Domestic Market View
Nifty : Today RBI Policy at 11:45 AM, .25 BPS is already market discounted, Now if we get more than .25 BPS then it would be a surprise for market. Nifty Support 12000-11960, Resistance 12100-12200. Due to Event, High fluctuation will be there, so there is no need to share chart today.
Bank Nifty : Support at 31550-31400, Resistance at 31750-32000.
I am expecting Rate cut Between .25-.45 BPS. GDP Growth at the lower end of last 2 years, this time RBI need to cut more then .25 BPS, otherwise we will not grow as per plans. NBFC Space need some urgent liquidity, if some comment on this from Governor side then it will be a booster for NBFC stocks.
Global Market View
US Index Rallied 2% each from Tuesday level Because of some News that FED may cut rate in next meetings. Brent Oil at the same level of Tuesday moving in range of $ 60-62. ( As there was holiday yesterday that’s why update from Tuesday closing levels.)
Stocks in News
- DHFL : Care, ICRA & Crisil Downgrade Rating of DHFL to “Defaut”, as they failed to pay the Interest Payment on 5th June. Link (Still they have 7 Day to pay the Interest Payment, If they do then Rating Agencies will remove “Default” Tag.
- On 5th June Many Debt Mutual Funds NAV down by 10-50% Because as per SEBI Instructions When a Company got Default then they have to apply 75% Haircut of the exposure, and Due to DHFL Default that happen, If DHFL pay interest in next 7 days then NAV will come to original price.
- DHFL : Trustee Ensures to Pay the Interest Payment in next 7 days, from Last sep till date they already paid 40k Crore of Financial obligations. Link
- Eros International : Care Downgrade ratings to “Default” Link Company already in our Garbage List from 2018.
- AuroPharma : In Hyderabad Unit USFDA Issued 10 Warning. ( Plant Inspection Between 13-24 May)
- Indoco Remedies : In Goa unit USFDA Issues 4 Warning.
- L&T Technologies : Offer for sale opens for Retail Investors with Floor price of 1650.
- Bharat Forge : North America Class 8 Truck Sales down by 70%, A bad news for Company.
Stocks For Buying
Coal India : Buy in Range of 262-252 for target of 280-300, With stop loss of 230, Holding time frame 3-5 months.
Stocks Near Breakout
- Raymond : If closes above 870 with Heavy Volume then good for Breakout.
- JM Financial : If closes above 96 with Heavy Volume then good for Breakout.
- GHCL : If closes above 272 with Heavy Volume then good for Breakout.
- Gail : If closes above 364 with Heavy Volume then good for Breakout.
- Cesc : Strong Bottom formation going on, On weekly chart for best confirmation we have to wait till 7th June. For medium to long term it would be best to buy and hold. Minimum close above 770 require for Breakout confirmation. Target will be 840-900-950.
- Indian Hotel : If closes above 160-162 with heavy volume then good for Breakout.
One Can track our Short/Medium Term shares, all details is there in the attached Excel sheet. Google Drive Tracking sheet.
8:00 AM : US Index Flat, SGX Nifty Indicating Flat opening, Today RBI Policy at 11:45 AM.
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