Nifty Outlook:
The
S&P BSE Sensex rallied over 200 points in morning trade to hit a
fresh record high of 30,197.66 after media reports suggested that India
could be looking at higher monsoon rains than forecast. Monsoon remains a
key risk for Indian market because it delivers about 70 percent of
India's annual rainfall, critical for crops such as rice, cane, corn,
cotton and soybeans.
Bank Nifty Outlook:
The
public sector bank is expected to ride the economic upswing with
sufficient growth capital and strong retail focus. The sale of non-core
assets (NSE stake) and a stake in Life & General insurance
subsidiaries will remain book accretive. HDFC Securities expects strong
23 percent revenues and robust earnings CAGR over FY16-19E. Based upon
19x FY19E EV/EBITDA we have arrived at a target price of Rs348.
Nifty Trends
|
| R1 | 9470 |
| R2 | 9535 |
| S1 | 9370 |
| S2 | 9280 |
|
|
Technical Outlook:
Top Gainers
|
| EICHERMOT | 29,500.00 |
| ZEEL | 541.00 |
| HEROMOTOCO | 3,468.95 |
| HINDALCO | 193.45 |
| BAJAJ-AUTO | 2,993.70 |
Top Losers
|
| BHARTIARTL | 363.90 |
| ONGC | 183.85 |
| GAIL | 408.70 |
| AXISBANK | 515.40 |
| IOC | 432.85 |
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