- US markets closed lower but off the lows.
- When our markets closed here, Dow futures was down about 300 points.
- But Dow closed about half of that only.
- Asian markets are trading with negative bias.
- SGX Nifty is almost flat.
- Bank Nifty is still not seeing any meaningful recovery.
- But at the same time, it is not falling much also.
- Bank Nifty taking support in the range 22200-22300.
- Rest of the series may continue to go for consolidation.
- FIIs and DIIs both were net sellers in Cash market yesterday.
- DIIs have sold aggressively, for Rs 1068 crores.
- Weak Bank Nifty, Institutional selling, Global cues are the negatives.
- But who knows, when everything looks negative, people will cover the shorts and that can trigger a short covering rally.
- Yesterday Nifty was down but not out.
- Buying came at lower levels.
- Some Asian markets are recovering and trading in Green while I am writing this report.
- Nifty has to cross 11580 and Bank Nifty 22700 for further upside.
- Until then it is going to consolidate in narrow range.
- September has been a high volatile month.
- Usually high volatile months will see a huge trending in the last week on either side.
- That is very much possible if Bank Nifty see some short covering.
- For today, it may be just consolidation.
- Reliance has broken 2300 on the downside.
- That is a key stock to watch for market direction.
- HDFC Bank helping Bank Nifty to stabilise.
- Nifty future may trade between 11480 and 11600.
INTRADAY CASH CALL: SEPT 18
AXIS BANK:
BUY ABOVE @ 446.30
SELL BELOW @ 441
TARGET's @ 2rs/4rs
STOP LOSS @ 3rs
MFSL BANK
BUY ABOVE @ 618.90
SELL BELOW @ 612.40
TARGET's @ 2rs/4rs
STOP LOSS @ 3rs
INFY
BUY ABOVE @ 1015.90
SELL BELOW @ 1008.00
TARGET's @ 5rs/10rs
STOP LOSS @ 7rs
#HINDALCO SELL:-175 SL:-177 TARGET OPEN
=> The Sensex fell 323 points to close at 38,979.85 on September 17 while the Nifty dropped 88.40 points to 11,516.10. According to pivot charts, the key support levels for the Nifty is placed at 11,480.67, followed by 11,445.23. If the index moves up, the key resistance levels to watch out for are 11,569.37 and 11,622.63.
=> FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 249.82 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 1,067.83 crore in the Indian equity market on September 17, as per provisional data available on the NSE.
=> 13 stocks under F&O ban on NSE
Adani Enterprises, Aurobindo Pharma, Bank of Baroda, Bharat Heavy Electricals (BHEL), Canara Bank, Escorts, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power, L&T Finance Holdings, Steel Authority of India (SAIL), Tata Chemicals and Vedanta are under the F&O ban for September 18. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
🔹 *Stocks in News*
*Dr. Reddy's* announces settlement of US Revlimid Capsules patent litigation with Celgene, a Bristol Myers Squibb (Positive)
*RBL Bank'*s total credit card loan portfolio rose to Rs 10,298 crore in June, compared with Rs 6,653 crore a year ago (Positive)
*Chalet Hotels:* Board approved merger of the wholly owned subsidiaries with itself. (Positive)
*Hindalco* and *Hindustan Copper* signed MoU for supply of Copper Concentrate. (Positive)
*TVS Motor* appointed Auteco SAS as new distributor in Colombia (Positive)
*EIH* sets rights issue price at Rs 65 per share. Ratio 8 shares for every 85 shares (Positive)
*BHEL* ties up with SwissRapide AG to bring Maglev trains to India (Positive)
DPIIT: FDI above 74% in *defense* production subject to access to Modern tech or for 'other reasons' that needs to be recorded (Positive)
*Pfizer* vaccine trial bets on early win against coronavirus, documents show. (Positive)
*Vedanta* Resources has approached Sebi for necessary approvals to start the reverse book building process for the delisting of Vedanta Ltd. (Positive)
*Hindustan Zinc:* proposes to raise up to Rs 4,000 crore via debentures. (Positive)
*Sterling and Wilson* Solar has received an order worth Rs 460 crore in Chile. (Positive)
*Arrow Greentech* production operations will recommence at Ankleshwar plant as Gujarat Pollution Control Board (Positive)
*Happiest Minds*: Plutus Wealth Management bought 10 lakh shares in the company at Rs 350 per share on the NSE. (Positive)
*Broking Companies* Angel has set the issue price Rs 305-306 share. (Positive)
*Asian Paints*: Promoter entity Sattva Holding and Trading created a pledge on 18.71 lakh equity shares. (Neutral)
*Coal India:* India to Shut 5GW Coal Power Units for Breaching Pollution Norms (Negative)
Mid-market update – European market open on a soft note …US Future slips
· European stocks dropped with U.S. futures on Thursday after Federal Reserve Chair Jerome Powell highlighted uncertainty about the economic rebound. The Bank of Japan
kept its asset-purchases and bond-yield targets in place, with the Bank of England expected to announce its latest decision at noon in London. FTSE Index slipped nearly 1%. Both CAC and DAX Index declined 0.6% each.
· Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no
additional stimulus plans. Losses greatest in Hong Kong, South Korea and Australia. Nikkei Index slipped 0.7% while Hong Kong Index declined 1.5%
· US Dow Future declined 1%.
· Oil dropped below $42 a barrel with a stronger dollar after the biggest surge since June following a surprise decline in U.S. crude stockpiles.
Market Closing:
Equity markets ended the weekly options expiry session on a weak note, ending near the lowest point of the day, led lower by banks and metal stocks. Nifty slipped 88 points (0.8%) to close at 11516.
Weak global markets and geo-political tension between India-China have a negative impact in the market. U.S.
Dow futures slipped 1%, both Asian and European markets declined 1% each after the US Federal Reserve Chair Jerome Powell highlighted uncertainty about the economic rebound.
However, yesterday the US Fed's decision to leave rates unchanged had been widely expected by Wall Street.
Powell acknowledged the economic outlook remains highly uncertain, and heavily dependent on the U.S. getting control of the pandemic.
India Vix slipped 2% to close at 20.44. Select Tech, Pharma and mid-cap stocks gained.
Happiest Minds debuted on the bourses at a 115% premium to its issue price at Rs166 . It has gained 125% to close at Rs371 against its IPO price amid 52cr shares traded on NSE.
Metal stocks like Hindalco declined 4% to close at Rs176 on account of profit booking.
Banking stocks like ICICI Bank shed 1.5% to close at Rs369. SBI, Axis Bank, Kotak Bank, HDFC Bank declined 1-2%.
Domestic Pharma major Dr Reddy climbed up over 4% to close all time high of Rs4827 after the news that the Russia-based Russian Direct Investment Fund (RDIF) will distribute 10cr Covid-19 vaccine doses in India. Moreover, the Company launched Eye Allergy drop in the US Market.
Tech stocks like Infosys advanced 1% to close all time high of Rs1011 on hope of good Q2 results. HCL Tech gained 2% to close at an all-time high of Rs808.
Heavyweight, Reliance Industries slipped 1% to close at Rs2299 on account of profit booking.
UPDATE SOON : MIDDLE OF MARKET
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