- Nifty index opened gap up and witnessed sustained buying throughout the session and made a new record high at 11283. It has been making higher highs – higher lows from last 6 trading sessions and formed a Bullish Candle similar to a Bullish Marubozu on daily as well as weekly scale indicates that complete dominance by the Bulls
- Now it has to continue to hold above 11200 to extend its move towards 11350 and 11400 zones while major support is seen at 11171
- Max Put OI is at 11000 then 11200 while Max Call OI is at 11500 then 11400 strike. We have seen significant Put writing at 11200 and 11000 whereas Call writing is seen 11700 then 11400 strikes
- India VIX moved up by 2.23% at 12.31. Overall lower volatility is giving the grip to bulls
- Bank Nifty finally surpassed its lifetime high of 27652 and made a new life time high of 27661. It formed a strong Bullish Candle on daily as well as weekly scale which suggests that bulls are holding the grip
- Now it has to continue to hold above 27440 to extend its momentum towards 27800 then 28000 while major support exists at 27400 then 27165
- Longs in Ajanta Pharma, BPCL, Relcapital, Hindalco, Godrejind, KSCL, KPIT, Bank India and AXIS Bank
- Shorts in Godrejcp, Cholafin, Maruti and Drreddy
Lot of large caps announced numbers.. Reliance numbers were impressive.. Jio reported better than expected profits and ARPUs.. we have upped estimates and maintained BUY.
Bharti Airtel Africa earnings showed improvement but domestic numbers disappointed with business continuing to face intense competitive pressure. Markets will continue to wait easing of competitive pressure to take a concrete stance on Bharti Airtel. ICICI Bank bottomline Numbers were below expectations largely on account of higher provisions.
Bank of Boroda reported strong operational number..Asset quality did not see any deterioration..management commentary has been positive.