Successful Equity Trading Tips & Fundamental Report
Stock Market News and Analysis:
Equity benchmark ended mixed but off day’s low in the volatile session with Nifty holds above 11,900 level. Among the sectors, selling was seen in the metal, IT, PSU bank, pharma and auto. Nifty closed at 11914.05 and for coming session its key support is at 11815 while on higher side its resistance is at 12000.
Headlines for the day:
- Kotak Mahindra Bank’s interest rate on savings balance up to Rs1 lakh stands cut by 50 basis points to 4%.
- Allahabad Bank has reduces MCLR across various tenors by 5 basis points with effect from June 14.
- Adani Ports and Special Economic Zone Limited has suspended its vessel operation at Tuna and Mundra port from June 12-13.
- NMDC Limited were trading 6% down after media reports suggested that the Chhattisgarh government has asked the company to disband iron-ore mining in Bailadila hills.
- Tata Motors share prices were trading 2% down after the company’s global wholesales in May 2019, including Jaguar Land Rover declined to 82,374 units, which is lower by 23% over May 2018.
- Reliance Nippon Life Asset Management informed that promoter Reliance Capital plans to sell 2.86% stake in the company. Accordingly, the promoter will sell up to 1.75 crore shares at a floor price of Rs212 apiece-a discount of about 3% to current market price-through an offer for sale.
- Jet Airways will be in focus after the National Stock Exchange in its circular informed that shares of Jet Airways (India) Ltd will be removed from daily trading of futures and options effective June 28.
- NTPC inked a joint venture deal with East Delhi Municipal Corporation to develop waste management and energy generation facility. Company will hold 74% stake in the Joint Venture, while the remaining stake to be held by the Municipality.
- IDBI Bank cuts its Marginal Cost of Funds based Lending Rates by 5-10 basis points across various tenors, with immediate effect. The bank has cut its 1-year MCLR or the minimum lending rate to 8.95%.
- Mindtree Limited informed that its independent directors have said that engineering conglomerate Larsen & Toubro’s offer of Rs980 for the company’s shares ‘appears to be fair and reasonable’ and is in accordance with the market regulator’s takeover rules.
- Calls for Tomorrow :
- CALL: BUY HINDPETRO EQ ABOVE 312 TARGETS 315.15/318.25/321.40 SL 308.85
Description: Stock form consolidation and settled near its immediate resistance on daily chart with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY BEL EQ ABOVE 111.15 TARGETS 112.30/113.40/114.50 SL 110
Description: Stock heading towards its immediate resistance and settled with bullish bias. Hence breakout is expected ahead.