10.07.

2018

Market commentary
Nifty 50 continued its winning streak consequently on the third day. The index
again opened slightly gap up and never looked back the whole day. The
petroleum sector contributes highest in the index with Mukesh Ambani giant
Reliance Industries up by nearly 3% and Gail India gains nearly 5%. IDBI bank
shares were up by more than 13% on the back of LIC-IDBI bank deal. TCS traded
sluggish today as quarter one result is awaited and market is not expecting any
surprise.
The nifty 50 closed near psychological level of 11000 and traders eagerly waiting
the index to again break this level. But does nifty able to sustain above this level?
We do not expect that nifty sustain above 11000, as it is a potential reversal zone
and it may turn negative from this level. If the nifty opened gap up sell on high is
recommended

Nifty Daily Chart

R2 R1 Pivot S1 S2
Nifty
11150 11020 10918 10870 10750
Stock to Watch for Wednesday
BEML
WEEKLY CHART

Technical Analysis
BEML try to hold and recover from its previous weekly and monthly support. The
stock earlier marked a monthly low of 771 in November 2016 and then recovered
from this level, later marked a remarkable high of 1947 in September 2017. Since
then the stock fell down again and recently bottom out at 775 in the last week of
June 2018. The stock now formed spinning bottoms near support levels and
indicating a recovery in prices.

The volume also lower from the last 7 to 8

weeks and stock accumulating between 790 and 840. RSI also formed strong
divergence on weekly chart and struggling in oversold zone. Now if the volume
rises and RSI also recovered from oversold zone then we expect a break out
above 850. Buy BEML above 850 for the target of 865-885 with stop loss below
829. You can hold BEML for the next 8-10 days also for the target of 940-1000.
Market Highlights

 HCL Technologies was up 4% to Rs 995 on the NSE in early morning trade

after the company said on Monday after market hours that it will consider
share buy-back on July 12.The announcement comes within a month of Tata
Consultancy Services (TCS), the country's largest software exporter, declaring
an Rs 160 billion share buy-back programme at Rs 2,100 a share.HCL
Technologies had last year offered buy-back of shares at Rs 1,000 apiece, a
17% premium over its prevailing trading price at that time.
 Bandhan Bank, which hit a new high of Rs 585, up 5% on Tuesday, was
trading at its highest level since listing on March 27, 2018. The stock gained
54% over the issue price of Rs 375.Since April 26, post FY18 results, Bandhan
Bank has outperformed the market by surging 16% after the private sector
lender reported 21% year on year (YoY) growth in net profit at Rs 13.46
billion. Net interest income grew 26% at Rs 30.32 billion over the previous
fiscal.
 IndusInd Bank's net profit grew 23 percent to Rs 1,035.7 crore in the first
quarter of financial year 2018-19, exceeding analyst expectations. Net profit
in the April to June quarter a year ago in FY17-18 stood at Rs 836.5
crore.Gross non-performing assets (NPAs) as a percentage of total loan rose
marginally to 1.15 percent as compared to 1.09 percent a year ago and 1.17
percent in the previous quarter ending March 2018.Net NPAs were at 0.51
percent from 0.44 percent in the same quarter last year and 0.51 percent in
the previous quarter.

Results
Wednesday RIIL (Reliance Industrial Infrastructure Ltd.), MIC electronics Ltd.
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