WEEKLY EQUITY NEWSLETTER 27 APRIL TO 31 APRIL 2019
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Indian indices ended near days high level on May 24 after BJP led NDA government got a clear mandate in the Lok Sabha Election 2019.
At close, the Sensex was up 623.33 points at 39434.72, while Nifty was up 187.10 points at 11844.10. About 1823 shares have advanced, 676 shares declined, and 150 shares are unchanged.
ICICI Bank, Zee Entertainment, Vedanta, Tata Steel, and Bharti Airtel were among major gainers in the Nifty, while Tech Mahindra, NTPC, ONGC, TCS and HCL Tech were some of the losers.
All the sectoral indices ended in the green led by BSE PSU Bank (up 5.5%) followed by auto, metal, and infra gained more than 2 %.
HDFC sold 6.10% stake in Gruh Finance to meet RBI conditions for Bandhan Bank merger. The average price was Rs 260.07 per share for shares sold on March 28 and Rs 310.26 for shares sold on May 24, 2019.
GVK Power has reported a profit at Rs 69.4 crore due to tax write-back and higher revenue in March quarter.
Profit in same period last year stood at Rs 23 crore. Tax write-back for the quarter stood at Rs 85.4 crore against tax expenses of Rs 4 crore in the corresponding period last year. Revenue jumped to Rs 13.8 crore from Rs 3 crore YoY.
Cummins India said its domestic revenue to grow at 10-15 percent in FY20 and exports revenue to be flat or to decline marginally. The company sees uncertainties across many geographies but is not sure if exports have bottomed out. “We are not excited w.r.t exports for FY20, but very optimistic about domestic sales," it said.
NIFTY TOP GAINERS/LOOSERS
Recommendation: - Nifty is up -187.05 point close at 11,844. FISHER INDICATOR shows buy single. So, trader can make their position buy above 11,870 TGT- 11,970/12,120/12,320 SL -11,720.
CNX BANK NIFTY
CALL OF THE WEEK:-
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT AROON SHOWS BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION ABOVE 116.5 TG-118.5 /121.5/126.50 SL-112.60
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT AROON SHOWS BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION ABOVE 1025 TG-1040 /1060/1085 SL-1000.
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