Global markets at a glance
Wall Street lost ground on Monday, dragged down by financials as underwhelming bank earnings curbed investor enthusiasm. But while all three major US stock indexes edged lower, the S&P 500 remained within a percent of its record high.The Dow Jones Industrial Average fell 27.53 points, or 0.1 percent, to 26,384.77, the S&P 500 lost 1.83 points, or 0.06 percent, to 2,905.58 and the Nasdaq Composite dropped 8.15 points, or 0.1 percent, to 7,976.01. Asian stocks hovered below a nine-month peak on Tuesday after disappointing bank earnings dented Wall Street, though recent signs the global economy is likely to avoid a sharper downturn helped limit the losses.MSCI’s broadest index of Asia-Pacific shares outside Japan stood little changed.Expectations that Chinese and U.S. trade negotiators would strike a deal soon also lifted confidence. Japan’s Nikkei nudged up 0.25 percent.
Previous day Roundup
Indian equity markets traded with a positive bias as strong recovery was witnessed in the last two hours of the session with both Nifty & Bank Nifty indices managing to close in green.Nifty PSU Bank and Nifty Midcap index outperformed the benchmark index, closing ~0.8% and 0.5% higher respectively. Ujjivan & Adani Power were among the top outperforming largecap stocks, adding fresh long positions. Nifty IT index closed marginally higher, up ~0.2% ahead of Q4FY19 earnings of major heavyweights like TCS & INFY. Market breadth ended in the favour of the advances with advance/decline ratio closing at 1:1x.On the options front (April 11, 2019 expiry), across the board short selling was in out of the money Nifty Call & Put option strikes for thesecond day in a row. Nifty 11700CE is the maximum open interest strike, consisting of mainly short positions, making 11700 level as an immediate resistance .
1. LUPIN [ FUTURE ]
LUPIN FUTURE — Stock is taken a support in the range of 700-730 & reversal from this level . Strong buying seen in this stock in last week & we may expect that it will be continue in next week . Our recommendation is to Buy stock future in the range 840-845 Target 860/890 Sl below 820.Stock is trading above its 50 & 100 DEMA .
DABUR — On weekly chart stock is taken a support of trendline & forming a green candle & in last week seen that fresh buying in FMCG stock . Our view on the technical basis is to buy stock future in range 400-405 Target 420-440 Sl below 380 . Stock is moving above all its important moving averages like 100 & 200 DEMA.
STOCK RECOMMENDATION CASH
INFOSYS — Stock is taking a support of trendline on weekly chart & also forming a Cup & Handle . Quarterly result of company is on April 12,2019. Our recommendation is to Buy Infosys 750 Target 755/760 maintain Sl below 740. Market expectation from company is high on revenue front as we compare with its peers like TCS , HCL Tech .
STOCKS IN NEWS
Info Edge: Company has invested through its wholly-owned subsidiary Rs 6 crore in Bizcrum Infotech Private Ltd.
Avenue Supermarts: Company raised Rs 50 crore via commercial papers.
Ashok Leyland: Promoter pledged 1.33 percent stake in the company.
NIFTY FUTURE NIFTY -On weekly chart Nifty close with red candle & forming flag patten on daily chart. Election & Earning season is started in last week .Derivative option data suggest that 11450 works act as support & 11700 as resistance.In last week again seen that only FII infuse fund in market but selling still continued by Open DII.Our recommendation is to Buy Nifty 50 in the range Interest between 11600 Target 11650/11720 Sl below 11500.
Gold prices inched down on Monday to a more than one-week low as progress in U.S.-China trade talks lifted risk sentiment, taking sheen off safe-haven bullion even as the U.S. dollar weakened.Spot gold XAU= edged 0.3 percent lower to $1,286.74 per ounce as of 0930 GMT, having touched $1,285.48, its lowest since April 5. U.S. gold futures GCcv1 fell 0.4 percent to $1,289.70 an ounce.”Gold has clearly lost the upward trajectory that it was on, trying to find new supportive catalysts. We’ve seen continued positive murmuring on the trade negotiations in recent days.
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