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Market Mantra

Market Mantra

 

Global rally extends led by US indices as US Dollar gains strength while oil hits fresh 6 month low. Tech shares rebound sharply as 'risk on' trade' gathers fresh momentum.

 

Asian markets opened mixed with the Japanese 'Nikkei' hitting fresh 52 week high while other indices traded flat to marginally negative. The pull back in the US Dollar saw the Japanese ‘Yen’ weaken which lifted export related stocks in Japan, while oil weakness played well for financials.

 

Nifty saw a break above 9650 after almost 2 weeks as bulls regained control with Bank Nifty leading from the front. The breadth was weak while global cues extremely positive, which prompted select heavyweights to lead the Nifty higher. For today expect positive opening but do not rule out second half profit booking as 9700 may not be easy to sustain.

 

Technical view: Nifty finds strong support around 9570 while 9720 will now act as resistance on the upside. Bank Nifty has seen fresh break out and finds support around 23600 while 24000 will be the target on the upside.

 

Trading ideas (Time period: 1-3 days)

 

Tata Steel (BUY Above 520 with Stop Loss at 511 for Target of 538): After consolidating for over four weeks, Tata Steel has broken out from a classic Symmetrical Triangle pattern on the daily charts. The stock bounced back convincingly after finding support at its 21Day-EMA. The price outburst has also been accompanied with rising volumes, further accentuating our bullish stance on the stock.

 

Derivative strategies (Time period: Till expiry)

 

Buy Tata Motors June Future @ 455-457, Stop Loss 446 and Target 463-464.

 

Derivative Snippets

 

In the last trading session, markets were on a hot streak as the Bank Nifty index closed at new highs. Bank Nifty 29JUNE2017 24000CE witnessed short covering, indicating of a continued uptrend. Nifty 9600PE remained under selling pressure, while 9600CE saw huge short covering to the tune of ~16 lakh shares, making 9600 level as the new base for Nifty in the June F&O expiry.

FIIs were net sellers in cash market segment to the tune of Rs 250 Cr.

FIIs Index Future long-short ratio stands at 3x vs 2.9x.

  

Corporate Snippets:

 

India's Tata Motors Ltd said it had no plans to list its luxury British car brand Jaguar Land Rover after Bloomberg reported that the automaker was considering an initial public offering of the unit. (ET)

 

The Income Tax (I-T) Department has ordered coercive action against Cairn Energy of UK, including taking away over Rs 2,000 crore dividend and tax refund, to recover part of the Rs 10,247 crore retrospective tax. (BS)

 

Engineering conglomerate Larsen and Toubro's (L&T) arm has won contracts worth Rs. 2,231 crore across various business segments. (NDTV Profit)

 

Jindal Steel and Power Limited (JSPL), India's leading private sector steel maker, has cleared the standard test to supply rails to European countries. (BS)

 

RPP Infra Projects has bagged an order worth Rs 51.2 crore from Tamil Nadu Civil Supplies Corporation (TNCSC). (HBL)

 

Sagar Cements Telangana project commenced generation of power and same is expected to stabilize in due course. (Moneycontrol)

 

The Supreme Court on Monday rejected an appeal by the Delhi Metro Rail Corporation (DMRC) challenging release of Rs60 crore payable as interest to Delhi Airport Metro Express Pvt. Ltd (DAMEPL), a subsidiary of Reliance Infrastructure Ltd, a part of Anil Ambani’s Reliance Group. (Mint)

 

Eros International Media Ltd has announced two Indo-Turkish co-productions with one of the largest Turkish film studios, Pana Film, owned by leading Turkish actor Necati Şaşmaz. (HBL)

 

Economy Front Page:

 

India will launch a new national Goods and Services Tax (GST) as planned on July 1, Finance Minister Arun Jaitley said, but will let companies file late returns for the first two months so that they can adapt to a new online filing system.

 

The Reserve Bank of India’s plan to resolve troubled assets of 12 large borrowers will set a precedent for resolving non-performing loans from smaller borrowers, according to a Moody’s Investors Service report. (Bloomberg Quint)

 

Indian loan growth may fall to the lowest level since 1992 as lenders tighten underwriting standards for advances to farmers, after waivers by state governments raised the risk on billions of dollars of such debt, according to the local unit of Moody’s Investors Service. (Mint)

 

With revenues from telecom services dipping drastically and with little prospects of holding the next round of spectrum auction this year, the Department of Telecom has asked the Finance Ministry to revise downward the non-tax revenue targets for the sector by nearly 40%. (HBL)

 

         

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