Short-Term Pullback To Drive Nifty Towards 10,570; 3 Top Stocks Which Give Up To 12% Return

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We are taking slightly contra view on index and expect Nifty index to see a short-term pullback from current level. Till the time Nifty is trading above 10033.35, the Higher Top Higher Bottom formation on weekly chart remains intact. On weekly charts, RSI (14), has signaled an oversold condition post the formation of a bearish divergence,” says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.The benchmark indices extended the ongoing pessimism and the bears tried to break the recent swing low of 10,276 in early part of the week. However, bulls managed to defend this level and thereafter index eventually slipped into a consolidation.
Looking at the daily chart, we are taking slightly contra view on index and expect Nifty index to see a short-term pullback from current level. Till the time Nifty is trading above 10,033.35, the Higher Top Higher Bottom formation on weekly chart remains intact. On weekly charts, RSI (14), has signaled an oversold condition post the formation of a bearish divergence.
Also, on a weekly line chart, in the last two weeks Nifty precisely closed near its previous resistance zone of November 3, 2017. Hence, we are meticulously tracking Friday’s closing as any close near or above 10,450 indicates that the index is poised for a sharp bounce. In that case, we may see Nifty to rally towards 10,575 and 10,640 levels respectively.
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Titan, Bajaj Finserv, Grasim Up 1% On Nifty Rejig

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shares of Ambuja Cements, Aurobindo Pharma and Bosch slipped 1-2.5 percent as they were excluded from the Nifty 50 index.Shares of Bajaj Finserv, Grasim Industries and Titan Company rose more than 1 percent intraday Thursday as they were included in Nifty 50 index.
Meanwhile, shares of Ambuja Cements, Aurobindo Pharma and Bosch slipped 1-2.5 percent as they were excluded from the Nifty 50 index
The changes were announced by India Index Services and Products, an arm of the National Stock Exchange (NSE) as part of its periodic review.
The said changes will get implemented with effect from April 2, 2018.
Also, Punjab National Bank (PNB) will move out of the NSE’s Nifty Midcap 100 index.
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News Live: Bajaj Finserv, Grasim, Titan To Debut On Nifty 50 From April 2

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This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.EPFO lowers int rate to 8.55% for FY18, workers threshold for coverage cut to 10
Retirement fund body EPFO has lowered the rate of interest on employees provident fund to 8.55% for its over six-crore subscribers for 2017-18, from 8.65% in the previous fiscal, reports PTI. Labour Minister Santosh Gangwar said after the Employees’ Provident Fund Organisation’s (EPFO) trustees meet on Wednesday said the EPFO has liquidated portion of its investments in the exchange traded funds (ETFs) to bridge the gap to provide 8.55% interest this fiscal.
He said the EPFO received 8% returns on its bond investments but it is able to pay 8.55% rate because it has sold some of its investments in ETFs. “The ETF investments have fetched a return of 20.65% so far, and in the months of January and February this year, the EPFO has sold Rs 3,700 crore ETFs which earned a return of Rs 1,011 crore.” The EPFO has invested around Rs 44,000 crore so far in the ETFs. It had started investing in ETFs in August 2015.
On the administrative charges, he said the EPFO’s apex decision making body Central Board of Trustees has decided to reduce the administrative charges from 0.65% to 0.5% of total wages which are paid by employers. The minister also said the trust has also decided to reduce the workers threshold for coverage under the EPFO schemes to 10 from the existing 20.
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Sensex, Nifty Trade Mildly Higher

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Selling pressure is visible among all sectoral indices, except IT index.Equity indices are now trading mildly higher after giving up gains in the last hour. HCL Tech, Tech Mahindra, TCS, Dr. Reddy’s lead the gainers chart. Selling pressure is visible among all sectoral indices, except IT index.
the BSE Sensex was trading at 33,776, up 73 points, while the broader Nifty50 was ruling at 10,375, up 15 points.
Metal, pharma and PSU banks are currently the top losers. In the broader market, the BSE Midcap and the BSE Smallcap indices rose 0.12% and 0.20% respectively.
Stocks of information technology companies rose today due to the positive outlook given by NASSCOM. The industry body said that export revenue in 2018-19 (Apr-Mar) will grow at 7-9%, driven by digital technologies.
Shares of Gitanjali Gems slumped for the sixth straight session and were locked in the 10% lower circuit of 27.40 rupees after reports said the company has intimated its employees about the company’s closure.
Eros Intl surges, as RIL to acquire 5% stake in parent.
Biocon slumps on US FDA observations for Malaysia unit.
Tech Mahindra (+3.4%), HCL Tech (+2.5%), TCS (+1.9%), Dr. Reddy and Eicher Motors (+1.2%) were the top gainers on Nifty50.
Sun Pharma (-6%), Hindalco (-3.4%), BPCL (-2.4%), Bajaj Fin (-2.2%) and Tata Steel (-1.8%) were the top losers in today’s trade.
A total of 7 stocks registered a fresh 52-week high in trade today, while 38 stocks touched a new 52-week low on the NSE.
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Sensex Rallies Over 150 Points; PSU Bank, Metal, IT Index Gain

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Nifty has come off day’s high amid profit booking seen in the Realty stocks, while, Banking, IT and Metal, Pharma stocks are trading in the greenBenchmark indices were trading higher on Tuesday. Today’s gains were seen in index heavyweights such as Tata Consultancy Services, Housing Development Finance Corp and metal companies.
the BSE Sensex was trading at 33,945, up 170 points, while the Nifty50 index was trading at 10,418, up 39 points.
Shares of information technology companies rose today, tracking the weakness in the rupee against the dollar. Shares Benchmark indices were trading higher on Tuesday. Today’s gains were seen in index heavyweights such as Tata Consultancy Services, Housing Development Finance Corp and metal companies.
the BSE Sensex was trading at 33,945, up 170 points, while the Nifty50 index was trading at 10,418, up 39 points.
Shares of information technology companies rose today, tracking the weakness in the rupee against the dollar. Shares of Tata Consultancy Services, Infosys, Wipro, HCL Technologies and Tech Mahindra were up 1-2%.
Shares of Vakrangee fell 5% today as New World Fund sold 1.06cr shares or 1% stake in the company at Rs253.27 a piece through a bulk deal on the NSE.
PNB fell for fifth consecutive session after 3 new arrests were made in the fraud case. Gitanjali Gems was locked at another 10% lower circuit, taking total loss to more than 56% in February so far.
Suven Life Sciences announced that the grant of one product patent from India and one product patent from South Korea corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases. Stock rose 1.5%.
Volatility index, India VIX down by 0.94% to 16.5100.
Vedanta (+1.8%), TCS (+1.3%), Infosys (+1.2%), Dr.Reddy’s (+1%) and Airtel (+1%) were the top gainers on Nifty50.
Aurobindo (-1.6%), Indiabulls HF (-0.99%), Cipla (-0.88%), BPCL (-0.83%) and M&M (-0.83%) were the top losers in today’s trade.
Out of 2,016 stocks traded on the NSE, 742 advanced, 883 declined and 391 remained unchanged today.
A total of seven stocks registered a fresh 52-week high in trade today, while 44 stocks touched a new 52-week low on the NSE.of Tata Consultancy Services, Infosys, Wipro, HCL Technologies and Tech Mahindra were up 1-2%.
Shares of Vakrangee fell 5% today as New World Fund sold 1.06cr shares or 1% stake in the company at Rs253.27 a piece through a bulk deal on the NSE.
PNB fell for fifth consecutive session after 3 new arrests were made in the fraud case.Gitanjali Gems was locked at another 10% lower circuit, taking total loss to more than 56% in February so far.
Suven Life Sciences announced that the grant of one product patent from India and one product patent from South Korea corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases. Stock rose 1.5%.
Volatility index, India VIX down by 0.94% to 16.5100.
Vedanta (+1.8%), TCS (+1.3%), Infosys (+1.2%), Dr.Reddy’s (+1%) and Airtel (+1%) were the top gainers on Nifty50.
Aurobindo (-1.6%), Indiabulls HF (-0.99%), Cipla (-0.88%), BPCL (-0.83%) and M&M (-0.83%) were the top losers in today’s trade.
Out of 2,016 stocks traded on the NSE, 742 advanced, 883 declined and 391 remained unchanged today.
A total of seven stocks registered a fresh 52-week high in trade today, while 44 stocks touched a new 52-week low on the NSE.
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Nifty Likely To Open Gap Down By 11 Points

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Nifty Future is opening gap down by 11 points against yesterday’s close of 10375 as indicated by SGX Nifty which is currently trading at 10394The Indian Benchmark Index Nifty continues selling for the 2nd straight day amid loan fraud cases in PSU banks. The index opened higher but could not sustain at highs and consolidated in the negative zone. However the markets gave a sharp recovery in the final hour of the trade.
The markets are trading highly volatile due to loan fraud cases in the PSU banks and FNO expiry due on Thursday. The index opened at 10489 and closed at 10378 after making a low of 10303. Nifty slumped by 74 points or 0.71% from its previous close.
FII & PRO in combined have sold 111737 contracts in Index options in last 10 days. In the current expiry, they have a combined sell position of 498379 contracts. The next important support level of Nifty is 10276, which is its Week 1 low.
The Small Cap Index has fallen by 119 points or 1.42% from its previous close. The Index made a high of8375 and closed at 8238 after making a low of 8145. The next Weekly support of Small Cap is 7777.
Nifty Future is opening gap down by 11 points against yesterday’s close of 10375 as indicated by SGX Nifty which is currently trading at 10394
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Markets Indicate A Negative Opening, In-Line With Asian Peers

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SGX Nifty is indicating a negative opening for the Indian marketsSGX Nifty is indicating a negative opening for the Indian markets.
Indian markets are expected to continue the selling pressure witnessed in yesterday’s trade, as the major indices closed below their support levels.
In stock-specific news, Ambuja Cement is set to announce its Q3 results today. Sun Pharma, wholly owned subsidiary buys additional shares in Ranbaxy Malaysia Sdn Bhd.
Global markets:
Major Asian markets are also trading in the red at present. Nikkei is currently down 1.22%, Hang Seng is trading 0.63% lower, while the Chinese markets continue to remain shut.
US Markets: Wall Street remained shut in yesterday’s trade on account of Presidents Day holiday, though the US stock futures were trading lower on Monday after Friday’s positive closing.
European markets also closed in the red yesterday with FTSE down 0.65%, CAX was down 0.48% and DAX closed 0.54% lower.
FII Data:
In yesterday’s session FII’s sold 895 crores stock in the cash market whereas DII’s bought 586 crores worth of stock.
In the derivative market, FII’s sold 1,153 crores of index futures and bought 2,160 crores worth of Index options.
In the stock futures segment, FII’s bought 408 crores worth of stock futures and bought 7 crores stock options.
FII View: FII trading activity in yesterday’s session suggests that they have a short-term bearish view on the market, which is deduced from the fact that that they created fresh short positions 8604 Nifty Futures contract, reduced their Index Call option contracts by 18218 and purchased addition 2480 Index Put Options.
FII OI(000’s) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 119 (4) (17) 0.8 0.2
Future Index Short 152 6 315
Option Index Call Long 241 (7) 15 1.2 0.4
Option Index Call Short 199 6 194
Option Index Put Long 447 1 109 2.5 1.7
Option Index Put Short 177 (1) 25

Support / Resistance: Intraday
Nifty: 10378
S1 – 10280 S2-10240
R1-  10520 R2 -10570

Support / Resistance: Intraday
Bank Nifty: 25058
S1 – 24800 S2-24600
R1 – 25350 R2 -25600

Nifty Highest Open Interest:
Call: 11100 / Put: 10000
Bank Nifty Highest Open interest: (22nd Feb 2018 Expiry)
Call: 26000 / Put: 25000
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Market Live: Sensex Slips 200 Pts; All Sectoral Indices In The Red, PSU Bank Dips 2%

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Natco Pharma, Jet Airways, SpiceJet, InterGlobe Aviation, GVK Power, Jai Corp and KPR Mills gained 0.5-4 percent.Benchmark indices extended losses, with all sectoral indices trading in the red.
The 30-share BSE Sensex fell 203.24 points to 33,807.52 and the 50-share NSE Nifty declined 66.80 points to 10,385.50. India’s state-run UCO Bank said it has USD 411.82 million in exposure to fraudulent transactions carried out at Punjab National Bank (PNB).
PNB, India’s second-largest state-run lender, said last Wednesday that it had detected fraudulent transactions worth USD 1.77 billion at a single Mumbai branch that had benefited “a few select account holders”, and that it had reported the matter to law enforcement agencies.
UCO Bank, in a filing to the Bombay Stock Exchange late on Saturday, said its Hong Kong branch granted loans against letters of credit issued by PNB and was “fully confident” of receiving payment from PNB.
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Nifty Holds 10,500 Mark; IT Index Gains

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Equity benchmarks opened higher. However, the gains were capped as ICICI Bank, HDFC, Maruti and Yes Bank faced selling pressure.Benchmark indices trimmed initial gains of the morning trade and traded on a negative zone after heavy pressure was seen in PSU Bank, auto, realty, financial services and FMCG stocks.
the BSE Sensex was trading at 34,211, down 87 points, while the Nifty50 was ruling at 10,515, down 31 points.
In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 0.93% and 0.95%, respectively.
Shares of Punjab National Bank and Union Bank of India fell owing to concerns regarding the ~Rs11,600cr fraud, and the Nifty PSU Bank extended its losing streak to the fifth consecutive session.
Shares of Gitanjali Gems breached lower circuit, and dropped 20% over its alleged involvement the PNB scam.
Prakash Industries stock rose 2% after the company said that its board of directors has approved issue of 1cr convertible equity warrants at Rs208 each, convertible into equity shares, aggregating to Rs208cr on preferential basis to promoter and promoter group.
Volatility index India VIX gained 2.11% at 16.6600.
Ambuja (+1.9%), Kotak Mahindra Bank (+1.7%), TCS (+1.4%), Dr.Reddy’s (+1.3%) and HCL Tech (+1.1%) were the top gainers on Nifty50.
Yes Bank (-2.8%), Eicher (-2%), ICICI Bank (-1.7%), Maruti (-1.5%) and Infratel (-1.4%) were the top losers in today’s trade.
A total of 15 stocks registered a fresh 52-week high in trade today, while 24 stocks touched a new 52-week low on the NSE.
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Nifty To See Resistance Around 10640; 3 Stocks Which Could Give Up To 15% Return

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“The weekly Bearish Engulfing pattern is still intact. Considering the evidence, we reiterate our cautious view on the index and expect it to correct in the near term,” says Aditya Agarwal, Head Technical Research, Way2Wealth Brokers Pvt. Ltd.The truncated week began with a gap-up opening and we saw gradual up move during the Monday’s trade. Subsequently, Nifty opened with a decent gap; however, bulls failed to keep the momentum going on Wednesday and eventually ended inside the negative territory.
In Thursday’s session, an index made a valiant attempt to rally higher; however, the momentum fizzled out near 10600 as the Thursday’s high coincided with the daily 45-EMA.
Looking at the hourly chart, the 9-45 EMA on price is still negative which indicates that the recent rally is merely a pullback. The hourly RSI (14) is approaching towards its crucial resistance.
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