Fundamental Updates & Strategy on Nifty Market


Fundamental Updates & Strategy on Nifty Market

Stock Market News and Analysis:

Benchmark Indices traded with a positive bias throughout the day, with the Nifty closed higher for the seventh consecutive trading session. Nifty closed at 11941.30 and for coming session its key support is at 11900 while on higher side its resistance is at 12000

Headlines for the day:

  • Reliance Capital Limited has defaulted in payment of Non Convertible Debentures obligations which were due on October 31.
  • Indiabulls Housing Finance to consider raising funds through Non Convertible Debentures on November 6.
  • Coal India Ltd's coal production in October declined by 20.9% at 39.35 million tonnes versus 49.78 million tonnes.

Key stocks:

  • Cadila Healthcare Limited share prices declined in the afternoon session after the company has received a warning letter from the US Food & Drug Administration relating to its Moraiya formulation facility.
  • Housing Development Finance Corporation Limited share prices surged higher in afternoon trade after reporting a stellar Q2FY20 performance. The company reported a 60.5% yoy growth in its Q2FY20 net profit at Rs 3,961.53 crore versus Rs2,467.08 crore in the year-ago period.
  • BHEL informed the exchanges that it has secured an order for Renovation, Modernisation & Uprating of Chilla Hydro Electric Plant. Valued at over Rs 200 crore, BHEL has secured the prestigious order from Uttarakhand Jal Vidyut Nigam Limited for RM&U of the 4x36MW Chilla HEP.
  • Edelweiss Financial Services Limited share prices surged higher. The company's NBFC arm, ECL Finance, announced a public issue of secured redeemable NCDs amounting to Rs100 crore with a greenshoe option to retain up to Rs400 crore in case of oversubscription.
  • Infosys provided clarification regarding the whistle-blower complaints made last month. The company clarified that there is no prima facie evidence that the company has received until date to corroborate any of the allegations made.
  • Yes Bank Limited registered a loss of Rs600 crore in the September quarter owing to higher provisions and one-time deferred tax assets adjustment alongside a sharp rise in NPAs. The bank had registered the profit of Rs964.70 crore in Q2FY19 and Rs113.76 crore in Q1FY20.
  • InterGlobe Aviation Limited stated that they are confident to meet DGCA directive where the company is required to have at least one LPT 3 modified engine on aircraft which has one unmodified engine.

 Calls for Tomorrow:

  • CALL: SELL CENTURYTEX EQ BELOW 403.64 TARGETS 399.60/395.55/391.50 SL 407.70. Description: Stock settled with bullishly bias near its immediate support on daily chart. Hence rally is expected below the mentioned level.
  • CALL: BUY ICICIPRULI EQ ABOVE 514 TARGETS 519.15/524.30/529.45 SL 508.85. Description: Stock gave trend-line breakout on intraday chart and settled with bullishly bias near its immediate resistance. Hence breakout is expected ahead
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