Market Pulse

#Buy the shares of the Tata Motors Ltd at around Rs.375-376, for short term targets of Rs.396-421. Tata Tiago for the first time outsold Maruti Suzuki Celerio and Hyundai Eon to become the eight-largest selling cars in January 2018, according to a data based on SIAM domestic sales.  For Tata Motor Futures, the 1st resistance comes at Rs.379 followed by Rs.384.

#BSE Sensex is now trading at 34,393.47 down 52.28 points or 0.15% while the NSE is seen at 10,557.80 down 24.80 points or 0.23%. In case of Nifty_Spot, my view is that: as long as it does not break the rock solid support of 10400, the BULLS have nothing much to worry. The large caps will more or consolidate around the current range while the action would be seen in the broader market. Accumulate good stocks on market dips.

#There is no stopping of P C Jewellers Ltd today as the stock touched Rs.346, intrayday on the news that market watchdog Securities and Exchange Board of India (SEBI) has issued an order against Mumbai-based Abhirati Trading but the order did not hold Vakrangee Limited responsible for any misdeed in the ongoing alleged campaign against the IT company.

#Buy Aban Offshore Ltd at around Rs.173-174, T: Rs.T: Rs.191/206/218. SL: Rs.166. Crude oil started the week with gains thanks to comments from Saudi Arabia’s Energy Minister Khalid al-Falih and reports of a slowdown in exports from Libya’s Mellitah oil terminal.

WTI was trading at US$63.63 a barrel at the time of writing and Brent crude was changing hands at US$66.98, after on Saturday Al-Falih said that Saudi Arabia’s oil production over the first three months of 2018 would be much lower than the amount allowed under the 2016 production cut agreement. Al-Falih added that exports were estimated to average 7 million bpd in the three-month period.

At the same time, the minister said he hoped OPEC and its partners could relax the production restrictions in 2019 and progress on the permanent cooperation framework that was mentioned earlier this year. Following these comments, Brent crude briefly jumped over US$67 a barrel, but later in the day eased down again. U.S. production, near record highs, put a cap on the gains.