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A morning walk down Dalal Street: Stay cautious & avoid entering fresh positions.


Date: 31-07-2018
Subject: A morning walk down Dalal Street: Stay cautious & avoid entering fresh positions
What a day for the Indian market! Bulls have taken complete control of D-Street as Sensex hit a fresh record high of 37,533 while Nifty rose above 11,300 levels for the first time to hit a record high of 11,328.

The street ramped up PSU Bank stocks and the industry facing private sector banks after results from Bank of Baroda and ICICI bank enthused investors.

The most positive development, however, was the advances outnumbering declines for the sixth day on the trot, a phenomenon, which the markets have not seen earlier in 2018.

Overall, the markets have resumed the inherent uptrend, and the momentum looks like it is here to stay in the near-term.

Analysts advise investors to remain cautious at the current juncture and would not advocate entering fresh positions at this point

For today, investors will also keep an eye out for the Federal Reserve's Federal Open Market Committee which will embark on its two-day meeting on Tuesday

On the macro front, the government will release infrastructure output data for the month of June on Tuesday

Big News:

On the earnings front, as many as 108 companies will declare results for June quarter which include names like Ajanta Pharma, Bank of India, Bharat Electronics, Castrol India, Dabur India, Mahanagar Gas, Tata Motors, Vedanta, and V-Guard.

Ajanta Pharma: PAT likely to fall by 8.3% to Rs 235 crore

Bharat Electronics: PAT likely to fall by 19% to Rs 100 crore

Castrol India: PAT likely to rise by 23% to Rs 169 crore

Tata Motors: PAT likely to fall by 12% to Rs 852 crore

Dabur India: PAT likely to rise by 29% to Rs 360 crore

Vedanta: PAT likely to rise by 15% to Rs 1757 crore

Technical View:

Nifty made a Hanging Man kind of pattern but requires confirmation

It indicates that there could be some consolidation or correction going ahead but it requires some confirmation.

Three levels: 11200, 11350, 11480-11500

Max Call OI: 11500, 11400

Max Put OI: 11200, 11300

Stocks in news:

D-Mart operator, Avenue Supermarts, posts 43% rise in Q1 net profit to Rs 250 crore

Tech Mahindra Q1 disappoints, cons PAT falls 26.5% (QoQ) to Rs 898 cr; Vineet Nayyar retires

IndiGo operator InterGlobe posts 97% fall in Q1 profit on higher fuel prices, forex impact

Technical Recommendations:

We spoke to HDFC Securities and here’s what they have to recommend:

Godrej Industries Ltd: Buy| LTP: Rs 642.50| Target: Rs.715 | Stop-Loss: Rs 580 | Return 11%

Sterlite Technologies Ltd: Buy| LTP: Rs 342 | Target: Rs.400 | Stop-Loss: Rs 296 | Return 17%

Endurance Technologies Ltd: Buy| LTP: Rs 1,334| Target: Rs.1,500 | Stop-Loss: Rs 1,190 | Return 12%

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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