Nifty Technical View 21-Oct-2016

Tech View: 8,710/8,755 key resistance levels for Nifty

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Domestic equity markets showed good amount of resilience near the resistance levels of 8,690-8,710 zones as it resisted to these levels throughout the day on Thursday while it ended the day with modest gains. On Friday, we will continue to see the Nifty trading with resilience with somewhat positive bias and the levels of 8,690-8,710 will remain important to watch out for. There are chances that the Nifty will attempt to resume its up move if it manages to move past 8,750 levels.  

This chances of this happening remain relatively high given the pattern of the lead indicators. On Friday, the levels of 8,710 and 8,755 will act as immediate resistance levels. The supports come in at 8,655 and 8,625 levels. The RSI—Relative Strength Index on the Daily Chart is 50.7563 and it remains neutral as it shows no bullish or bearish divergence or any failure swings. The Daily MACD remains bearish as it trades below its signal line. However, it is likely that it reports a positive crossover if the markets do not weaken and if it consolidates in coming days.  

On the derivative front, the Nifty October futures have added over 6.45 lakh shares or 3.59 per cent in Open Interest. This throw a significant input which suggests that unwinding has stopped and so has short covering and fresh longs are seen being built in the system.

Stock Market - Results Today 12-Oct-2016

Blue Dart Express Ltd to approve Q2 results on Oct 12, 2016  

A Meeting of the Board of Directors of Blue Dart Express Ltd will be held on October 12, 2016, to take on record the Un-Audited Financial Results for the quarter ended September 30, 2016 (Q2). Further, in terms of the Circular directing the Listed Companies to notify the Stock Exchange about 'Trading Window Closure', the 'Trading Window' of the Company shall remain closed from October 03, 2016 to October 14, 2016 for the aforesaid purpose.  

Shares of BLUE DART EXPRESS LTD. was last trading in BSE at Rs.5488.15 as compared to the previous close of Rs. 5437.45. 

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The total number of shares traded during the day was 461 in over 125 trades. The stock hit an intraday high of Rs. 5495 and intraday low of 5404.05.  The net turnover during the day was Rs. 2512394.  

IndusInd Bank Q2 PAT seen up 6% to Rs 701 cr  

We expect strong loan/deposit growth of 29 percent/31 percent Y-o-Y in 2Q FY17. Continuation of positive growth trend in the CV/CFD segment would remain a key factor to monitor. Overall, NIM is likely to remain largely stable Q-o-Q at 3.8-3.9 percent, led by lower cost of funds and an increase in the share of high-yielding loans.  

We expect non-interest income growth to be strong at 31 percent. Opex growth would remain high at 30 percent + Y-o-Y, led by continued investments in branches, people and technology. Strong PPP growth (+30 percent Y-o-Y) would keep earnings growth strong at 25 percent + YoY, despite factoring in 50 percent + Y-o-Y increase in provisions. IIB trades at 2.9x FY18E BV and 17.4x FY18E EPS, with best-in-class RoA of 2 percent and RoE of 17-18 percent. Delay in CV cycle revival and sharp moderation in fees remain the key risks to our estimates.