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A morning walk down Dalal Street | Market is in a strong trend, maintain buy on dips approach.


Date: 16-08-2018
Subject: A morning walk down Dalal Street | Market is in a strong trend, maintain buy on dips approach
India market recouped losses and formed a bullish candle after three consecutive bearish candles. The S&P BSE Sensex rose by over 200 points while Nifty50 climbed 11,400 on Tuesday.

Indian market remained shut on Wednesday on account of Independence Day.

The buying was seen across the board, but Pharma and IT stocks were the major gainer's thanks to fall in rupee which breached Rs 70/USD.

Crucial support now placed at 11,340 while on the upside 11,478 and 11,495 are crucial support zone to be watched out for.

The market is in a strong trend and hence, one should not get carried away by such in between hiccups and maintain buy on dips approach.

PMs Address to the nation had something from everyone: He announced a permanent commission for women in the armed forces and vowed to launch India’s first manned space mission by 2022.

He also announced that the Pradhan Mantri Jan Arogya Abhiyan (PRAJAA), billed as the world’s largest state-funded health insurance programme benefitting 500 million people, would be launched on September 25.

Big News:

Well, the big news comes from rupee

After falling to a historic low of 70.08 to the US dollar during the day, the rupee on Tuesday ended at 69.89, up 2 paise from its previous close of 69.91.

The fall over the last few days was caused by jitters in emerging market countries post the Turkish Lira falling sharply due to its economic crisis.

However, the fact that Turkish Lira has recovered sharply on Tuesday by 5 percent may ease the pressure on the Rupee. In addition, soft CPI number for July 2018 will also help to ease fears of a continued rate hike by the RBI.

Sectors which are likely to receive positive impact from depreciating rupee are export-oriented sectors like IT and pharma while it would be negative for the telecom industry, as well as capital goods.

Stocks which are likely to get impacted the most in a positive way include names like Aurobindo Pharma Limited, Alembic Pharmaceutical Limited, The Indian Hotels Company Limited, Cyient Limited, and Persistent Systems.

Technical View:

Nifty formed a bullish candle on daily charts

The index closed decisively above psychological 11,400 levels despite mixed global cues, forming bullish candle on the daily candlestick charts.

The price chart is suggesting bullishness but technical oscillators on lower time frame charts are still on sell mode.

As technical picture, as of now, is looking mixed traders are advised to remain cautiously optimistic with a stop below 11,367 levels, suggest experts.

Three levels: 11367, 11478, 11500

Max Call OI: 11500, 11600

Max Put OI: 11000, 11200

Stocks in news:

Fortis Health posts Rs 52.8 crore Q1 loss; shareholders approve USD 1.1 billion deal with IHH

Punj Lloyd Q1 net loss widens to Rs 216 crore

Prabhat Dairy Q1 profit up 91 percent at Rs 11 crore

Technical Recommendations:

Arvind: Buy| CMP: Rs. 396.55| Target Rs 424| Stop loss Rs 383 | Return: 7%

Coffee Day Enterprises: Buy | CMP: Rs 247.40 | Target Rs 272 | Stop loss Rs 237 | Return: 10%

Dewan Housing Finance: BUY | CMP: Rs 658.20 | Target: Rs 730 | Stop loss Rs 628 | Return: 11%

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Source: moneycontrol.com

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