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Indian equity markets witnessed profit booking with both Nifty & Bank Nifty index closing around their intraday low levels.
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; Daily Equity Report 22-05-2019 support@starindiaresearch.com8817002233 Outlook of Nifty & Bank Nifty Today Nifty Outlook:- Indian equity markets witnessed profit booking with both Nifty & Bank Nifty index closing around their intraday low levels. Nifty Bank index underperformed the benchmark index as profit booking was seen in major heavyweights like HDFC Bank & SBI. Shares of Tata Motors and Tata Motor DVR took a nosedive on account of weak quarterly earnings. On the options front (May 23, 2019 expiry), Nifty 12000CE added ~4.5 lakh shares in open interest, consisting mainly of short positions, making 12000 level as a strong resistance zone for the index. Nifty Future Support- Resistance 11860/11960 R1/R2 11550/11300 S1/S2 Daily Chart:
; Daily Newsletter Page 1 Bank Nifty Outlook:- Bank Nifty Future Support- Resistance Bank Nifty closed negative 451 points and closed lower -1.47% down at 30308.40, major private banks and psu banks closed lower from previous highs. Bank nifty is looking weak on charts and facing strong resistance at 31000 levels. We may see some more selling in coming trading sessions , so we advice selling on rise in bank nifty near 30750 for the targets of 30200 and 29850 levels . 30750/31000 R1/R2 30200/29850 S1/S2 Daily Chart: Technical Outlook Top Losers Top Gainers DRREDDY INFRATEL TITAN BRITANNIA TATAMOTORS ZEEL BPCL ADANIPORTS 177.60 346.80 375.35 386.55 2665.00 275.20 1248.10 1339.90
; Daily Newsletter Page 2 Stock Corner: The Punjab National Bank (PNB) is likely to takeover two to three smaller state-run banks -- Oriental Bank of Commerce (OBC), Andhra Bank and Allahabad Bank -- in the next three months, reports Reuters. The Delhi-based bank was earlier in the headlines in April for a possible merger with Union Bank of India (UBI) and Bank of India (BoI). 1. Shares of United Breweries ended 5% up on Tuesday despite the company reported 25.26% yoy drop in the Q4FY19 PAT at Rs67.92cr vs Rs90.88cr in the same period a year ago. The company’s total income during the final quarter of FY19 was up 5.84% to Rs3,469.3cr vs. Rs3,277.85cr in the corresponding quarter of the previous fiscal, the company said in a press note on Tuesday. 2. 3. Shares of Tata Motors and Tata Motor DVR took a nosedive on account of weak quarterly earnings. Zee Enterprises closed ~4% lower as the open interest soared higher, indicating a buildup of short positions. Adani Group stocks also witnessed profit booking after witnessing a sharp rally in the last trading session. 4. Stock in ban period ADANIPOWER, IDBI, JETAIRWAYS, RELCAPITAL
Daily Newsletter ; Page 3 Technical outlook of top 2 stocks JUSTDIAL FUTURE JUSTDIAL gained and closed strong above 700 levels , we may continue to more upside in coming trading sessions. INTRADAY R1 R2 R3 715 735 750 690 675 650 Stock Info VOLUME DAY HIGH DAY LOW MARKET LOT SIZE VWAP 12977140 726.65 659.00 1400 708.99 LEVEL S1 S2 S3 All over trends Sideways to Positive
Page 4 ; Daily Newsletter TATA MOTORS FUTURE TATA MOTORS FUTURE has closed near the days low, is looking weak on charts , we may continue to more downside in coming trading sessions. INTRADAY R1 R2 R3 185.00 190.00 195.99 174.00 168.00 160.00 bearish Stock Info VOLUME DAY HIGH DAY LOW MARKET LOT SIZE VWAP 57822527 186.90 174.05 2000 179.37 LEVEL S1 S2 S3 All over trends
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