NIFTY future is looking bullish on weekly Charts & Bullish crossover in MACD & KST and strong reading at CCI shows strong trend, therefore, I would recommend traders to buy NIFTY future above 10150; this may see an upside to levels closer to Rs 10300 – 10350 zones according to Fibonacci extension levels & keep stop loss below Rs 9900”. On downside be alert below 9950 and avoid all longs below 9930 level as selling may intensify below that level.
The market has come out of the consolidation phase on account of the continued uptrend in the global market. Buying in metal and auto stocks with signs of improvement in demand added impetus to the market and closed near their fresh highs. Additionally, domestic macro data IIP & CPI inflation to be released today are expected to improve to 1.7% from -0.1% June and 3.2% vs 2.4% July, respectively.
European bourses continued their relief rally, trading higher today after stock markets in Asia and in the United States hit record highs as worries about Hurricane Irma and North Korea’s nuclear standoff eased
Bulls gained strength also on the hope of double digit earnings growth in September quarter. I expect upside to continue in near term and the market to hit fresh record highs soon.
NIFTY FUTURE was closed 0.79 per cent up today at Rs 10104.40 at NSE.
“HBL POWER is the stock which I would recommend to buy above Rs 62.50; this can see an upside to levels closer to Rs 65 – 66 zones, keep the stop loss below Rs 59”.
HBL Power Systems Limited is engaged in the business of manufacturing batteries. The Company’s segments include Batteries and Electronics. The Batteries and Electronics segment consists of various types of products for defense, aviation, telecom and industrial application. Its products include batteries, including Lead Acid Batteries, Nickel-Cadmium Batteries, and Specialized Defense Batteries.
During the current year, a stream of opportunities is expected to open up in the traditional as well as new areas of business, which shall enable this Company to regain the growth trajectory. Make-in-India initiative by the Government of India provides a potential platform to some of the business segments to charter higher growth vistas.
Company has good consistent profit growth of 24.33% over 5 years & has been maintaining a healthy dividend payout of 31.56%
HBL POWER was closed 5.73 per cent up today at Rs 60.90 at NSE.