Research Analysis on Today’s Nifty Market
Stock Market News and Analysis:
Equity benchmark continued their downtrend momentum with Nifty ended below 10,750 level. Among sectors IT, energy and metal stocks witnessed selling pressure, while some buying interest seen in auto, bank, infra and pharma sectors. Nifty closed at 10746.05 and for coming session its key support is at 10700 while on higher side its key resistance is at 10800.
Headlines for the day:
- Fortis Healthcare Limited appointed Vivek Kumar Goyal as CFO.
- IndusInd Bank approved establishing of euro medium-term notes program for $1billion.
- JSW Steel receives Letter of Intent to buy Bhushan Power & Steel.
- Karur Vysya Bank share prices were tanked by 20% and hit lower circuit in the morning trade as bad loans spiked in Q3FY19. The bank registered a 70% decline in its net profit at Rs21.20 crore for October-December quarter of FY19. The bank had clocked a profit of Rs71.49 crore in the year-ago period.
- Yes Bank share prices climbed in morning trade as the Reserve Bank of India has not found any divergence in the asset classification and provisioning done by the lender during 2017-18.
- Ashok Leyland’s third quarter profit declined sharply by 21.5% year-on-year due to lower sales performance and lower other income. Profit during the quarter declined to Rs 380.84 crore from Rs 484.86 crore in same period last year.
- Bosch Limited share prices surged 3% intraday after company reported better numbers for the quarter ended December 2018. The company’s third quarter profit grew by 19.3 percent year-on-year to Rs 335.4 crore.
- RBI has imposed the penalty on State Bank of India, Bank of Baroda, Union Bank of India, and Corporation Bank for non-compliance of norms. Accordingly, the Reserve Bank of India has imposed the penalty of Rs1cr on BoB, SBI, and Union Bank of India, while Rs2cr on Corporation Bank.
- Dewan Housing Finance Corporation share prices tanked over 5% on the NSE after the company informed about the resignation of its CEO Harshil Mehta with immediate effect.
- InterGlobe Aviation is planning to cancel 30 flights per day scheduled for February and March to stabilize operations and adjust crew rosters. The cancellations represent 2% of the airline company’s flights and that operation would be normalized completely by March 31, 2019.
Calls for Tomorrow :
- CALL: SELL TORNTPOWER EQ BELOW 233 TARGETS 230.65/228.30/226 SL 235.35.
Description: Stock heading towards its key support on daily chart and rally is expected below the mentioned level.
- CALL: BUY ESCORTS EQ ABOVE 647.50 TARGETS 654/660.50/666.95 SL 641.
Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 647.50.