SGX Nifty Indicates a slightly negative opening for Nifty, it is important to Nifty sustain above 16,580 for further bullishness. If slips below 16,580 more profit booking may come into play.
Yesterday we have discussed profit booking at 16,700 levels, hope you have taken trade accordingly. We have also mentioned volatility.
FIIs and DIIs were net sellers on Wednesday even though Nifty managed to close above 16,600. Being expiry of a month of great bull run, expect volatility today too.
Global cues are mixed and nothing major to affect today. Yesterday Reliance was leading the Nifty and helped to close above 16,600. Reliance had been under our radar and suggested for positional trade at the lower support level, hope you all have made a profit.
28 of Nifty 50 stocks had closed in Red yesterday, observe for profit booking at broader levels. Profit booking at highs had caused Nifty to make a Bearish candle on daily basis.
As we have been discussing 16,580-16,600 is the major support level to watch for, the upper levels may open up only Nifty managed to sustain above 16,700.
16,530 and 16,400 will be the next resistance for Nifty.
The auto sector has been undergoing correction for many days, also Bank Nifty is highly underperforming. These sectors are to be performed for opening up next highs to Nifty. While IT Sector extended its gain on Wednesday too.
Stocks In News:
BANKS: Lending by banks will enable tapping the pent-up demand in the festive season. Slippages in the retail segment will be contained in the coming months, says Sunil Mehta, Chief Executive, Indian Banks' Association.
Bharti Airtel: Company to consider various capital raising options on Aug 29; to consider options on equity/debt raising
Ujjivan Small Finance Bank: Board has appointed Carol Furtado as an officer on special duty. Furtado to manage day-to-day affairs at the bank, till Nitin Chugh's exit on September 30.
Max Healthcare Institute: Board approved an additional investment of Rs 50 crore by way of subscription towards Rights Issue of equity shares of Alps Hospitals, a wholly-owned subsidiary of the company.
Kotak Mahindra Bank: To actively seek inorganic growth opportunities in the Indian financial services space. This could be in businesses or assets that enable it to expand its market share and increase customer base, said Chairman Prakash Apte.
Future Retail: Appointed Sadashiv Nayak as Chief Executive Officer of the company with effect from August 25.
Bank of India: Approved the opening of QIP on August 25 and the floor price of Rs 66.19 per equity share. The floor price is at a premium of 1.98% to Wednesday’s closing price.
