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Markets trade volatile; Nifty IT slides over 3%

After an extended weekend, the Indian markets opened in the negative on Monday, however, traded flat soon after, amid mixed global cues. The Sensex traded around 39,250 levels, while the Nifty hovered around 11,700 in morning trade. Sectorally, all indices were in the green except Nifty IT, which was dragged down by Infosys. Shares of Infosys fell 15% in early trade after the company received whistleblower complaints alleging “unethical practices” by CEO Salil Parekh and CFO Nilanjan Roy. Nifty Financial Services and Nifty Pharma were…

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BSE, NSE closed on October 21 on account of Assembly Elections in Maharashtra

Indian stock market will remain shut on Monday, October 21, 2019, on account of a public holiday. Equity, currency, commodity & debt market will remain closed on account of assembly elections in Maharashtra. They have announced trading holiday for capital markets, futures and options and currency derivative segment, BSE and NSE said in separate circulars. “On account of assembly elections in Maharashtra which is scheduled to be held on October 21, 2019, members are requested to note that exchange hereby…

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Stock Recommendations for October 22nd-October 25th, 2019

Stock Pick Observation Company Steel Authority of India Limited The stock has given a strong recovery from recent low and is on the verge of re-entering higher top higher bottom chart structure on the daily chart, indicating a positive bias according to the Dow theory. The stock has given a bullish Double bottom breakout on the daily chart, hinting a strong up-move going forward. On MACD Histogram, it has just entered into the positive territory indicating a continued upward momentum…

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US imposes $7.5 bn tariffs on European goods

The United States has slapped tariffs on a record $7.5 bn worth of European Union goods. Speaking in Washington hours before the tariffs were due to come into effect, France’s Economy Minister Bruno Le Maire warned the move would have serious repercussions, according to the media reports. The goods include Airbus, French wine and Scottish whiskies among the high-profile targets. The tariffs were imposed despite pleas from European officials for a last-minute reprieve and French Economy Minister Bruno Le Maire…

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DHFL clarifies on ICRA’s downgrade of pooled loans to default; stock down 4%

Shares of DHFL slipped 3.5% on the BSE in the morning trade as the company has clarified on the news item that “ICRA downgrades DHFLs pooled loans to default”. “This has reference to the email dated October 16, 2019, received from BSE and letter no. NSE/CM/Surveillance/8677 dated October 16, 2019, received from NSE with regard to a news item appearing in Media/Publication captioned “ICRA downgrades DHFL spooled loans to default” and in reply thereto we wish to submit as under,” the company…

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BPCL surges 5% on reports of Saudi Aramco likely to bid for govt stake

Shares of Bharat Petroleum Corporation Limited (BPCL) surged 5% on the NSE after media reports said that Saudi Aramco may be in the fray to buy out Indian government’s stake of Bharat Petroleum Co. ltd, as it gives the oil giant an opportunity to pierce into one of the world’s biggest oil retail markets. Aramco currently is evaluating its Indian investments, including its possible partnership with Reliance India Ltd, and views buying out BPCL as a good opportunity, the media reports added.…

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Jindal Drilling Industries stock jumps 14% after winning order from ONGC

Shares of Jindal Drilling Industries jumped 14% in the morning trade on the BSE after bagging order from ONGC. The company has been awarded a contract from Oil and Natural Gas Corporation Limited (ONGC) for charter hire of Offshore Drilling Rig for a contract period of 3-years. Jindal Drilling & Industries Ltd is currently trading at Rs82 up by Rs9.95 or 13.81% from its previous closing of Rs72.05 on the BSE. The scrip opened at Rs76.20 and has touched a high and…

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CASH FUTURE OPTION TRADING TIPS FREE 14-OCTOBER-2019

 FUTURE PREMIUM CALL;SELL MANAPPURAM BELOW 138.90 TARGET 138.32 / 137.07 /134.73 STOPLOSS 139.73  OPTION CALL: BUY TATASTEEL 350 CALL ABOVE 16.00 TARGETS 18.00 / 21.00 / 25.00 STOPLOSS 12.50 CASH SUPREME : SELL RELCAPITAL BELOW 16.80 TARGET 15.80 SL 17.50 FUTURE PREMIUM CALL;SELL DLF BELOW 150 TARGET 148.75 / 146.07 /141.07 STOPLOSS 151.79 STOCK MARKET TIPS TODAY  

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Markets witness wild swings throughout the week

Markets witnessed wild swings throughout the week with both Nifty and Bank Nifty indices closing with ~1% gains. A marginal hint of long build-up formation was seen in the Nifty index as the index recovered from its crucial support level of 11,100. India VIX index closed ~2.5% lower at 17.15. Tracking the FIIs speculative index future positions, the long/short ratio hovered around 0.5x during the week, as the positioning continued to favour the bears.  On the options front (October 17,…

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Top stocks in focus: Tata Steel, Infosys, Muthoot Finance, Quess Corp

Biocon Biologics & Just – Evotec Biologics enter into strategic licensing agreement for an early-stage, pre-clinical biosimilar asset. Indian Overseas Bank to cut lending rates by 25bps effective November 1. Bank Of India cuts MCLR by 5-15bps for some tenors effective October 10. ARSS Infrastructure Projects bags orders worth Rs220.65cr. India Ratings and Research has placed NCC’s long-term issuer rating of IND A on Rating Watch Negative from Stable. Tata Steel’s crude steel production increased 4.65% to 4.5 million tonne (MT) in second quarter…

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