DSIJ Mindshare

Overall volumes in futures & options currently stand at 1,44,29,301 contracts with a turnover of Rs. 9,21,268.73 crore.

At present, Nifty has reached near to the point of multiple resistance zone. There are several resistances in the 11,140-11,200 zone. Meanwhile, immediate support for the Nifty is 10,940 mark followed by the prior week low of 10,890. Stocks in news: Infosys, M&M, Bharat Electronics, PEL, PVR, Wipro, SML Isuzu and Monsanto India.

For starters, the major news is that oil prices have spiked amidst drone attacks at Saudi Aramco’s oil facilities and any such spike in global crude oil prices will impact India’s oil import bill and trade deficit. We could see a knee jerk reaction to this news today. However, market participants will take some encouragement from the announcements made by Finance Minister over the weekend to boost sagging exports and a stressed real estate sector.

There are several resistances in the 28450-28560 zone. Any sustainable move above the level of Rs 28560 is likely to open up gates for further rally towards the levels of 29000, followed by 29500.

The stocks to watch out for September 16 include Altico, Lupin, Intellect Design Arena, ITD Cementation and Havells.