Thursday, 23 November 2017

    Rupee opens 11 paise higher at 64.80 against US dollar

    The Indian rupee has opened higher by 11 paise compared with previous day's closing level of 64.91 a dollar.

    The Indian rupee has opened at 64.80 against the US dollar, higher by 11 paise compared with previous day's closing level of 64.91 a dollar.

    equity tips
    Mohan Shenoi of Kotak Mahindra Bank said US FOMC minutes sounded caution on potential impact of sudden reversal of asset price inflation on growth.

    Activity in the currency market is expected to be muted due to the Thanksgiving holiday in the US, according to him.He feels the Rupee holds on to its gains registered post the Moody's upgrade and is expected to trade today in the range of 64.65-64.95 against the US dollar.

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    Gold mining firms set aside $360 million for South Africa silicosis law suit

    Six gold mining firms, including Anglo American, have made a 5 billion rand ($361 million) provision to settle a class action law suit with thousands of miners who contracted fatal lung diseases while working in South African mines, an industry document said on Wednesday.

    Earlier on Wednesday, lawyers acting for miners who contracted silicosis and TB said settlement talks with implicated gold companies for an out-of-court deal could be reached by December.

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    Sensex, Nifty trade flat after opening higher; Bharti twins gain

    Integrated travel and travel related financial services player Thomas Cook India said its board approved a fund raising plan of Rs 600 crore by divesting 5.42 percent stake in its subsidiary Quess Corp.

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    The company said the stake sale will be carried out through an offer-for-sale route. It has fixed a floor price of Rs 800 per share.

    The company said the move is to meet Sebi regulations that require promoters to bring down their stake to 75 percent. Post-dilution, the combined promoter shareholding in Quess Corp (of Thomas Cook India and Ajit Isaac, CMD & CEO, Quess Corp) would be 75.38 percent.

    Technical textiles manufacturer Garware-Wall Ropes (GWRL) posted 6.9 percent growth in profit after tax at Rs 28.2 crore for the quarter ended September 30, compared to the same period last year.

    The company's PAT stood at Rs 26.3 crore in the corresponding period of FY17, GWRL said in a release issued here.

    Net sales, however, declined by 8.9 percent to Rs 206 crore in the second quarter of FY18, compared to Rs 226.1 crore in the same period of FY17.

    "In the second quarter, domestic fisheries contributed to a large proportion of the overall sales. As has been informed in previous months, we have been seeing a short-term disruption in our domestic business on account of GST implementation, more particularly in the fisheries sector," GWRL CMD Vayu Garware said.

    9:15 am Market Check: Equity benchmarks opened mildly higher on Thursday but immediately erased those gains to trade flat. Investors closely watch crude oil prices movement and other global cues due to lack of domestic cues.

    The 30-share BSE Sensex was down 23.63 points at 33,537.92 and the 50-share NSE Nifty fell 4.80 points to 10,337.50.

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    About 719 shares advanced against 409 declining shares on the BSE.

    Bharti Airtel, Bosch, Bharti Infratel, Infosys and Power Grid were early gainers.

    Dr Reddy's Labs, UltraTech Cement, Asian Paints, Zee Entertainment and Axis Bank were early losers.

    ICICI Prudential Life, HDFC Standard Life and SBI Life were under pressure, falling 2-4 percent.

    Quess Corp plunged 6 percent as Thomas Cook (up 4.5 percent) is selling some stake in the company.

    PC Jeweller, VIP Industries and ACE gained 2-4 percent.

    Nifty may open on positive note, gain 16 points

    F&O Outlook:

    Nifty PCR-OI has remained flat at 0.97 compared to previous trading day. PE of 10300 and CE of 10400 are the highest number of contracts traded.

    Opening for the Day:

    Trading of SGX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 16 points at the opening bell.

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    Nifty likely to head towards 10,600; top 3 stocks could give up to 16% return in 6 months

    The Nifty regained momentum in the preceding five sessions, after last week’s decline, led by broad-based buying and supportive global cues.

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    We continue to maintain our positive stance and expect the index to head towards a target of 10,600 levels in the coming weeks as it is the measuring implication of the Bullish Double Bottom pattern formed during the August – September period.

    The Nifty50 held on to its key support of 10,100 levels during the recent decline from 10,490, as it is the confluence of following:

    The bullish gap area leading to the breakout from three-month range is placed around 10,123-10,096 region

    - 50 percent retracements of current up move (9,687-10,490) are placed at 10,094 levels

    - Equality of preceding decline (10,178-9,687=491 points) as calculated from life high of 10,490 is placed around 10000 levels

    We believe current round of profit booking will make the market healthier by working off short-term overbought conditions.

    Here is a list of top three stocks which could give up to 16% return in the next 6 months:

    Tata Chemical: BUY| CMP Rs736| Target Rs805| Stop Loss Rs695| Return 9%| Time Frame 1 month

    Tata Chemical has resumed its up move after consolidation above the recent trend line breakout area signalling a change of polarity as previous trend line resistance reverse its role and acting as support.

    The stock after three weeks of profit booking, which has been characterized by shallow correction has broken above prior week’s high indicating resumption of up move and offers fresh entry opportunity.

    The lower band of recent consolidation was placed at Rs702 levels is likely to act as support in the short term. Weekly 14-period’s RSI is in a strong uptrend forming higher high and higher low and is seen rebounding taking support at its nine period’s average thus supports the continuation of the uptrend in the short term

    Based on the above technical observation we expect the stock to head towards Rs805 levels over the coming month being the 161.8% external retracement of recent decline (Rs765-702) placed at Rs805 levels

    MOIL: BUY| CMP Rs252| Target Rs282| Stop Loss Rs232| Return 12%| Time Frame 1 months

    MOIL Ltd has witnessed a strong breakout rally during October 2017 rallying from Rs190 to 52 weeks high of Rs285. In the process, the stock has registered a resolute breakout above the rebounding pattern containing the entire price activity since January 2017 to October 2017.

    Post the breakout rally the stock has entered a shallow correction in the last three weeks to work off the overbought condition developed during the previous rally.

    The stock has recently resumed its up move after consolidating near the 38.2% retracement of the previous rally placed around Rs242 levels, which is likely to act as major support for the stock in short-term.

    Among oscillators, the weekly MACD (E-12/26/9) which measures the underlying strength in the trend had entered into rising trajectory since August 2017 and is currently diverging from its 9-period average highlighting strong bullish momentum and indicates strength in the price structure.

    Based on aforementioned technical observations, we believe the consolidation phase over the last three weeks has approached maturity, thus offering fresh entry opportunity. We expect the stock to resolve higher and test its recent high of Rs285 in coming weeks.

    Oberoi Realty: BUY| CMP Rs509| Target Rs590| Stop Loss Rs465| Return 16%| Time Frame 6 months

    The stock remains in a well-established uptrend and continues to inch northwards in a rising peaks and troughs manner on medium time frame charts.

    Structurally, the rallies are becoming bigger and swifter underlying the robustness in the price structure along with strong momentum. At the same time, corrections are short-lived and shallow in nature which is the sign of the consistent appetite for the stock at elevated levels.

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    In the current week, the share price has resumed its uptrend following the two-week breather, as it breaks out of Bullish Flag continuation pattern. Breakout from bullish flag pattern offers a fresh entry opportunity to ride prevalent uptrend in the stock.

    Based on aforementioned technical observations, we believe the stock price is expected to continue its current upward trend. We have projected a medium-term target of Rs590 based on the measuring implication of the bullish Flag pattern breakout.