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A morning walk down Dalal Street | Nifty to face stiff resistance around 10,400-10,500

It looks like it was early Diwali celebration on D-Street. Sensex rallied by more than 700 points while Nifty reclaimed 10,200 levels.

The final tally looked like – Sensex closed 718 points higher or 2.15 percent at 34,067 while the Nifty50 rose 220 points to end at 10,250.

Positive global cues, fall in crude oil prices, rally in index heavyweights supported market sentiment.

All the sectoral indices closed in green. Individually, pharma, realty, capital goods, PSU as well as energy stocks rose 3-4 percent

Technically, support at placed at 10,000 while on the upside 10,400-10500 will act as stiff resistance.

Big News:

On the results front, as many as 135 companies will declare their results for the quarter ended September 30 which include names like Bank of Baroda, Bhushan Steel, Cummins India, Dena Bank, IDFC Ltd, JK Tyre, Bank of Maharashtra, Tech Mahindra, Torrent Power etc. among others.

Tech Mahindra: PAT likely to grow 34% YoY to Rs 1120 cr

Bank of Baroda: PAT likely to grow by 2.4% YoY to Rs 363 crore

Pidilite Industries: PAT likely to grow by 9% YoY to Rs 275 crore

Technical View:

Nifty forms a bullish candle on daily charts.

Traders should adopt a cautiously optimistic stance and maintain a tight stop loss for long positions below 10,020 levels.

Three levels: 10020, 10275, 10400

Max Call OI: 11000, 10500

Max Put OI: 10,000, 10200

Stocks in news:

Monsanto India reported a net profit of Rs 24.09 crore for the quarter ended September 2018. Its net loss stood at Rs 6.39 crore in the year-ago period, the company said in a regulatory filing.

Tata Power on Monday said its Board has approved plan to raise up to Rs 5,500 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. The stock closed 12% higher on Monday.

Century Textiles & Industries (CTIL) reported nearly three-fold jump in its standalone net profit of Rs 156.52 crore for the second quarter ended September 30.

Technical Recommendations:

We spoke to Religare Broking Ltd and here’s what they have to recommend:

Bharat Forge: Buy | Target: Rs 595| Stop-Loss: Rs 535| Return 6.2%

Havells India: Buy| Target: Rs 680| Stop-Loss: Rs 595| Return 8.8%

The India Cements: Buy| Target: Rs 97| Stop-Loss: Rs 79| Return 14.1%

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