Tit - bits
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| Photo: India Infoline |
As a result the BSE Sensex closed at 35,171.27 up 329.17 points (+0.94%), while the Nifty ended the day at 10,383.00 up 94.10 points (+0.91%). The interesting point is that both the indices completed 61.8% retracement level and formed
a Bearish Engulfing Pattern on daily candlestick charts. This may result in Nifty going in for a short term correction. However, any close above 10570, may give the bulls the next phase of ammunition.
The NIFTY and BANKNIFTY saw positive weekly gains of +1.35% and 1.19% respectively. On the other hand, both MIDCAP100 and SMALLCAP100 space outperformed their counterparts by rising +2.81% and +2.88% respectively.
This week, while the PSU Bank sector is expected to cool down a bit, post whirlwind rally, the FMCG and IT could continue to show bullishness. I'm adding another sector, to the list: shipping and I'm recommending a scrip from this space.
Foreign institutional investors (FIIs) sold shares worth Rs.753.18 crore, while domestic institutional investors (DIIs) bought shares worth Rs.1,304.18 crore in the Indian equity market on June 26, according to the provisional data available on the NSE.
Today Nifty might open gap down and stray till 10270 before showing any upmove.
#Buy the shares of Shreyas Shipping and Logistics Ltd at around Rs.58/61 during intraday dips for short term targets of Rs.72/77. SL: Rs.52.
The implementation of Nationwide Lockdown did affect many activities, including the movement of people.
You must be aware that in India 95% of the cargo is exported and imported from the ports and hence the shipping and logistic sector has been less hit by this issue. Meanwhile, the Home Ministry, added port into essential activity list just a day after the lockdown was announced and then directed every port that labours should not leave the ports. The proactive steps taken by the NDA government, helped revive the business now, which during the initial days of Lockdown went down by mere 20/25%.
#Sell the shares of Steel Authority of India Ltd (SAIL) at around the CMP of Rs.30.50, for short term targets of Rs.28/27. The approaching monsoon season is likely to cut the construction activities. Moreover, the closures of Railway services has obviously cut down the demand for wagons and other components, required in this sector.
#Those who have not bought the shares of ONGC on last Friday at around Rs.84, can look for dips at around Rs.79/80 today, to enter or average. The rising price of Crude Oil and restoration of normalcy in some of the Covid - 19 affected nations is positive for the company.
The implementation of Nationwide Lockdown did affect many activities, including the movement of people.
You must be aware that in India 95% of the cargo is exported and imported from the ports and hence the shipping and logistic sector has been less hit by this issue. Meanwhile, the Home Ministry, added port into essential activity list just a day after the lockdown was announced and then directed every port that labours should not leave the ports. The proactive steps taken by the NDA government, helped revive the business now, which during the initial days of Lockdown went down by mere 20/25%.
#Sell the shares of Steel Authority of India Ltd (SAIL) at around the CMP of Rs.30.50, for short term targets of Rs.28/27. The approaching monsoon season is likely to cut the construction activities. Moreover, the closures of Railway services has obviously cut down the demand for wagons and other components, required in this sector.
#Those who have not bought the shares of ONGC on last Friday at around Rs.84, can look for dips at around Rs.79/80 today, to enter or average. The rising price of Crude Oil and restoration of normalcy in some of the Covid - 19 affected nations is positive for the company.
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