A morning walk down Dalal Street | Nifty must breach 11,800 for bullish sentiment to continue

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Nifty closed above 11,750 and formed bullish candle on daily charts. The index has to clear its immediate hurdle of 10,800 for the bullish sentiment to continue.




Last week was volatile for Indian market. The S&P BSE Sensex closed 0.19 percent lower while the Nifty50 closed flat with a positive bias for the week ended April 26.

Bulls bounced back on D-Street in the final hours of trade which pushed the S&P BSE Sensex above 39,000 while Nifty50 managed to reclaim 11,700-11,750 levels on a closing basis on April 26, which is a positive sign

Recovery in the rupee, fall in crude oil prices (below $72/bbl), strong rollovers for May series, and stable earnings so far are some of the factors that pushed market higher.

In terms of sectors, metals, banks, oil & gas, and energy stocks rose 1-2% each while profit taking was seen in the auto, consumer durable, and telecom stocks.

The March quarter earnings were largely in-line with estimates barring few which have not disappointed the Street. There is value in select names which held for a period of 1-2 years holds the potential to create wealth for investors, suggest experts.

Indian rupee ended near day's high at 70.01 per dollar on April 26. It gained by 24 paise versus Thursday previous close 70.25.

On the institutional front, FIIs were net sellers of Rs 70 crore while DIIs were net buyers in Indian markets to the tune of Rs 920 crore, provisional data showed.

Big News:

As many as 45 companies will declare their results for the quarter ended March later today which include names like Ambuja Cements, Can Fin Homes, Gammon India, Kotak Mahindra Bank, TVS Motor Company and Zensar Technologies.

Ambuja Cements: PAT likely to grow by 10% YoY to Rs 300 crore

Kotak Mahindra Bank: PAT likely 23% YoY to Rs 1388 crore

TVS Motor Company: PAT likely to fall by 20% YoY to Rs 132 crore

Technical View:

Nifty formed a 'Dragonfly Doji' kind of pattern on a weekly scale.

The index closed above 11,750 and formed bullish candle on daily charts.

The index has to clear its immediate hurdle of 11,800 for the bullish sentiment to continue.

Three levels: 11661, 11762, 11856

Max Call OI: 12000, 12500

Max Put OI: 11000, 11500

Stocks in news:

Tata Steel's Europe unit said on Friday a fire broke out at its Port Talbot site in South Wales but there were no major injuries and fire was now under control.

L&T Finance Holdings said its consolidated net profit more than doubled to Rs 552.12 crore during the quarter ended March 2019. The company had posted a Rs 270 crore net profit in the same period a year ago.

Drug major Dr. Reddy's Laboratories is recalling 33,958 bottles of Divalproex Sodium Extended-Release tablets, used to treat seizure disorders, from the American market, as per a report by the US health regulator.

Technical Recommendations:

We spoke to Angel Broking and here’s what they have to recommend:

MCX India: Buy| LTP: Rs 839.20| Target: Rs 925| Stop Loss: Rs 790| Upside 10%

Grasim Industries Ltd: Buy| LTP: Rs. 913.45| Target: Rs 965| Stop Loss: Rs 886| Upside 6%


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