Daily Equity Trading Tips & Strategies
Stock Market News and Analysis:
Equity benchmark ended on strong note supported by infra, metal, auto and banking stocks. Among sectors, buying witnessed in metal, auto followed by infra, energy and bank, while FMCG and pharma ended marginally lower. Midcap and smallcap gained more than 0.5%. Nifty closed at 10946.20 and for coming session its key support is at 10850 while on higher side its resistance is at 11050.
Headlines for the day:
- Bajaj Finance Limited to consider raising funds through QIP issue on Sept. 17.
- L&T Finance Holdings’ Board to consider raising up to Rs100 crore via non-convertible preference shares on September 11.
- Bank of Baroda cut MCLR across various tenors by 5 bpx with effect from September 7. One Month MCLR at 8.1percent and One Year MCLR at 8.4 percent.
- TCS Limited has announced that it has expanded its strategic partnership with Posten Norge as a Nordic postal and logistics group, to build a digital stack that will enable product innovation and a superior customer experience.
- BHEL has bagged an order for emission control equipment for 2×250 MW Bhilai Expansion power project in Chhattisgarh. The order valued at around Rs 450 crore, the order has been placed on BHEL by NTPC-SAIL Power Company Limited. The order involves the supply and installation of Flue Gas Desulphurization (FGD) system.
- Ashok Leyland Limited has announced a shut down of its production facility in Chennai for five days starting today due to “contraction in the commercial vehicle market as per the reports.
- DLF share prices declined nearly 4%. The company stated that a draft of a purported Public Interest Litigation is circulating on social media which makes certain unfounded allegations in respect of the relationship between DLF group and Indiabulls group more specifically IBHFL.
- JSW Steel Limited shares were trading flat with a negative bias after the company announced that it outbid rivals to acquire Bhushan Power & Steel, after NCLT approved its resolution plan under IBC.
- Unichem Laboratories Ltd. Share prices were trading higher after the US Food & Drug Administration successfully completed an inspection at its facility. USFDA conducted inspection at the Company’s Pithampur, Active Pharmaceutical Ingredients (APls) facility from September 2, 2019 to September 5, 2019.
- Sun Pharmaceutical Industries Limited clarified that Securities and Exchange Board of India had ordered forensic audit with respect to financial statements for financial years 2016, 2017 and 2018, which are presently underway. The company stated that that it has always sought to comply with regulatory obligations.
- Calls for Tomorrow :
- CALL: SELL TCS EQ BELOW 2192.60 TARGETS 2170.65/2148.75/2162.80 SL 2214.55
Description: Stock settled near its immediate support with bearishly bias on daily chart. Hence breakout is expected ahead.
- CALL: SELL UBL EQ BELOW 1290 TARGETS 1277.10/1264.20/1251.30 SL 1302.90
Description: Stock form lower consolidation and settled near its immediate support with bearishly bias. Hence rally is expected below the mentioned level.