Nifty outlook and top trading ideas by Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:

NIFTY VIEW
Nifty has once again taken support around the 10850 level as of now and the chances of breaking this support cannot be ruled out with the sentiment and bias being weak. BankNifty too has maintained the previous support zone of 24900 levels and some select stocks like HDFC Bank, Axis Bank and Kotak Bank look promising. However, the support for the week is seen at 35620/10720 while the resistance is seen at 37000/11180 levels. BankNifty would have a range of 24460-25900.

BUY HDFC BANK
CMP: Rs 2,006.05
TARGET: Rs 2,150
STOP LOSS: Rs 1,950
The stock has witnessed a decent correction from the peak of 2211 levels and has now bottomed out at around 1915 and thereby given a good revival signifying strength and has potential to rise further in the coming days. The RSI has indicated a trend reversal from the oversold zone and has signalled a buy. With consistent volume participation witnessed and the chart looking attractive we recommend a buy in this stock for an upside target of 2150 keeping a stop loss of 1950.

BUY CYIENT
CMP: Rs 745.20
TARGET: Rs 825
STOP LOSS: Rs 710
The stock has shown a higher bottom formation like pattern in the daily chart and has maintained above the significant 200 DMA moving average indicating strength and maintained a positive bias. The RSI also after the positive trend reversal is on the rise and has potential for the stock to rise further in the coming days. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 825 keeping a stop loss of 710.

Business Standard

Nifty outlook and top trading ideas by Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:

NIFTY VIEW
Nifty after correcting from 11750 levels to a low of 10860 levels has taken support and is attempting to bounce from here on. Bank Nifty too has given a substantial corrective move now with support taken at 24670 levels and now likely to bounce up to 25500-25800 levels. The support for the day is seen at 36400/11000 while resistance is seen at 36920/11140. Bank Nifty would have a range of 25060-25620. HDFC twin along with Kotak & IndusInd and among Auto sector Maruti looks very promising for a bounce-back rally.

BUY MARUTI
CMP: Rs 7,999.45
TARGET: Rs 8,800
STOP LOSS: Rs 7,680
The stock has given a decent correction from the peak of 9470 to bottom out at around 7590 levels and has given a good bounce to signify strength and potential to rise further in the coming days. The RSI has touched the highly oversold zone and has indicated a trend reversal to signal a buy with a positive bias. With the chart looking attractive and good volume participation witnessed, we recommend a buy in this stock for an upside target of 8800 keeping a stop loss of 7680.

BUY HDFC BANK
CMP: Rs 1,952.40
TARGET: Rs 2,100
STOP LOSS: Rs 1,900
The stock has witnessed a good correction in the last two months from the peak of 2210 to bottom out at around 1910 levels and has given a good bounce to signify strength and potential to rise further in the coming days. The RSI has touched the highly oversold zone and has indicated a trend reversal to signal a buy with a positive bias. With the chart looking attractive and good volume participation witnessed, we recommend a buy in this stock for an upside target of 2100 keeping a stop loss of 1900.

Business Standard YouTube channel

HDFC MF gets Sebi go-ahead for IPO after nearly two months on backburner

Stock Market - HDFC Mutual Fund has obtained a go-ahead to launch its initial public offering (IPO), two investment bankers handling the issue said.

“Sebi has issued final observation on the offer document. The company will have to respond to the market regulator,” said an investment banker, adding that the asset manager is looking to launch its IPO in the second or third week of July.

HDFC MF couldn’t be immediately reached for a confirmation.

The processing status of draft offer documents filed with Sebi, uploaded on June 22, featured names of 26 companies that are awaiting approval. The list didn't include the name of HDFC MF.


Among the companies awaiting a nod for their IPO include Lodha Developers, Mazagon Dock and Srei Equipment Finance. As per Sebi’s website, the IPO of Lodha Developers, country’s leading real estate company, has been “kept in abeyance for examination of past violations.”

Get Live - HDFC Bank Stock Price

HDFC Bank stock closes 3% lower as foreign portfolio investors go slow

Contrary to market expectations, foreign portfolio investors (FPIs) showed little appetite on Monday for shares of the country’s highest valued lender, HDFC Bank, even as the window for more buying of its stock opened after more than a year. The earlier occasion when the FPI window had opened in February 2017, there was huge rush to buy the stock.

On Monday, according to data from the stock exchanges, only 14 million shares of the private sector lender were earmarked for delivery; there was room to buy 43.6 mn. Assuming all the delivery-based buying took place by FPIs, this ...Read Full Story

HDFC Bank, M&M from S&P BSE Sensex hit new high

Threee companies – HDFC Bank, Kotak Mahindra Bank and Mahindra & Mahindra (M&M) – from the S&P BSE Sensex hit their respective new highs, on the BSE in intra-day trade on Thursday in otherwise range-bound market.
HDFC Bank hit a new high of Rs 2,127, up 4% on the BSE in early morning trade, after its American Depository Receipts (ADR) surged nearly 9% on Wednesday. The stock surpassed its previous high of Rs 2,065 recorded on May 15, 2018 on the BSE in intra-day trade.

According to Business Standard report, the allotment of employee stock options (ESOPs) has created 143 basis points (bps) headroom for FIIs in HDFC Bank. This has created a last minute rush among foreign institutional investors (FIIs) wanting to buy HDFC Bank shares.

Market participants are expecting huge demand for HDFC Bank stock on June 1, when the window opens for FII buying. Brokerage firm Macquarie estimates a volume of $1 billion in the stock, when the window opens on June 1, added report.

HDFC Bank hits new high on fund raising plans

STOCK MARKET - HDFC Bank hit a new high of Rs 1,887, up 2.7% on the BSE, after the private sector lender announced that its board will meet on Wednesday, December 20, 2017 to consider a proposal for raising of funds.

The stock surpassed its previous high of Rs 1,876.95 touched on October 24, 2017 in intra-day trade.

A meeting of the board of directors of the Bank will be held on 20th December, 2017 to inter alia consider a proposal for raising of funds by issue of equity shares/ depository receipts and other securities including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs) program, preferential allotment or such other methods or combinations as may be decided, as well as a preferential issue to Housing Development Finance Corporation (HDFC), the promoter of the bank, HDFC Bank said in a regulatory filing.

The raising of funds subject to such regulatory/ statutory approvals as may be required, including approval of shareholders of the Bank, if required, it added.

Earlier in February 2015, HDFC Bank had raised nearly Rs 9,800 crore through a combination of foreign and domestic offerings. The bank raised about Rs 7,800 crore through an American depositary receipt (ADR). It also sold about 18.7 million new shares in the domestic market at Rs 1,067 per share, aggregating to Rs 1,985 crore through a QIP offering.

HDFC Bank hits new high; surpasses TCS in market cap ranking

HDFC Bank hit a new high of Rs 1,840 on BSE on Tuesday in intra-day trade, surpassing information technology (IT) giant Tata Consultancy Services (TCS) in market capitalisation (market-cap) ranking.

HDFC Bank with market-cap of Rs 473,944 crore came in at number two position in overall ranking ahead of TCS which had market-cap of Rs 470,934 crore at 10:24 am; the BSE data showed.

Earlier, on November 11, 2016 HDFC Bank had surpassed refinery major Reliance Industries (RIL) to become second most valuable company in terms of market-cap on the closing level basis.

Currently, RIL is at number one position with market-cap of Rs 533,070 crore, rallying 64% since November 2016. By comparison, HDFC Bank surged 44%, while TCS gained 14% against 19% rise in the benchmark S&P BSE Sensex during the period.

Analysts at JP Morgan are overweight on the HDFC Bank, as they see the bank as the best-quality play in the current environment, given what they believe are its stable margins, healthy asset quality, consistent performance and superior management.

GET LIVE UPDATES ON MARKET

HDFC, YES Bank, HDFC Bank, Maruti Suzuki, Eicher Motors hit new highs

STOCK MARKET - Housing Development Finance Corporation (HDFC), YES Bank, HDFC Bank, IndusInd Bank, Maruti Suzuki India and Eicher Motors from the Nifty 50 index hit their respective new highs on the National Stock Exchange (NSE) on Thursday.

YES Bank surged 5% to Rs 1,797, extending its Wednesday’s 6% rally on NSE, after the bank’s gross non-performing assets (GNPAs) has come down by Rs 654 crore in absolute terms and 55 bps QoQ to 0.97% during April-June (Q1FY18) quarter.

“For five consecutive quarters the bank has been delivering loan growth above 30%, with growth in Q1FY18 coming in at 32%. Deposit growth also remained strong at 22.6%. With asset quality concerns easing and core operations remaining strong the earnings visibility of the bank has improved,” Angel Broking said in a note.

Meanwhile, the board of directors of the bank has approved stock split in the ratio of 5 for 1 i.e. sub-division of existing 1 equity share of face value of Rs 10 each fully paid up into 5 equity shares of Rs 2 each fully paid up.

GET LIVE UPDATES ON SHARE MARKET

Govt asks SBI to reconsider minimum balance penalty

BREAKING NEWS - The government on Monday asked State Bank of India (SBI) to reconsider its decision to levy penalty on non-maintenance of minimum balance, which the bank plans to hike manifold from April 1 impacting over 310 million savings bank account holders.

SBI, according to a source, has also been asked to reconsider charges it proposes to levy on cash transactions and ATM withdrawals over specified limits.

The country’s largest lender has announced imposing penalty ranging from Rs 20-100 on non-maintenance of minimum average balance (MAB) in savings bank accounts from April 1.

The penalty is as high as Rs 500 in case of current accounts.

The penalty for breach of MAB is being reintroduced after a gap of five years.

The bank has also increased the minimum balance requirement by many times, which is as high as Rs 5,000 for account maintained with branches in six metro cities.

SBI has also imposed restrictions on withdrawals of cash from its branches as well as ATMs. These will attract charges after certain specified limits.(READ MORE)

Cash withdrawal fee: 78 per cent disagree with banks' move

BREAKING NEWS - Banks, including HDFC Bank, ICICI Bank and Axis Bank, from March 1 started imposing a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. The new charges would apply to savings as well as salary accounts. The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn.

You can read about then details of this move here:  Banks to levy Rs 150 after 4 cash transactions

Business Standard did a quick poll on Twitter yesterday and the results show how unpopular this move is

We asked: Are banks justified in charging customers for cash transactions in their own accounts?

Out of 575 responses, 78 per cent replied in the negative while 22 per cent supported the banks' move

But why did banks make this move? What prompted this decision? We tried to decode this decision for you.

While these charges have become a reality, you can still transact up to Rs 2 lakh a month at your home branch for free.

So, will banks stick to their decision or will they respond to the negative public reaction to this move? We will keep you informed whatever happens.(READ MORE)

Read: You can still transact up to Rs 2 lakh a month at your home branch for free

Pay Rs 150 after 4 cash transactions in a month at HDFC Bank, ICICI, Axis

Breaking News - Banks including HDFC Bank, ICICI Bank and Axis Bank today began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.(READ MORE)

Midnight truce: Petrol pumps to accept debit and credit cards till Jan 13

Latest Business News - Petrol-pump owners on Sunday night deferred till January 13 their decision to not accept credit- and debit-card payments for fuel sales, after banks put off the move to levy a charge on every plastic transaction. 

The roll-back was announced within hours of petrol pump associations saying they would not accept card payments from Monday. The decision covers a majority of the 56,000 outlets in the country. The four banks that had said they would levy a charge on card usage at fuel pumps are HDFC Bank, Axis Bank, ICICI Bank and Punjab National Bank.

A D Sathyanarayan, president of the Consortium of India Petroleum Dealers, had earlier told this newspaper: “We have been informed by these four banks that we will be charged one per cent on all credit card transactions and between 0.25 per cent and one per cent on all debit card transactions from January 9. Reports suggest even State Bank of India is planning to charge the same. We feel banks are using this as an excuse to improve their bottom line through transactions at fuel stations. Hence, we have decided not to accept any card transactions from Monday.”

The association claims to have about 25,000 motor fuel outlets as members. Later, the All India Petroleum Dealers’ Association stated the same. Its members’ margins, it said, were fixed on a per kilolitre (kl) basis and there was no scope to absorb the new charges. Dealers say a one per cent charge would mean 30 per cent of the gross dealer margin on petrol and 40 per cent on diesel. “Our margins will be wiped out if we accept this. We have specific mechanisms to compute the margin and these do not have any scope for credit card merchant discount rates,” Sathyanarayan added.(Read More)