Nifty opens closer to 9500 : 19 May 2017

Indian Indices:

The BSE Sensex opened at 30,548 up by 113 points, while the Nifty50 opened up by 41 points at 9470 mark. Nifty has broken our major supports at 9470-9450. Hence, in case of more downside, we hold 9405-9370 as the immediate supports for the Nifty. However, if we witness any immediate recovery, we hold 9450-9485 as the support turned resistances for the Nifty.

Bosch is the top Nifty gainer and Asian Paints is the top Nifty loser in the morning hours. Bosch is trading at Rs 24,100 per share up by 3.59% whereas Asian Paints is trading at Rs 1139.85 per share, down by 1%.Nifty opened on Thursday with a gap-down taking cues from the global bourses, but bounced back for gap-filling and then gave a sharp turnaround yet again to close in the red with 1% loss. Hence, we may see some remains of the sell-off initially followed by short covering. 

Indian markets may recover on short covering Benchmark indices witnessed a gap-up opening on Friday, following the negative previous session, as the Street cheered the rates for the new goods and services tax (GST).There are 1101 advances, 348 declines and 468 unchanged stocks on NSE reflecting some positive bias floating in the market.

Global Market:

Asian markets are a mixed bag where Japan’s Nikkei 225 is down 0.18% at 19519.  Hong Kong’s Hang Seng is marginally up with 0.22% gains and China’s Shanghai Composite is flat.

US stocks recovered where Nasdaq closed with gain of 0.7% at 6055, S&P 500 closed 0.37% up at 2366 and Dow Jones Industrial Average climbed 0.27% to 20663 level.

Wall Street rebounds from Trump-induced sell-off; dollar rises

Major Headlines of the day:

• Lupin gets US FDA approval for generic Seroquel XR tablets, Alert: Tablets used to treat Schizophrenia or Bipolar Disorder
• CESC restructures biz, demerges into 4 cos; stock dips 15% on announcement
• FMCG lurches between lofty valuation, low growth and Baba Ramdev

Trend in FII flows: The FIIs were net buyers of Rs -360.59 the cash segment on Thursday while the DIIs were net sellers of Rs 897.96 as per the provisional figures.

UPCOMING RESULTS: :  GRASIM, JUSTDIAL, MMFORGING, SHAKTIPUMP, TATAPOWER, VGUARD, VRL LOGISTIC, KEC, KALPATRU, MOTHERSUMI, SBI, UNION BANK, SINTEX.

Securities in Ban For Trade Date 19-MAY-2017:    

1.BHARATFIN
2.CANBK
3.CAPF
4.CEATLTD
5.CESC
6.HDIL
7.ICIL
8.IDBI
9.IFCI
10.INFIBEAM
11.JINDALSTEL
12.JISLJALEQS
13.JPASSOCIAT
14.JSWENERGY
15.ORIENTBANK
16.TV18BRDCST

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