8 Nov: Market Updates

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GLOBAL UPDATE: DOW (+9, 23557) NASDAQ (-19, 6768) SGX NIFTY (-7, 10405) HANG SENG (-21, 28972)

Dow industrials eked out a small gain on Tuesday to end in record territory, but the broader market was weighed down. There were concerns over the timing and ultimate shape of tax legislation working its way through Congress.

This Wednesday morning, early trends at SGX Nifty are suggesting that our stock markets are likely to start on a subdued note. 

Our call of the day says that our stock markets clearly did exhibit some signs of increasing instability in yesterday’s trade. Amid this divergent backdrop, it makes sense to keep books light. Technically, this market has much work to do to be on the bullish side again. Makes sense to wait it out until Nifty clears 10,500 hurdles. These are times to preserve capital. Also please note that cash is a position and even if we see a bounce, going all in long is not advisable until we have closed in bullish territory (above 10500 on Nifty) and confirming to the upside the following day. We would like to see significant buying.

Technically, after Tuesday’s sharp fall, the downside risk for Nifty is now at 10150-10200 zone. We shift our bias to neutral/negative. Some caution is warranted.

THE TALK OF THE DAY:  Geopolitics remain a focus as U.S. President Donald Trump continues his tour of Asia.


ALL ABOUT NIFTY:  The key intraday support to watch on Nifty futures is at 10,171 and then at 10000. Expect Nifty to trade sideways to down in today’s trade, and selling on early strength should be the preferred trading strategy. Hurdles on Nifty seen at 10500 zone.

NIFTY (10350):
Nifty intraday trend: Neutral.
Support: 10271/10171.
Resistance: 10421/10501.
Range: 10271-10411.
Pivot Level: 10551.

Preferred trade on Nifty: Nifty (10350): Sell on early strength between 10391-10411 zone, targeting 10271 and then at 10183-10201 zone. Stop 10521. Rationale: Dark cloud cover.

Preferred trade on Bank Nifty: Bank Nifty (25300): Sell on early strength between 25401-25501 zone, targeting 24901 zone and then at 24421-24501 zone. Stop 25771. Rationale: Momentum play.


WHICH STOCKS SHOULD BE IN FOCUS??

Our chart of the day says selling on early strength should be the preferred theme for the day. The Five Stocks You Should Sell ON Early Strength:

1. Tata Steel
2. Apollo Tyres
3. MANAPURAM.
4. VEDANTA.
5. HERO MOTO CORP.


BULLISH STOCKS: CG POWER, HEXAWARE, OFSS, BALKRISHNA INDUSTRIES.

BEARISH STOCKS: VEDANTA, HINDALCO, TATA STEEL, HERO MOTO CORP, MUHTHOOT FINANCE, MANAPPURAM, APOLLO TYRES, TATA STEEL

SHOW ME THE MONEY! SELL BANK NIFTY (CMP 25300): Establishing short positions at CMP should be the preferred trading strategy, targeting 24901 and then aggressive targets at 24221-24501 zone. Stop above 25771. Holding Period: 2 days.

Q2 RESULTS TO TRICKLE IN TODAY: Ashok Leyland, Balkrishna Ind Bharat Forge, Chennai Petro, City Union Bank, CESC, Hinduja Global, Indian Energy, Ingersoll, IRB Infrastruc, JK Lakshmi, Mahan…
[8:58 AM, 11/8/2017] +91 93747 58687: Economic Times

Business Standard
Ø  Trai plans to remove 50% limit on spectrum holdings
Ø  Govt plans phase-2 of digital payment push from Jan
Ø  Paradise Papers cases will be on individual merit: FM
Ø  'Saudi banks freeze more than 1,200 a/cs in probe'
Ø  Qatar fund to sell 5% stake in Airtel via block deal
Ø  Hindustan Copper preparing tender for MDO to developing Singhbhum mines
Ø  Infosys to open innovation hubs in the US: Nilekani

Ø  Government plans new telecom policy by February 2018
Ø  Lupin gets USFDA warning for Goa & Pithampur plants, stock tanks 15%
Ø  Crude oil up to $65 a barrel not a worry
Ø  Bajaj Auto eyes 23% market share by end of FY18
Ø  RCom in talks with parties to renegotiate tower business sales
Ø  Top trade union demands guarantees in Thyssenkrupp-Tata steel JV
Business Line

Mint
Ø  $10-billion fighter deal hits tech-transfer air pocket
Ø  GSK Consumer Q2 profit up marginally at Rs. 192 cr
Ø  PE, VC investments hit new high of $21.8 bn
Ø  Crash in pharma stocks triggers panic across market
Ø  Aditya Birla Capital net rises 68% on NBFC business
Ø  I-T to issue 1 lakh notices for huge deposits post demonetisation

Ø  Sensex tanks 360 points as oil prices rally stokes inflation fears
Ø  HDFC Standard Life IPO subscribed 46% on Day 1 on institutional demand
Ø  Arun Jaitley hints at pruning more items in 28% GST slab
Ø  Cipla Q2 profit rises 19% to Rs423 crore
Ø  Bhel Q2 profit rises 6% to Rs115 crore, misses estimates
Financial Express

Financial Chronicle
Ø  India home to 2,19,000 millionaires: Capgemini report
Ø  Number of small denomination notes rises from 14% to 26% post demonetisation
Ø  Wheat sowing in full swing, says ICAR official
Ø  April- October direct tax collections rise 15.2% to Rs 4.39 lakh crore: CBDT
Ø  India begins anti-dumping probe into cheap paper imports

Ø  NMDC plans to bid for $9b diamond mine in MP
Ø  Note ban, GST impact behind us, growth in sight: FM
Ø  VRS, renting out property mulled for MTNL revival
Ø  Merger of MMTC, STC on the cards
Ø  PSUs nudged to set up SPVs for greenfield units
[8:58 AM, 11/8/2017] +91 93747 58687: Market Update:
Sgx Nifty  -22 pts
‎Dow +8.81 pts ,Nsdq -18.66 pts , S&P -0.49 pts, Bovespa -1895 pts , Ftse -49 pts , Dax -89 pts , Cac -26 pts , Nikkei -124 Pts now , Crude @ $57.02 brl (+0.08), Brent @ $63.55 brl (+0.00) , Gold @ 1277.87 (+2.07), Silver @ $16.990 (+0.05), Euro @ $1.1599, JPY @ $113.7300, INR @ $65.175

Today's Corporate Action
8th Nov Ex Date


GODREJCP
Interim Dividend - Rs. - 1.0000
NAUKRI
Interim Dividend - Rs. - 2.5000
NAVINFLUOR
Interim Dividend - Rs. - 3.4000
TCIEXP
Interim Dividend - Rs. - 1.0000
TVSMOTOR
Interim Dividend - Rs. - 2.0000


Today's Company Board Meeting




Nov 8 Aban Offshore Ltd, earnings for quarter ended September.

Nov 8 Abhinav Capital Services Ltd, earnings for quarter ended September.

Nov 8 Achal Investments Ltd, earnings for quarter ended September.

Nov 8 Akar Tools Ltd, earnings for quarter ended September.

Nov 8 Alka Diamond Industries Ltd, earnings for quarter ended September.

Nov 8 Aqua Pumps Infra Ventures Ltd, earnings for quarter ended September.

Nov 8 Arvind Ltd, earnings for quarter ended September.

Nov 8 Asahi India Glass Ltd, earnings for quarter ended September.

Nov 8 Ashiana Agro Industries Ltd, earnings for quarter ended September.

Nov 8 Ashok Leyland Ltd, earnings for quarter ended September.

Nov 8 Asian Flora Ltd, earnings for quarter ended September.

Nov 8 Aurum Soft Systems Ltd, earnings for quarter ended September.

Nov 8 Avantel Ltd, earnings for quarter ended September.

Nov 8 Bajaj Global Ltd, earnings for quarter ended September.

Nov 8 Balkrishna Industries Ltd, earnings for quarter ended September and dividend.

Nov 8 Bharat Bhushan Share & Commodity Brokers Ltd, earnings for quarter ended September.

Nov 8 Bharat Forge Ltd, earnings for quarter ended September.

Nov 8 Bombay Dyeing & Manufacturing Co Ltd, earnings for quarter ended September.

Nov 8 Brigade Enterprises Ltd, earnings for quarter ended September.

Nov 8 Cesc Ltd, earnings for quarter ended September.

Nov 8 Chennai Petroleum Corp Ltd, earnings for quarter ended September.

Nov 8 Citadel Realty Developers Ltd, earnings for quarter ended September.

Nov 8 Citizen Infoline Ltd, earnings for quarter ended September.

Nov 8 City Union Bank Ltd, earnings for quarter ended September.

Nov 8 Commercial Syn Bags Ltd, earnings for quarter ended September.

Nov 8 Crest Ventures Ltd, earnings for quarter ended September.

Nov 8 Cupid Ltd, earnings for quarter ended September and dividend.

Nov 8 Daikaffil Chemicals India Ltd, earnings for quarter ended September.

Nov 8 Dhoot Industrial Finance Ltd, earnings for quarter ended September.

Nov 8 Divyashakti Granites Ltd, earnings for quarter ended September.

Nov 8 Eco Friendly Food Processing Park Ltd, earnings for quarter ended September.

Nov 8 Edynamics Solutions Ltd, earnings for quarter ended September.

Nov 8 Eid Parry India Ltd, earnings for quarter ended September.

Nov 8 Elecon Engineering Co Ltd, earnings for quarter ended September.

Nov 8 Electrosteel Castings Ltd, earnings for quarter ended September.

Nov 8 Forbes & Co Ltd, earnings for quarter ended September.

Nov 8 Future Consumer Ltd, earnings for quarter ended September.

Nov 8 Future Market Networks Ltd, earnings for quarter ended September.

Nov 8 Galaxy Entertainment Corp Ltd, earnings for quarter ended September.

Nov 8 Gandhi Special Tubes Ltd, earnings for quarter ended September.

Nov 8 Garware Synthetics Ltd, earnings for quarter ended September.

Nov 8 Greenply Industries Ltd, earnings for quarter ended September.

Nov 8 Gujarat Alkalies & Chemicals Ltd, earnings for quarter ended
September.

Nov 8 Gujarat Ambuja Exports Ltd, earnings for quarter ended September.

Nov 8 Gujarat Narmada Valley Fertilizers & Chemicals Ltd, earnings for quarter ended September preponed from Nov 9.

Nov 8 Gujarat State Fertilizers & Chemicals Ltd, earnings for quarter ended
September.

Nov 8 Harita Seating Systems Ltd, earnings for quarter ended September.

Nov 8 Haryana Capfin Ltd, earnings for quarter ended September.

Nov 8 Hawkins Cookers Ltd, earnings for quarter ended September.

Nov 8 Hinduja Global Solutions Ltd, earnings for quarter ended September and dividend.

Nov 8 IMC Finance Ltd, earnings for quarter ended September.

Nov 8 Indian Energy Exchange Ltd, earnings for quarter ended September.

Nov 8 Indo Thai Securities Ltd, earnings for quarter ended September.

Nov 8 Ingersoll Rand India Ltd, earnings for quarter ended September and dividend.

Nov 8 Integra Capital Management Ltd, earnings for quarter ended September.

Nov 8 IP Rings Ltd, earnings for quarter ended September.

Nov 8 IRB Infra Developers Ltd, earnings for quarter ended September.

Nov 8 ITD Cementation India Ltd, earnings for quarter ended September.

Nov 8 Izmo Ltd, earnings for quarter ended September.

Nov 8 Jindal Drilling & Industries Ltd, earnings for quarter ended
September.

Nov 8 Jitf Infralogistics Ltd, earnings for quarter ended September.

Nov 8 Jk Lakshmi Cement Ltd, earnings for quarter ended September.

Nov 8 Jost'S Engineering Co Ltd, earnings for quarter ended September.

Nov 8 Khaitan Electricals Ltd, earnings for quarter ended September.

Nov 8 Kiran Syntex Ltd, earnings for quarter ended September.

Nov 8 Kokuyo Camlin Ltd, earnings for quarter ended September.

Nov 8 Krbl Ltd, earnings for quarter ended September.

Nov 8 La Opala Rg Ltd, earnings for quarter ended September.

Nov 8 Mahanagar Gas Ltd, earnings for quarter ended September.

Nov 8 Maharashtra Seamless Ltd, earnings for quarter ended September.

Nov 8 Mardia Samyoung Capillary Tubes Co Ltd, earnings for quarter ended September.

Nov 8 Mas Financial Services Ltd, earnings for quarter ended September.

Nov 8 Maximus International Ltd, earnings for quarter ended September.

Nov 8 Mega Nirman And Industries Ltd, earnings for quarter ended September.

Nov 8 Meghmani Organics Ltd, earnings for quarter ended September.

Nov 8 Mewat Zinc Ltd, earnings for quarter ended September.

Nov 8 Mindteck India Ltd, earnings for quarter ended September.

Nov 8 Mukesh Babu Financial Services Ltd, earnings for quarter ended
September.

Nov 8 Muthoot Finance Ltd, earnings for quarter ended September.

Nov 8 Nagarjuna Fertilizers And Chemicals Ltd, earnings for quarter ended
September.

Nov 8 Nagarjuna Oil Refinery Ltd, earnings for quarter ended September.

Nov 8 National Plastic Industries Ltd, earnings for quarter ended September.

Nov 8 Navneet Education Ltd, earnings for quarter ended September.

Nov 8 New Delhi Television Ltd, earnings for quarter ended September.

Nov 8 Nirlon Ltd, earnings for quarter ended September.

Nov 8 Nitco Ltd, earnings for quarter ended September.

Nov 8 Optimus Finance Ltd, earnings for quarter ended September.

Nov 8 Oriental Bank Of Commerce, earnings for quarter ended September.

Nov 8 Parsvnath Developers Ltd, earnings for quarter ended September.

Nov 8 Petronet Lng Ltd, earnings for quarter ended September postponed from Nov 6.

Nov 8 Pidilite Industries Ltd, earnings for quarter ended September.

Nov 8 Pioneer Investcorp Ltd, earnings for quarter ended September.

Nov 8 Pnb Gilts Ltd, earnings for quarter ended September.

Nov 8 Pro Fin Capital Services Ltd, earnings for quarter ended September.

Nov 8 R J Bio-Tech Ltd, earnings for quarter ended September.

Nov 8 Rain Industries Ltd, earnings for quarter ended September.

Nov 8 Ramky Infra Ltd, earnings for quarter ended September.

Nov 8 Rlf Ltd, earnings for quarter ended September.

Nov 8 S V Global Mill Ltd, earnings for quarter ended September.

Nov 8 Sagar Systech Ltd, earnings for quarter ended September.

Nov 8 Shalimar Wires Industries Ltd, earnings for quarter ended September.

Nov 8 Shree Cement Ltd, earnings for quarter ended September.

Nov 8 Snl Bearings Ltd, earnings for quarter ended September.

Nov 8 Snowman Logistics Ltd, earnings for quarter ended September.

Nov 8 Sree Rayalaseema Alkalies & Allied Chemicals Ltd, earnings for quarter ended September.

Nov 8 Steel Strips Wheels Ltd, earnings for quarter ended September.

Nov 8 Sukhjit Starch & Chemicals Ltd, earnings for quarter ended September.

Nov 8 Swaraj Automotives Ltd, earning s for quarter ended September.

Nov 8 Tainwala Chemicals & Plastics (India) Ltd, earnings for quarter ended
September.

Nov 8 Take Solutions Ltd, earnings for quarter ended September and dividend.

Nov 8 Trigyn Technologies Ltd, earnings for quarter ended September.

Nov 8 Ttk Healthcare Ltd, earnings for quarter ended September.

Nov 8 Ultracab India Ltd, earnings for quarter ended September.

Nov 8 Umang Dairies Ltd, earnings for quarter ended September.

Nov 8 United Breweries Ltd, earnings for quarter ended September.

Nov 8 Va Tech Wabag Ltd, earnings for quarter ended September.

Nov 8 Vardhman Textiles Ltd, earnings for quarter ended September.

Nov 8 Voltas Ltd, earnings for quarter ended September.

Nov 8 Welspun India Ltd, earnings for quarter ended September.

Nov 8 Zodiac-Jrd Mkj Ltd, earnings for quarter ended September.





Today's Data Alert



Nov 8   : Money supply as on Oct 27, by RBI





Today's Global Data




Nov 8: US Sep consumer credit data; 0130 IST

Nov 8: US World Bank Global Financial Development Report; 0230 IST

Nov 8: US American Petroleum Institute's bulletin for week ended Nov 3; 0300
IST

Nov 8: UK Oct Markit / REC jobs report; 0631 IST

Nov 8: UK Agents' summary of business conditions; 1500 IST

Nov 8: US Mortgage Bankers' Association's applications survey for week ended Nov 3; 1730 IST

Nov 8: US Energy Information Administration's petroleum report for week ended Nov 3; 2100 IST

Nov 8: UN System Chief Executives Board for Coordination meeting

Nov 8: European Central Bank Governing Council non-monetary policy meeting