Outlook Of Nifty/bank nifty today

Nifty Outlook:

The S&P BSE Sensex rallied over 200 points in morning trade to hit a fresh record high of 30,197.66 after media reports suggested that India could be looking at higher monsoon rains than forecast. Monsoon remains a key risk for Indian market because it delivers about 70 percent of India’s annual rainfall, critical for crops such as rice, cane, corn, cotton and soybeans.

Bank Nifty Outlook:

The public sector bank is expected to ride the economic upswing with sufficient growth capital and strong retail focus. The sale of non-core assets (NSE stake) and a stake in Life & General insurance subsidiaries will remain book accretive. HDFC Securities expects strong 23 percent revenues and robust earnings CAGR over FY16-19E. Based upon 19x FY19E EV/EBITDA we have arrived at a target price of Rs348.

Nifty Trends

R1 9470
R2 9535
S1 9370
S2 9280

Technical Outlook:

Top Gainers

EICHERMOT 29,500.00
ZEEL 541.00
BAJAJ-AUTO 2,993.70

Top Losers

ONGC 183.85
GAIL 408.70
IOC 432.85