Business

Nifty 50 June12th Mid-Day Update: Nifty shines above 9870 and Mid-Cap index in green

*12062020 Mid-Day-Update*:- Nifty moves, Stocks to Trade, FnO Action and Much More. *Nifty shines above 9870 and Mid-Cap index in green. Europe opens in green with major indices showing gains of over 0.5%. DJIA Futures trading above 25500 and VIX trading above31.5. Auto Major MandM reports loss of R

P
Premkumar Ramachandran
·2 min read
Nifty 50 June12th Mid-Day Update: Nifty shines above 9870 and Mid-Cap index in green
Nifty 50 June12th Mid-Day Update: Nifty shines above 9870 and Mid-Cap index in green

*12062020 Mid-Day-Update*:- Nifty moves, Stocks to Trade, FnO Action and Much More. *Nifty shines above 9870 and Mid-Cap index in green. Europe opens in green with major indices showing gains of over 0.5%. DJIA Futures trading above 25500 and VIX trading above31.5. Auto Major MandM reports loss of Rs. 25bn against profit of R. 8.49Bn, revenues down over 30% and declares dividend of Rs.2.35/share.

Nifty50 Open- 9544.95, High- 9883.25, Low-9544.95 and Last- 9920 as of 14:20Hrs. Nifty plunged over 300 points and took support near our specified levels of 0545 and on rebound had taken a high of over 9900 and as usual Reliance with around 2.4% gains took the lead in Index to push it higher.

Infratel, Escorts, PNBHsg, SRTRANSFIN and FConsumer are top gainers with over 4.5% gains while Zee, ONGC, Endurance, GIC and IBVenrures are top losers with over 3% losses. Rajesh Expo had hit a fresh 52wk low today, of the Nifty200 95 stocks are in Red while 105 are in green. Energy Incex is pulling along with Realty and FMCG while IT and Media are pulling down.

From the FnO Space we have VIX around 31.5 already with such a swing and top gainers are Escorts, Infratel, SRTRANSFIN, CholaFin and RBLBank while Top losers are Ongc, Zee, TechM, Infy and PowerGrid. We could see traction in 9600PE, 9700PE and 10000CEand 10100CE in Nifty and 20000PE and 20500CE on weekly contracts. OI Spurts are seen in Muthoot, NCC, MandM, Bata, HPCl with price jump suggesting Long Buildup. HDFCLife, Bharatforge, SBI, KotakBank and SunTV suggesting short buildup.

Over the next hour we see Nifty having resistances at 9952, 9988, 10002, 10044 and 10101. Supports are seen at 9802, 9753, 9701 and 9654. A Close below 9800 will trigger fresh selling in markets to drag till 9500 levels while a close above 9952 can take markets upside till 10300. Though we would not recommend any overnight purchases for the weekend in Futures, we can look at buying Infy around 686-690 with SL of 674 and targets of 699, 706 and 715. For more details, levels and recommendations follow us on our FB, Twitter and Telegram channels.

Topics

Business Market Live Updates

Share

Follow NewsBricks on Google News

Stay updated with the latest stories delivered to your feed

P

Written by

Premkumar Ramachandran

Premkumar Ramachandran, B.Sc (Maths) Graduate and M.B.A (Finance & Mrktg) by Qualification. Associated with the Financial markets since 1997 and with Equity Broking since 2001 with various Institutions (HDFC, Kotak, ICICI) under various capacities and Exited as Head-Product of Equity and Distribution (Alternate Channels) before starting off this service in 2016. The strong background in Finance with passion to do research on various methodologies has been one of his biggest strengths. Over a period of time, he had developed a trading system using proprietary algorithms for Day and Swing trading along with Order Flow and Market profile system.

View all articles
Loading comments...