STEP TOWARDS BECOMING A GREAT NATION; GOOD DAYS ARE COMING – ACHE DIN AANE WAALE HAIN. STAY ON THE BUY SIDE OF THE MARKET. 

Bank Nifty saw a big move and closed higher. Trend is very strong on upside. After such a big rally, prices tend to consolidate. Look for a buying opportunity in outperforming banking stocks like AXIS BANK, BANK BARODA, HDFC BANK, PNB, SBI, ICICI BANK and YES BANK.

Resistance remains intact for the CNX IT. Prices have seen a big down move and closed below to its short term support at 9200. Trend is down in IT Sector. We should avoid buying IT Stocks and look for a shorting opportunity here.

• Trend is up in FMCG Sector. Prices are consolidating at its top. We may get a buying opportunity in outperforming FMCG Stocks like BATA INDIA, HUL and ITC. Look for a buying opportunity in these stock.

 

Corporate & Economic News :

Wheels India, steel wheel maker for passenger cars and utility vehicles, has reported a 64.11 per cent jump in net profit at Rs 8.78 crore for the fourth quarter ended March 31, 2014.     

• Essar Ports will be investing Rs 3,000 crore into expansion over the next three years as it has received environmental clearance and legal go-ahead from the government in four port projects, which were stuck for several years.
• Adani Enterprises reported a massive six-fold increase in consolidated net profit at Rs 2,847.82 crore for the January-March quarter, boosted by gains from compensatory tariff for its arm Adani Power.
• SpiceJet's net loss widened to Rs 321.5 crore loss in Q4 FY 2014 as against Rs 186 crore loss in the same period last year as it faces impact from high fuel costs, rupee depreciation and slow passenger growth. This was its third successive loss and the airline's has jumped five times to Rs 1,003 crore in FY 2014.
• The Mumbai wing of the Directorate of Revenue Intelligence (DRI) issued a Rs.5,500-crore show cause notice to two companies of the Gautam Adani-led Adani Group, and Maharashtra Eastern Grid Power Transmission Company Ltd and its contractor PMC Projects
• JK tyre would double its capacity at its greenfield plant at Chennai by the end of this year. 
• Speciality Restaurants which runs chains such as Mainland China, Sigree and Oh Calcutta, has begun talks to purchase a significant stake in celebrity chef Sanjeev Kapoor's SK Restaurants Pvt Ltd.