NOMURA has a buy rating on L&T. Nomura has fixed a target price of Rs 2,425 per share on L&T. Its Middle East capex is strengthening. The company's core projects, manufacturing prospects and investment visibility remain strong. The company's EBITDA Margin (Core) guidance of 9.5 percent looks challenging.
JEFFERIES has given buying opinion on HERO MOTOCORP. He has fixed its share target at Rs 3,000 per share. He says the company's Q2 EBITDA dropped 3% year-on-year. However, its results have been predictable.
The market has had a weak start in the pre-opening. Around 09:02, the Sensex is trading at the level of 60555.15 with a fall of 281.26 points or 0.46 percent. On the other hand, Nifty is trading at the level of 17997.90 with a fall of 54.80 points or 0.30 percent.
Virendra said that the first resistance in Bank Nifty is seen between 41421-41560. A major resistance is visible at the levels of 41730-41840/960. In Bank Nifty, the first base is visible at the levels of 41550-40820, while the bigger base is seen forming at the levels of 40740-40570. Bank Nifty is still stuck in its option zone. In this, buying in the fall is beneficial. In this, the initial option zone is made between 41500-41000. Whereas the big option zone is seen between 42000-40500.
He further said that in Bank Nifty, buy near the first base. In this book profit near the first resistance. Apart from this, buying in Bank Nifty is important before the results of SBI. SBI helps in crossing critical levels of Bank Nifty. With the help of SBI, it is possible to cross the supply zone of 41421-560. Virendra said that if the supply zone is crossed in Bank Nifty, then you can make new purchases above 41560.
Shrikant Chauhan of Kotak Securities
It is said that today there was a lot of volatility in the Sensex-Nifty. Nifty closed 35 points lower. On the other hand, the Sensex closed down 112 points. If we look at different sectors, the IT index has seen the biggest decline. Today it has weakened by 1.14 per cent, while the PSU Bank index closed with a gain of 2.46 per cent. Got to see But after the early morning intraday rally, the market continued to move in a range throughout the day. At present the direction of the market is not clearly visible. This is probably because traders are now waiting for a breakout in either direction.
A breakout is visible for the bulls at the level of 18150/61100. If there is a break from the upside, we can see 8250-18300/61300-61500 levels. On the other hand, if Nifty breaks the level of 17950/60500 on the downside, then a new round of selling can start and we can see Nifty going towards 17850-17800/60300-60150.
The market remained in range on the day of weekly expiry. Sensex closed down 70 points at 60836 and Nifty fell 30 points at 18053 today. Buying came from lower levels in Bank Nifty. Bank Nifty rose 1 per cent from lower levels. Power was the top seller among IT stocks. There was buying in midcap and small cap stocks. Sensex closed 70 points lower at 60836. At the same time, Nifty closed 30 points lower at 18,053. While Nifty Bank climbed 152 points to close at 41298. Midcap climbed 107 points to close at 31787.
Today 16 out of 30 Sensex stocks were sold. At the same time, 25 out of 50 stocks of Nifty were sold. 9 out of 12 stocks of Nifty Bank were buying. The rupee also weakened by 10 paise to close at 82.88 against the dollar today.
The signals from the global market are getting weak. Asia has started on the decline. SGX NIFTY is also seeing light pressure. US markets closed yesterday after the Fed raised interest rates.
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