23.07.

2018

Market commentary
Last hour surge in midcaps, PSU banks, metals as well as FMCG ensured that the
market ended the session on a bullish note. The Sensex is up 222.23 points or
0.61% at 36718.60, while the Nifty is up 74.60 points or 0.68% at 11084.80. The
market breadth is positive as 1533 shares advanced, against a decline of 1061
shares, while 180 shares are unchanged. All sectoral indices, barring energy and
IT, ended the day in the green. In the broader markets space, midcaps ended over
a percent higher, a huge gain from the negative opening it had seen during the
initial part of the session. Among stocks, ITC, Vedanta and UPL were the top
gainers, while Hero MotoCorp and Bajaj Auto lost the most.

The market may be open tomorrow being the day on a positive note, forming a
bullish candle on the daily charts. Nifty 50 index buying recommended around
10950 -11000 target 11170 -11305 levels.

Nifty Daily Chart

R2 R1 Pivot S1 S2
NIFTY
11128 11047 10890 10857 10759
Stock to Watch for Tuesday
Persistent Systems Ltd
Daily Chart

Technical Analysis
The Persistent Systems touched a high of Rs 878 in the month of February and
then declined to hit a low of Rs 657 levels. The rally in the month of April has seen
good volumes indicating buying participation. The decline in the month April
retraced 61.8 percent Fibonacci of the fall from Rs 868 to Rs 733 and seen a
bounce back. The stock has formed a bullish inverted head and shoulders pattern
on the daily chart.

For the last few sessions, thePersistent Systems price has been trading in a
narrow range before the next leg of up move could begin. The stock can be
bought around 840 and on target at Rs 855-875 with a stop loss below Rs 820
levels.
Market Highlights
 Automobile industry in India is opting for inorganic route to balance
investments to support current growth cycles and prepare for future
global disruptions, says a report. Deal volumes in the domestic auto space
have remained steady with 18 transactions in year-to-date (YTD) 2018
worth USD 500 million, while average disclosed deal size is USD 45 million,
these deal volumes have been boosted by large buy-out transactions by
financial investors and overseas acquisitions by large incumbents in the
Indian auto sector. All mid to large Indian auto companies ought to have
an active inorganic growth strategy, including a plan to partner with such
companies in and outside of India if the industry is to achieve the AMP
target of USD 200 billion by 2026.
 Maruti Suzuki India Ltd (MSIL) has crossed cumulative production of 20
million vehicles in India from is Guru Gram and Manesar facilities since
inception. The feat has been achieved in 34 years and 6 months since
start of production in December 1983, the company said in a statement.
MSIL is the first car-maker in the country to cross the milestone.
 The stock touched an intraday high of Rs 2,854.00 and an intraday low of
Rs 2,658.65.India's third largest two-wheeler maker missed analysts'
expectations by reporting a 20.7 percent year-on-year rise in its
standalone net profit for the quarter ended June. The company's net
profit came in at Rs 1,115.23 crore. The average of estimates of the 18
analysts polled by Reuters had pegged the bottom line at Rs 1,261 crore.

Asian Paints Ltd.Hexaware Technologies Ltd.Kajaria Ceramics Ltd. Century

Plyboards (India) Ltd. Chambal Fertilisers & Chemicals Ltd.Coromandel Engineering
Results Company Ltd.Elantas Beck India Ltd.ICICI Prudential Life Insurance Company
Tuesday Ltd.Info Edge (India) Ltd.Inox Leisure Ltd.Kalyani Steels Ltd.KRBL Ltd.Navin
Fluorine International Ltd.Radico Khaitan Ltd.Thirumalai Chemicals Ltd.
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