Updated: 7th October 8:30PM
The market may trend lower on weak global cues.
Fears of a fed rate hike return on Wall Street after sharp drop in weekly jobless claims. Sterling plunged to a three-decade low in thin early Asian trade as a break of key technical support levels triggered a wave of stop-loss orders.
The pound fell almost 10 percent at one point to USD1.1378 before stabilising around USD1.2415, still down 1.5 percent from late US levels, leaving traders scratching their heads in the absence of news or market events that would justify such a move.
The pound has been under renewed pressure on fears of a "hard" exit by Britain from the European Union after UK Prime Minister Theresa May set a March deadline for the formal departure process from the EU to begin.
IMF chief Christine Lagarde gave Deutsche Bank some tough advice, saying Germany's biggest lender needed to reform its business model and rapidly reach a deal with US regulators over a potentially huge fine. Major US stock indexes closed little changed, even as declining names outnumbered advancers, ahead of job market data seen as key to determine whether the Federal Reserve will raise rates before the end of the year.
Gains in crude prices gave support to the idea that the economy is strengthening, as did a report that showed the number of Americans filing for unemployment benefits fell unexpectedly last week to a near 43-year low. Back home, the Sensex closed down 114.77 points or 0.4 percent at 28106.21 and the Nifty was down 34.40 points or 0.4 percent at 8709.55. Midcap index, however, snapped its 4-day rally. RBI has released liberal rules for payments bank, allowing to use group companies as business correspondents at an arm’s length. Rules for small banks similar to draft guidelines, get additional time of one year to set up branches in rural areas. After 5 days and 31 rounds, spectrum auction draws to a close. The government has sold airwaves worth nearly Rs 66,000 crore. It will receive Rs 32,000 crore as upfront payment, the highest in 5 years as Vodafone leads with bids worth nearly Rs 20000 crore.
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Intraday Buy Call's
Options
Buy Nifty October 8600 PE around 65 Target 88,96,102 SL: 48
Stocks
Buy Aarti Drugs around 672 Target 688, 695SL 662
Chennai Petron around Current Price Target 308, 312 Sl 295
Buy
ONGC Current Price Target 273, 275 SL 266
Buy Buy ABNUVO around 1408 Target 1442 SL 1392
Sell
Sell GM Breweries Current price Target 610, 602 SL 645
Sell
DIVISLAB October Futures around 1270 1206, 120 SK 1315
Futures
Buy Bharat Forge around 945 Target 955, 962
SL 936
Positional Call's
Futures
Buy RELIANCE Buy around 1108 Target 1150 SL 1088
Options
Buy INDUSIND BANK October 1240 CE 21 Target of 34 SL 15
** To Minimize Loss Follow Stop Loss
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