Friday’s rally on Nifty might have caught the bears on the wrong foot; 3 stocks to buy

Friday’s move again brought the indices into the erstwhile trading range. Hence, sustaining above 10,700 kind of levels markets may once again remain sideways and volatile without any price damage.

Technically speaking, patterns on Nifty are bearish pointing towards a target placed below 10,417, and whether this rally will sustain or not will be known only after observing one or two sessions, Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, said in an interview with Moneycontrol’s Kshitij Anand.

Q) Markets made a surprisingly strong comeback on Friday after two days of decline. Do you think the correction is over? What are the charts suggesting across time frame?

A) Friday’s rally might have caught the bears on the wrong foot. It was really surprising and unexpectedly a strong move after two days of severe correction.

Interestingly, on a month-on-month (MoM) basis, markets haven’t done any value addition after the strong close registered in the month of April.

May and June were both indecisive months with Doji kind of formations as they both closed almost where they opened. It is looking like a make-or-break kind of month going forward.

Friday’s move again brought the indices into the erstwhile trading range. Hence, sustaining above 10,700 kind of levels markets may once again remain sideways and volatile without any price damage.

But, an upside breakout above 10,830 may usher in a fresh leg of up move.

Q) Bank Nifty appears to be somewhat resilient irrespective of range breakdown seen in Nifty. What are the charts suggesting?

A) It seems that for the last couple of weeks, Bank Nifty is moving in a range of 26,767 – 26,200 levels. Interestingly, despite the range breakdown on Nifty50, this index remained inside the trading range as intraday dip below 26,200 was quickly bought into suggesting some strength.

Unless it closes below 26,160 levels, there may not be a big price damage to this index. In fact, this range bound move may also prevent the Nifty from going down to much lower levels.

On the upside, fresh leg of up move can be expected on a sustainable breakout above 26,770 levels.

Q) Do you think the strong rally we witnessed on Friday will sustain?

A) Technically speaking, patterns on Nifty are bearish pointing towards a target placed below 10,417. Inline with those patterns on last Wednesday market witnessed a breakdown and, for a couple of weeks, it should be under pressure but surprisingly a strong rally was witnessed in Friday’s session, raising doubts about the downside momentum.

Whether this rally will sustain or not will be known only after observing one or two sessions. In case Wednesday’s breakdown was a knee-jerk reaction to some of the negative global factors, then we may not go down to much lower levels.

Q) It appears that global factors resulted in the sharp fall for Nifty last week. What do the charts of some of the Asian Indices suggesting?

A) Among BRIC countries, it is only Indian Nifty and Brazilian Bovespa traded at new lifetime highs in 2018. Shanghai Composite clearly appears to be in a bear market as it retraced only 38% of its losses from 2015 high of 5,178 and appears to have resumed its downtrend from January 2018 highs of 3,587.

Besides, all other indices are in vertical fall for last two months whereas Indian Nifty is almost flat suggesting relatively better strength.

Q) It seems strengthening Dollar is causing the problem to the equities. How is Dollar Index looking on the charts?

A) There seems to be an inverse correlation between Dollar Index and Nifty. Interestingly, when this entire rally started in 2016 Dollar Index made a top around 103 in December 2016 whereas Indian Nifty made a higher bottom in the same month, after a 4-month of correction, at a low of 7,893.

Similarly, when Nifty topped out at 11,171 in January 2018, Dollar Index bottomed out around 88. After four months of the rally in the Dollar Index, it appears to be facing resistance around 95.

Interestingly, for the last two months, Nifty is not negatively reacting to the appreciation of Dollar index as it is stuck up in a range of 95 – 93.

Hence, there may be more weakness in Nifty going forward if Dollar Index tops out around 95 which appears to be resistance on charts. But, a breakout above 95 may initially take this index towards 97 which then may result in weakness for Indian Equities.

Q) Any top ideas which investors can look at for a period of 1 month or so?

A) Here is a list of top three ideas which could give 6-12 percent return in the short term:

Tata Steel: Buy| CMP: Rs 567.85| Target: Rs 605| Stop Loss: Rs 547| Return 6%

At the recent low of Rs 536, Tata Steel appears to have made a double bottom kind of a formation from the cushion of which it is making an attempt to rally.

In that case, it can easily retest its 200-day Moving Average (DMA) on the way upside. Hence, positional traders should buy into this counter for a target of Rs 605 with a stop placed below Rs 547 on a closing basis.

Yes Bank: Buy| CMP: 339.60| Target: Rs 369| Stop Loss: Rs 325| Return 8%

This counter appears to be in a consolidation mode after registering swift gains from the lows of Rs 309 – 369 in a single week of April 2018. Since then, it is in a multi-week corrective and consolidation process, and it appears to have made a decent base around Rs 330 levels.

Hence, on a sustainable pullback, as long-term trend is strong and intact it can make one more attempt to retest recent highs of Rs 369. Hence, positional traders should make use of this opportunity to go long for a target of Rs 369 and a stop below Rs 325 on a closing basis.

Firstsource Solutions Ltd: Buy| CMP: Rs 70.40| Target: Rs 79| Stop Loss: Rs 67| Return 12%

After the recent correction from the highs of Rs 84, this counter appears to be making an attempt to bottom out around Rs 68 levels for the last three sessions. It defended the same level before registering a Harami kind of reversal formation in Friday’s session.

As the risk-to-reward ratios will be favourable, traders should buy the stock around these levels for a target of Rs 79 and a stop loss placed below Rs 67 on a closing basis.

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Top buy & sell ideas by Sudarshan Sukhani, Mitessh Thakkar, Prakash Gaba for short term

Ashwani Gujral of ashwanigujral.com suggests selling Sun TV with a stop loss of Rs 785, target of Rs 760, BEML with a stop loss of Rs 810, target of Rs 775 and GSFC with a stop loss of Rs 104, target of Rs 92.

The Nifty slipped below its crucial 50-EMA but took support at its 100-day moving average placed at 10,571. Bears have tightened their hold on D-Street, which is evident from the fact that the widely tracked Supertrend indicator gave a sell signal on the charts yesterday.

Bank Nifty continued its selling pressure and has been making lower highs - lower lows from last three trading sessions. As long as the index remains below 26,500 it could drift towards 26,100 and then 25,950 while on the upside major hurdles are seen at 26,500 then 26,750 zones.

The Nifty index opened at 10,660 and rose marginally to hit an intraday high of 10,674 but then bears took control of D-Street and took the index below 10,600 levels. The Nifty hit a low of 10,557 before closing the day at 10,589, down 82 points.

India VIX moved up by 3.24 percent at 13.95 levels. The spurt in VIX indicates that bears have taken a grip on the market and selling pressure seen even in many heavyweights stocks in line with the weakness in the global market.

According to Pivot charts, the key support level is placed at 10,539.8, followed by 10,490.5. If the index starts moving upwards, key resistance levels to watch out are 10,656.3 and 10,723.5.

The Nifty Bank index closed at 26,324.6 on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,161.13, followed by 25,997.67. On the upside, key resistance levels are placed at 26,487.93, followed by 26,651.27.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns: 

Ashwani Gujral of ashwanigujral.com

Sell Sun TV with a stop loss of Rs 785, target of Rs 760

Sell BEML with a stop loss of Rs 810, target of Rs 775

Sell GSFC with a stop loss of Rs 104, target of Rs 92

Sell DCB Bank with a stop loss of Rs 166, target of Rs 154

Buy Infosys with a stop loss of Rs 1275, target of Rs 1320

Mitessh Thakkar of mitesshthakkar.com

Sell Biocon with a stop loss of Rs 630 and target of Rs 590

Sell Havells India with a stop loss of Rs 538 and target of Rs 490

Sell Interglobe Aviation around Rs 1105- 1110 with stop loss of Rs 1133 and target of Rs 1050

Buy Bata India with a stop loss of Rs 814 and target of Rs 860

Buy Muthoot Finance with a stop loss of Rs 367.4 and target of Rs 387

Prakash Gaba of prakashgaba.com

Buy Hindalco Industries with target at Rs 227 and stop loss at Rs 217

Buy Kotak Mahindra Bank with target at Rs 1370 and stop loss at Rs 1328

Sell Reliance Capital with target of Rs 378 and stop loss at Rs 396

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Top buy & sell ideas by Ashwani Gujral, Sudarshan Sukhani & Mitessh Thakkar for short term

Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Dabur India with a stop loss of Rs 387.8 and target of Rs 405 and sell DLF with a stop loss of Rs 196.2 and target of Rs 182.

The 50-share NSE Nifty opened at 10,785.50 which was also the intraday high for the index which resulted in small lower shadow. The bears took control of D-Street in morning trade itself and pushed the index below its crucial support placed at 10,700 levels. It hit an intraday low of 10,652.40 and then bounced back to marginally close above its 50-day exponential moving average (EMA) placed around 10,670.

The index, which is now trading below most of its short-term moving averages such as 5, 13, 20-EMA and 50-DMA, closed down 97.80 points or 0.91 percent at 10,671.40.

Most experts feel if the selling pressure extends, then the Nifty may move towards 10,400 levels but if the index bounces back above its 50-DEMA then there could be some relief for bulls on the expiry day. India VIX moved up by 5.55 percent at 13.51 levels. Spurt in VIX indicates limited upside as of now.

According to Pivot charts, the key support level is placed at 10,620.7, followed by 10,570.0. If the index starts moving upwards, key resistance levels to watch out are 10,753.8 and 10,836.2.

The Nifty Bank index closed at 26,423.4 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,295.17, followed by 26,166.93. On the upside, key resistance levels are placed at 26,592.97, followed by 26,762.54.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns: 

Ashwani Gujral of ashwanigujral.com

Sell Jet Airways with a stop loss of Rs 359, target of Rs 344

Sell Srei Infra with a stop loss of Rs 66, target of Rs 58

Sell REC with a stop loss of Rs 105, target of Rs 97

Sell Bank of India with a stop loss of Rs 90, target of Rs 84

Buy Aurobindo Pharma with a stop loss of Rs 612, target of Rs 630

Sudarshan Sukhani of s2analytics.com

Sell Apollo Tyres with stop loss at Rs 263 and target of Rs 248

Sell CESC with stop loss at Rs 935 and target of Rs 905

Buy Britannia Industries with stop loss at Rs 6040 and target of Rs 6190

Buy Mindtree with stop loss at Rs 950 and target of Rs 1010

Buy Piramal Enterprises with stop loss at Rs 2520 and target of Rs 2620


Mitessh Thakkar of mitesshthakkar.com

Buy Dabur India with a stop loss of Rs 387.8 and target of Rs 405

Sell DLF with a stop loss of Rs 196.2 and target of Rs 182

Sell Escorts around Rs 860 - 863 with stop loss of Rs 876 and target of Rs 830

Sell Reliance Power with a stop loss of Rs 33.3 and target of Rs 30

Buy Tech Mahindra above Rs 723 with stop loss of Rs 709 and target of Rs 750

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Top buy & sell ideas by Ashwani Gujral, Sudarshan Sukhani & Prakash Gaba for short term

Prakash Gaba of prakashgaba.com suggests buying Asian Paints with target at Rs 1300 and stop loss at Rs 1263 and Dewan Housing Finance with target at Rs 660 and stop loss at Rs 635.

The 50-share NSE Nifty recouped early losses and traded higher for a major part of the session but failed to hold 10,800 levels on Tuesday. The index traded in a range of about 70 points and made a small bullish candle on the daily charts which also resembles a 'Shooting Star' kind of pattern with a long upper shadow.

The Nifty index opened at 10,742.70 and slipped to an intraday low of 10,732.55 but then bulls took charge and pushed the index back above 10,750. The index made an intraday high of 10,805.25 before closing the day 6.70 points higher at 10,769.15.

India VIX moved up by 1.73 percent at 12.80 levels. On the options front, maximum Put open interest (OI) is at 10,700 followed by 10,600 strike while maximum Call OI was at 11,000 followed by 10,800 and 10,900 strike.

According to Pivot charts, the key support level is placed at 10,732.73, followed by 10,696.27. If the index starts moving upwards, key resistance levels to watch out are 10,805.43 and 10,841.67.

The Nifty Bank index closed at 26,601.7 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,483.4, followed by 26,365.1. On the upside, key resistance levels are placed at 26,716.3, followed by 26,830.9.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns: 

Ashwani Gujral of ashwanigujral.com

Buy Bata India with a stop loss of Rs 838, target of Rs 870

Buy Tata Consultancy Services with a stop loss of Rs 1830, target of Rs 1895

Buy Hexaware Technologies with a stop loss of Rs 455, target of Rs 480

Buy UltraTech Cement with a stop loss of Rs 3800, target of Rs 3960

Buy Ambuja Cements with a stop loss of Rs 207, target of Rs 223

Sudarshan Sukhani of s2analytics.com

Sell Tata Power Company with stop loss at Rs 76 and target of Rs 73

Sell Tata Communications with stop loss at Rs 597 and target of Rs 582

Sell Repco Home Finance with stop loss at Rs 550 and target of Rs 520

Buy Yes Bank with stop loss at Rs 332 and target of Rs 342

Buy Jubilant Foodworks with stop loss at Rs 1385 and target of Rs 1445

Prakash Gaba of prakashgaba.com

Buy Asian Paints with target at Rs 1300 and stop loss at Rs 1263

Buy Dewan Housing Finance with target at Rs 660 and stop loss at Rs 635

Sell Cadila Healthcare with target at Rs 393 and stop loss at Rs 410

Sell Shriram Transport Finance Corporation with target at Rs 1360 and stop loss at Rs 1440

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Nifty may retest critical support around 10,700; Buy BPCL for the short term

“A sell-off in the last hour of trade on Monday indicates that the Nifty may once again challenge its downside support placed around 10,700 and 10,670 levels,” says Jaydeb Dey of Stewart & Mackertich Wealth Management

Jaydeb Dey

The Nifty ended Monday 0.55 percent lower at 10,762.45. It opened on a stronger note above the 10,800 mark, fell from its high of 10,831, before ending the session in the red.

Ending the session below 10,780 may again initiate a downward wave towards dual supports placed around 10,700 and 10,670 levels. Hence, cautious trading is advised. Broader patterns suggest the benchmark index may continue oscillating in the narrowing price band and find an escape route.

Downside pivotal supports are placed around 10,700 and 10,670 levels. On the upside, major resistances are placed around 10,830 and 10,860 levels.

On the Nifty hourly chart, the index ended the session at its 10-day exponential moving average placed around 10,760. A sell-off in the last hour implies it may once again challenge its downside support placed around 10,700 and 10,670 levels.

Nifty patterns on multiple timeframes show it fell from the day’s high of 10,831 before ending the session with a bearish Marubozu candle. Hence, retesting downside critical supports placed around 10,700 and 10,670 is likely.

The Bank Nifty ended Monday 0.59 percent lower at 26,609.70. It ended the session below 26,650 with a bearish candle. It may again challenge its downside supports placed around 26,500 and 26,300 levels, while its upside resistance is placed around 26,800.

Based on a thorough technical study, the research firm recommends BPCL in the near term:

Bharat Petroleum Corporation | Rating: Buy | Target: Rs 426, stop loss: Rs 395, Return: 4%

The stock reacted down from recent high of Rs 429 and is again approaching towards critical support placed around Rs 405. Broader chart pattern suggests, it may again find support in the critical zone of Rs 405-400, the previous multi-bottom area.

Based on above mentioned observations, the firm recommends BPCL as a buy on dips for the short term up side target of Rs 426.

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Nifty to face resistance around 10,860 levels; Buy M&M Financial for the short term

“Breaking above 10,860 may extend this leg of the upmove to 10,950 levels,” says Jaydeb Dey of Stewart & Mackertich Wealth Management

Jaydeb Dey

The Nifty ended Friday 0.75 percent higher at 10,821.85. It opened the session weak but found strong support at 10,700 levels. It recovery from the day’s low of 10,710.45 before ending the session nearer to its high, forming a bullish body candle.

On the weekly chart, the Nifty ended nearly flat before finishing off with a Dragonfly Doji candle, which implies buying interest on dips around its critical support of 10,700 levels. The bullish body candle in the last session of the week is manifestation of the benchmark index regaining strength. On the upside, major resistance is placed around 10,860 levels. Breaking above 10,860 may extend this leg of the upmove to 10,950 levels.

On the Nifty hourly chart, the index rose from its 200-day exponential moving average placed around 10,710 levels and ended with a downward trending channel breakout. Aggressive buying in the last hour of trade suggests, this upmove is likely to sustain and may challenge its higher resistance placed around 10,860 levels.

Nifty patterns on multiple timeframes show it ended the week with a Dragonfly Doji. However, broader patterns suggest it may again face resistance on a rise around its upper descending trend line of the symmetric triangle it is currently stuck in.

Bank Nifty ended Friday 1.02 percent higher at 26,766.85. It ended the session with a bullish body candle. Immediate support is placed around 26,650. The candle pattern suggests it may challenge its upside major resistance placed around 27,000 levels.

M&M Financial Services | Rating: Buy | Target: Rs 530, stop loss: Rs 470, Return: 7%

The stock ended the week with a symmetrical triangle breakout. A symmetrical triangle breakout implies, continuation of bullish trend while the primary uptrend is still well intact.

Based on above mentioned observations, the firm recommends M&M Financial as a buy on dips for the short term upside target of Rs 530.

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Bharat-22 ETF gets bids for Rs 8,400 cr so far

The government had on June 19 launched the follow-on fund offer (FFO) of Bharat-22 Exchange Traded Fund (ETF), comprising shares of 22 companies.

The second tranche of Bharat-22 ETF offering saw a good response from investors, with the issue garnering subscription to the tune of Rs 8,400 crore so far. The government aims to mop up Rs 6,000 crore with a green shoe option of raising another Rs 2,400 crore through the ETF, which is managed by ICICI Prudential Mutual Fund.

Subscription has come in for 1.5 times of the base issue size of Rs 6,000 crore. The total bids that has come in so far are for Rs 8,400 crore, a source said.

The government is likely to exercise the green-shoe option to retain the additional Rs 2,400 crore worth bids received.

The government had on June 19 launched the follow-on fund offer (FFO) of Bharat-22 Exchange Traded Fund (ETF), comprising shares of 22 companies.

On the first day of the Bharat-22 ETF issuance, anchor investors put in bids worth Rs 5,163 crore. This was 3.44 times the portion reserved for them.

The state-owned companies that are part of the new Bharat ETF-22 include ONGC, IOC, SBI, BPCL, Coal India and Nalco.

The other central public sector enterprises on the list are Bharat Electronics, Engineers India, NBCC, NTPC, NHPC, SJVNL, GAIL, PGCIL and NLC India. Only three public sector banks — SBI, Indian Bank and Bank of Baroda — feature in the Bharat-22 index.

The government had in November last year launched Bharat-22 ETF comprising shares of 22 companies, including public sector undertakings (PSUs), public sector banks, ITC, Axis Bank and L&T.

The fund had garnered bids to the tune of Rs 32,000 crore, although the government retained only Rs 14,500 crore.

The government plans to raise Rs 80,000 crore in the current fiscal from disinvestment, lower than over Rs 1 lakh crore raised last year.

Besides, the initial public offering (IPO) of railway consultancy firm RITES got subscribed nearly 67 times so far on the final day of issuance. The IPO is expected to fetch over Rs 460 crore to the exchequer.

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Top buy & sell ideas by Sudarshan Sukhani, Mitessh Thakkar, Prakash Gaba for short term

Prakash Gaba of prakashgaba.com advised selling Bajaj Auto with a target price of Rs 2,790 and stoploss at Rs 2,855.

The Nifty50 opened with a gap up at 10,808.45 and hit an intraday high of 10,809.60 but it could sustain those levels for long and immediately turned volatile on Thursday. After the tussle between bulls-bears, the index finally drifted lower in the last couple of hours of trade and fell below 10,750 levels. It closed down 30.90 points at 10,741.10.

According to Pivot charts, the key support level is placed at 10,708.13, followed by 10,675.17. If the index starts moving upwards, key resistance levels to watch out are 10,791.83 and 10,842.57.

The Nifty Bank index closed at 26,496.9 on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,406.9, followed by 26,316.9. On the upside, key resistance levels are placed at 26,634.9, followed by 26,772.9.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:

Sudarshan Sukhani of s2analytics.com

Buy Tata Elxsi with a stoploss of Rs 1,310 and target of Rs 1,350

Buy Hindustan Petroleum Corporation with a stoploss at Rs 312 and target price of Rs 327

Buy ICICI Bank with a stoploss at Rs 294 and target price of Rs 306

Sell BEML with a stoploss at Rs 870 and target price of Rs 825

Sell NBCC with a stoploss at Rs 84 and target price of Rs 80

Mitessh Thakkar of Mitesshthakkar.com

Sell L&T Finance Holdings with a stoploss of Rs 164.25 and target price of Rs 154

Buy ICICI Bank with a stoploss of Rs 292.9 and target price of Rs 310

Sell Kajaria Ceramics with a stoploss at Rs 518 and target price at Rs 485

Buy Reliance Industries with a stoploss at Rs 1,013 and target price of Rs 1,065

Sell Axis Bank with a stoploss at Rs 520.5 and target price of Rs 500

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Prakash Gaba of prakashgaba.com

Sell Bajaj Auto with a target price of Rs 2,790 and stoploss at Rs 2,855

Sell Pidilite Industries with a target price at Rs 1,000 and stoploss at Rs 1,051

Sell Tech Mahindra with a target price at Rs 672 and stoploss at Rs 691

Sell Wockhardt with a target price at Rs 660 and stoploss at Rs 690

Capital Ways Investment Adviser
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Bank of Maharashtra’s shares tank 7% after CMD, 5 others arrested in fraudulent loans case

The lender’s Chairman and Managing Director (CMD) Ravindra Marathe along with five others have been arrested for extending fraudulent loans to Pune-based DSK Group, police said.

Bank of Maharashtra’s shares fell 7 percent intraday after a member of its senior management was arrested on Wednesday.

The stock touched an intraday high of Rs 13.65 and an intraday low of Rs 12.60.

The lender’s Chairman and Managing Director (CMD) Ravindra Marathe along with five others have been arrested for extending fraudulent loans to Pune-based DSK Group, police said.

Besides Marathe, BoM Executive Director Rajendra Gupta, DSK chartered accountant Sunil Ghatpande and DSK VP Engineering Department Rajiv Newaskar were arrested from Pune while ex-CMD Sushil Muhnoot was arrested from Jaipur. The bank’s Zonal Manager Nityanand Deshpande was arrested from Ahmedabad, the police said in a statement.

Marathe was arrested for allegedly misusing his power in sanctioning loans to shell companies. The bank had given loan on the same property three to four times, sources said.

The arrests were made under sections 120(B), 406, 409, 420, 465, 467, 468, 471, 109 r/w 34 IPC & 13(1)(c) r/w 13(2) of the PC Act.

According to a police statement, the bank officers colluded with DSKDL by misusing their power and authority with dishonest and fraudulent intention to sanction and disburse the amount of bank under the garb of loan which was siphoned off.

The stock has fallen around 4 percent in the past one month, while in the past three days, it fell over 3.5 percent too. At 14:49 hrs Bank of Maharashtra was quoting at Rs 13.04, down Rs 0.47, or 3.48 percent. It touched a 52-week low of Rs 12.60.

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Stay cautious as Nifty may retest 10,700 levels

“Successful breakdown of 10,700 may unfold next leg of down move towards 10,670 and 10,650,” says Jaydeb Dey of Stewart & Mackertich Wealth Management Ltd.

Jaydeb Dey

The Nifty ended Tuesday 0.83 percent lower at 10,710.45. It opened with a minor gap down and continued making lows before ending the session with a bearish body candle. The index found support around its 30-day exponential moving average (EMA) on the daily chart placed around 10,700 levels and ended nearer to the day’s low.

The candle pattern, along with position of leading indicators, suggests it may once again challenge its critical support of 10,700. Successful breakdown of 10,700 may unfold next leg of down move towards 10,670 and 10,650. Hence, staying cautious below 10,700 is advised. On the flip side, 10,750 and 10,810 may continue to act as critical resistances.

On the Nifty hourly chart, it ended nearer to its 200 EMA placed around 10,700 levels. The relative strength index continues making lower lows. The chart pattern suggests that a break down below 200 EMA is likely. The next downside support is placed around 10,670 and 10,650 levels

Nifty patterns on multiple timeframes show consecutive bearish candle on the daily chart. The trend is likely to remain weak below 10,750. Below 10,700, the next leg of the correction towards 10,670 and 10,650 is likely.

Bank Nifty ended Tuesday 0.54 percent lower at 26,265.75. It ended the session with a bearish body candle. The index is likely to challenge its 30-EMA on the daily chart placed around 26,200. Major resistance is placed around 26,450. Below 26,200, the next support is placed around 26,100.

Based on thorough technical study, the research firm recommends Canara Bank for the near term:

Canara Bank | Rating: Sell | Target: Rs 251, stop loss: Rs 270, Return: 4%

The stock ended the previous session with a midterm upward trend line breakdown. This down move below critical support around Rs 265 is backed by rising negative open interest.

Based on the above mentioned observations, the firm recommends Canara Bank as a sell on rise for the short term downside target of Rs 251.

Capital Ways Investment Adviser
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Top buy & sell ideas by Mitessh Thakkar, Sudarshan Sukhani, Prakash Gaba for short term

Mitessh Thakkar of mitesshthakkar.com iis of the view that one can sell CESC with a stop loss of Rs 991, target of Rs 950, HDFC with a stop loss of Rs 1840, target of Rs 1790 and buy Bata India with a stop loss of Rs 799, target of Rs 855.
The Nifty which started on a flat note failed to build on momentum due to weak global cues and slipped towards its crucial support placed around 10,800 on Monday. The index formed a ‘Bearish Belt Hold’ kind of pattern on daily charts.

In Monday’s price action, Nifty opened at 10,830.20 and was also the intraday high for the index which resulted in no upper shadow. The bears took control of D-Street in morning trade and pushed the index below its crucial support placed at 5-exponential moving average (EMA).

Investors are advised to tread with caution and if Nifty fails to reclaim 10,800 in Tuesday’s trading session, then there is a higher probability that it will slip towards its next crucial support, which is placed around 10,755.

According to Pivot charts, its key support is placed at 10,781.33, followed by 10,762.87. If the index starts moving upward, key resistance levels to watch out are 10,824.23 and 10,848.67.

The Nifty Bank index closed at 26,409.3. Important pivot level, which will act as a crucial support for the index, is placed at 26,328.64, followed by 26,247.97.

Key resistance levels are placed at 26,483.74, followed by 26,558.17.

In an interview to CNBC-TV18, top market experts recommend which stocks to pick for good short term gains:

Mitessh Thakkar of mitesshthakkar.com

Sell CESC with a stop loss of Rs 991, target of Rs 950

Sell HDFC with a stop loss of Rs 1840, target of Rs 1790

Buy Bata India with a stop loss of Rs 799, target of Rs 855

Sell Shree Cements below Rs 15980 with stop loss of Rs 16300, target of Rs 15300

Buy Piramal Enterprises around Rs 2540 - 2525, stop loss of Rs 2480 and target of Rs 2660

Sudarshan Sukhani of s2analytics.com

Buy United Breweries with stop loss at Rs  1270 and target of Rs 1315

Buy Piramal Enterprises with stop loss at Rs 2500 and target of Rs 2650

Buy Mahindra & Mahindra with stop loss at Rs 900 and target of Rs 930

Sell Cummins India with stop loss at Rs 680 and target of Rs 650

Sell Tata Power with stop loss at Rs 76 and target of Rs 73

Prakash Gaba of prakashgaba.com

Buy ICICI Bank with target at Rs 299 and stop loss at Rs 289

Buy SAIL with target of Rs 90 and stop loss at Rs 85

Sell Canara Bank with target at Rs 260 and stop loss at Rs 277

Sell TCS with target at Rs 1800 and stop loss at Rs 1840

Capital Ways Investment Adviser
605, Industry House , AB road Indore (MP) 452001
info@capitalways.com
Contact Us: 08517810864


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Top buy & sell ideas by Sudarshan Sukhani, Mitessh Thakkar, Prakash Gaba for short term

Prakash Gaba of prakashgaba.com is of the view that one can buy Apollo Hospitals with target at Rs 1060 and stop loss at Rs 1020 and also buy Power Grid with target at Rs 205 and stop loss at Rs 198 while advises selling Indian Oil Corporation with target at Rs 163 and stop loss at Rs 170.

The Nifty which started with a gap down on Friday recouped most of its intraday losses and closed above its crucial level of 10,800 for the fourth straight day in a row. It formed a Hammer like candle on the daily candlestick charts.

The index formed a Hammer like pattern for the second consecutive day in a row which indicates that the decline was bought into. The index bounced near its 13-EMA to close above its 5-EMA placed 10,808.

Investors are advised to remain cautious and await for a breakout or a breakdown before initiating fresh positions. A close above 10,930 would result in a breakout while a break below Friday’s low of 10,755 could bring back bears on D-Street.

According to Pivot charts, its key support is placed at 10,770.73, followed by 10,723.77. If the index starts moving upward, key resistance levels to watch out are 10,849.33 and 10,880.97.

The Nifty Bank index closed at 26,417.4. Important pivot level, which will act as a crucial support for the index, is placed at 26,312.74, followed by 26,208.07. Key resistance levels are placed at 26,554.24, followed by 26,691.07.

In an interview to CNBC-TV18, top market experts recommends stock trading ideas which can give good returns in the near term:

Sudarshan Sukhani of s2analytics.com

Buy Asian Paints with stop loss at Rs 1265 and target of Rs 1325

Buy Hero MotoCorp with stop loss at Rs 3650 and target of Rs 3740

Buy Hindustan Unilever with stop loss at Rs 1600 and target of Rs 1660

Sell India Cements with stop loss at Rs 117 and target of Rs 110

Sell NBCC with stop loss at Rs 87 and target of Rs 81

Mitessh Thakkar of Mitesshthakkar.com

Buy Apollo Hospitals around Rs 1025-1028 with stop loss of Rs 1005 and target of Rs 1062

Sell Tata Power Company with a stop loss of Rs 77.25 and target of Rs 73

Sell Apollo Tyres with a stop loss of Rs 273.5 and target of Rs 256

Buy Balrampur Chini above Rs 75 with stop loss of Rs 73 and target of Rs 81

Sell Bank of India with a stop loss of Rs 100.5 and target of Rs 93

Prakash Gaba of prakashgaba.com

Buy Apollo Hospitals with target at Rs 1060 and stop loss at Rs 1020

Buy Power Grid with target at Rs 205 and stop loss at Rs 198

Sell Indian Oil Corporation with target at Rs 163 and stop loss at Rs 170

Sell Karnataka Bank with target at Rs 116 and stop loss at Rs 120

Buy Century Textiles with target  at Rs 1310 and stop loss at Rs 1260.

Capital Ways Investment Adviser
605, Industry House , AB road Indore (MP) 452001
info@capitalways.com
Contact Us: 08517810864


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Indian ADRs: Dr Reddy's Lab rises 6%; Infosys up 3%

Indian ADRs ended mostly higher on Friday. Dr Reddy's Laboratories gained 6.18 percent and HDFC Bank was up 0.38 percent.

Indian ADRs ended mostly higher on Friday. In the IT space, Infosys rose 3.14 percent at USD 18.73 and Wipro added 1.89 percent at USD 4.85.

In the banking space, ICICI Bank was down 1.31 percent at USD 8.28 and HDFC Bank was up 0.38 percent at USD 101.96.

In the other sectors, Tata Motors shed 0.76 percent at USD 22.15 and Dr Reddy's Laboratories gained 6.18 percent at USD 35.06.

Capital Ways Investment Adviser
605, Industry House , AB road Indore (MP) 452001
info@capitalways.com
Contact Us: 08517810864


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Top buy & sell ideas by Ashwani Gujral, Mitessh Thakkar, Prakash Gaba for short term

Mitessh Thakkar of mitesshthakkar.com suggests selling Aurobindo Pharma with a stop loss of Rs 731 for target of Rs 696 and Bank of Baroda...