ETMarkets Morning Podcast: What’s buzzing on D-Street this morning?

Remember! Wall Street still remains fearful and had a mixed session on Friday. The Dow rose marginally by 13 points on Friday night but the S&P500 fell 3 points and Nasdaq 37 points. NSEBSESun TVLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Good Morning readers of ETMarkets.com.

    Ready for a good start to the week? Well, I surely have good news for you. If the market’s rangebound movement over the past few days is really frustrating you, and end to this indecisiveness could be in sight. The Nifty has seen addition of a lot of short positions over the past couple of days. So some analysts tell us that this may mean the index is readying to make a decisive move on either side.

    The technical charts say something else, though. The Nifty formed a Hanging Man pattern on Friday, which is seen as a bearish formation. Analysts say this indicates a trend reversal, and any gap-down opening today could further squeeze Nifty’s trading range.
    For Monday, the 9,930 and 10,060 levels are seen as immediate resistance for Nifty50, while supports should come in at 9,905 and 9,850 levels.

    Let’s look at the immediate triggers this morning.

    Nifty50 futures on the Singapore Stock Exchange traded 7 points, or 0.07 per cent, lower at 9,940, indicating a flat opening for the domestic market.

    But Asian stocks appeared to have shrugged of North Korea’s threats to strike at the US and gained in early Monday trade. When I last had a look at them, Nikkei was up 1 per cent, Kospi nearly 0.7 percent and MSCI’s broadest index of Asia-Pacific shares outside Japan just about 0.1 per cent.

    Remember! Wall Street still remains fearful and had a mixed session on Friday. The Dow rose marginally by 13 points on Friday night but the S&P500 fell 3 points and Nasdaq 37 points.

    Beyond all this, Dalal Street will be talking a lot about matchmaking through the day, as Matrimony.com’s IPO hits the market. The issue is going to be sold in price band of Rs 983-985 over the next two days. Should you buy? Well, don’t take a call before you check out our IPO analysis on ETMarkets.com

    And then, Dalal Street is also talking about a sharp drop in investment flow through the P-notes route, which slumped to a five-year low of Rs 1.35 lakh crore at the end of July after Sebi enforced some stringent norms.

    And some brokers were wearing swollen faces amid the buzz around extension of trading hours on the stock exchanges. Street veterans say this move would be of no use as they do not expect volumes to rise. The market is just not ready for such a change, they claim.
    Among stock specific triggers, watch out the auto counters as the GST tweak over the weekend has resulted in a spike in prices for many cars and these stocks will react today.

    And if you are looking for more stock-specific triggers, check out over a dozen recommendations from top brokerages at www.etmarkets.com. If you need them daily, simply download our app on your phone and keep getting them on the go. We now also offer them in many other languages besides English.

    Before I go, let’s have a look at some of the interesting headlines from ETMarkets print.

    Did you hear that? SBI has just failed a test. Apparently, Sebi has rejected an application from India’s biggest bank and Onida’s former promoters to register a ratings agency, as the two failed the “fit and proper person test.

    India’s market for corporate credit has dried up as companies remain reluctant to borrow and spend as capacity utilisation remains low at around 70 per cent. That’s what bankers are telling us.

    And finally, if you are looking for a solid long-term bet, you may have a look at the Sun TV stock. Increasing revenues from IPL, benefit of pan-India digitisation and shutting down of its loss-making Kannada news channel are expected to boost bottom lines of this big media company in the days to come.

    So that’s it for the day. Do enjoy your trading day and make loads and loads of money.

    But hey, don’t forget to log on to www.etmarkets.com for continuous updates on every development in the financial markets. Have a good day!

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