We could see a touch and go moment with 12,000 on the Nifty but traders are advised to tread with caution. A stop Loss below 11630 can be kept for all long positions. A break above 11760 on the upside will take the index towards 11800 and 11900.
The Nifty50 rose over 1 percent for the week ended August 31 despite mild profit booking in the second half of the week. The index closed positive in 3 out of last 5 trading sessions.
Fall in rupee which touched a new low of Rs 71/USD kept investors’ on the edge. But, Indian market continued its winning streak. This is the sixth consecutive week of positive closing for the index.
In all likelihood, we should reclaim 11700 levels in opening trade and head towards 11760 levels and 11800 later in the month.
We could see a touch and go moment with 12,000 on the Nifty but traders are advised to tread with caution. A stop Loss below 11630 can be kept for all long positions.
A break above 11760 on the upside will take the index towards 11800 and 11900.
Big News:
Markets will react to June quarter GDP data which came out post market hours on Friday
The Indian economy grew 8.2 percent in April-June this year, the highest since the same period in 2016
India became the fastest growing economy than the world's second-largest economy China which grew at 6.7 percent in June quarter
The GDP growth number has been ahead of analyst expectation
It reflects a strong recovery in industry and agriculture on the one hand and private consumption on the other
GDP numbers are in line with a high-frequency data including those on growth in industry, infrastructure and auto sales
Most experts feel that positive data will act as a tailwind for markets and could take the index above 11700 on Monday
Technical View:
Nifty forms a Long Legged Doji on Friday
Three levels: 11630, 11760, 11800
Max Call OI: 11800, 12000
Max Put OI: 11600, 11500
Stocks in news:
Auto stocks will be in focus as some of them have come out with their sales numbers for August
Tata Motors’ August sales rise 27 percent to 58,262 units
TVS Motor’s August sales jump 8 percent at 3.43 lakh units; exports grow 45 percent
Mahindra & Mahindra posts 14 percent growth in total sales for August; exports up 14 percent
Ashok Leyland posts 27 percent growth in total sales for August
Other stocks:
Hotel Leelaventure gets shareholders nod to sell land in Pune for Rs 130 crore
Monnet Ispat says NCLT's insolvency resolution plan completed
The bankrupt Monnet owes over Rs 11,000 crore to a clutch of lenders.
KEC International bags Rs 1,010 crore orders
KEC International has secured orders worth Rs 491 crore across India, middle east, and America, while the cables business has secured contracts of Rs 250 crore for various types of cables
Technical Recommendations:
We spoke to Geojit Financial Services and here’s what they have to recommend:
Deepak Nitrite: Buy| CMP: Rs 261.10| Target: Rs 280| Stop Loss: Rs 250| Return: 7%
L&T Finance Holdings Ltd: Buy| CMP: Rs 181.60| Target: Rs 200| Stop Loss: Rs 173| Return: 10%
Century Textiles: Buy| CMP: Rs 977.65| Target: Rs 1050| Stop Loss: Rs 930| Return 7.4%
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.
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