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Technical View: Nifty forms bullish candle, experts say create long side bets above 15,900

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The Bank Nifty outperformed the Nifty to settle with gains of 402.10 points at 35,212.

The Nifty rebounded and traded higher throughout the session to close more than half a percent higher on July 5, driven by banking & financials, metals, select auto, and FMCG stocks.

The index formed a bullish candle on the daily chart as the closing was higher than the opening level after forming a Hammer pattern on July 2. Experts feel 15,900 will be the crucial level to watch out for.

Though trading bias looks bullish, traders should wait for a close above 15,900 before creating long side bets, said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia.in.

The Nifty50 opened higher at 15,793.40 and hit the day’s high of 15,845.95 in the final hours of trade. The index climbed 112.20 points to close at 15,834.40.

As long as the Nifty sustains above the day’s minor gap area of 15,762–15,738, it can bounce to the higher end of the range by retesting lifetime highs of around 15,915, Mohammad said.

For a sustainable up move, the index needs a close above 15,900, which will open up a higher target of 16,300, he said.

In the next session, intraday traders can expect a minor hurdle at 15,846 on the upside, he said. Intraday support is placed at 15,738, and if the Nifty closes below it, then it can again make the index vulnerable to a bear attack, with an initial target close to 15,600.

Volatility continues to fall, hovering near its lowest level in 18 months. India VIX fell marginally by 0.19 percent from 12.09 to 12.06 levels.

On the options front, maximum Put open interest was seen at 15,500 followed by 15,000 strikes, while maximum Call open interest was seen at 16,000 followed by 16,500 strikes. Call writing was seen at 16,200 then 16,300 strikes, while Put writing was seen at 15,600 then 15,800 strikes. Option data indicated that the Nifty50 could see an immediate trading range of 15,600 to 16,000 in the coming sessions.

The Bank Nifty opened the gap up above 35,000 and moved in the position direction throughout the day towards 35,234. It outperformed the Nifty to settle with gains of 402.10 points at 35,212. It formed a bullish candle on a daily scale and negated its lower highs-lower lows of the last four sessions." The Bank Nifty has to hold above 35,000 to move up towards 35,500 and 35,750, while on the downside support is seen at 34,750 and 34,500," said Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services.

On the front of the stock, a bullish setup was seen in Muthoot Finance, Tata Power, IRCTC, Godrej Consumer Products, DLF, Pidilite Industries, Hindalco, NALCO, SBI, HPCL, Federal Bank, Manappuram Finance, L&T, Bajaj Finance, ICICI Bank, Axis Bank, and Divis Labs. Weakness was seen in NMDC, Adani Enterprises, Wipro, Bata India, Britannia, and Lupin, he said.
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IRDAI rejects licence renewal application of Alankit Insurance TPA

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Alankit TPA can appeal to the Securities Appellate Tribunal against this order. But since the renewal application is canceled, all contracts with insurers will have to close.

Insurance

Insurance Regulatory and Development Authority of India (IRDAI) has rejected the license renewal application of Alankit Insurance TPA (third party administrator). This was on account of the non-submission of business data.

This means that Alankit cannot use the word 'TPA' in its company name. All existing agreements with insurance companies and network providers will be discontinued. Alternate steps including the appointment of another TPA will have to be taken.

A TPA acts as an intermediary between the insurance company and the policyholder. When the policyholder wants to lodge a health insurance claim, she is expected to contact the TPA, which in turn identifies a network hospital and guides the customer.

IRDAI said that Alankit TPA did not comply with the minimum business requirements. Each TPA has set targets for policy servicing based on the number of years of its operation.

The regulator has said that Alankit TPA can file an appeal with the Securities Appellate Tribunal against this order.

In case of cashless claims, the TPA issues an authorization letter, coordinates with the hospital authorities, and after the treatment, collects the documents, bills, etc. from the hospital, and sends them to the insurer for settlement.

In the case of non-network hospitals, the policyholder pays first and later sends the claim documents to the TPA. The insurer then reimburses the policyholder. The TPA does not make a decision pertaining to the payment or rejection of the claim; its role is restricted to being a facilitator

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In January 2019, IRDAI had canceled the license of E-Meditek Insurance TPA citing financial irregularities.
Article Source:- Moneycontrol

India's manufacturing sector contracts in June; first time in 11 months: Survey

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The seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) declined to 48.1 in June from 50.8 in May.

The index fell below the critical 50.0 mark for the first time since July 2020. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.

The index fell below the critical 50.0 mark for the first time since July 2020. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.

India's manufacturing sector activities contracted for the first time in 11 months in June as rise in coronavirus cases and strict containment measures adversely impacted demand as well as resulted in job losses, a monthly survey said on Thursday.

The seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) declined to 48.1 in June from 50.8 in May.

The index fell below the critical 50.0 mark for the first time since July 2020. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.

The latest reading highlighted renewed contractions in factory orders, production, exports and quantities of purchases. Moreover, with business optimism fading over the month, job shedding continued, the survey said.

COVID-19 restrictions also curtailed international demand for Indian goods and new export orders decreased for the first time in ten months.

"The intensification of the COVID-19 crisis in India had a detrimental impact on the manufacturing economy. Growth of new orders, production, exports and input purchasing was interrupted in June as containment measures aimed at bringing the pandemic under control restrained demand," Pollyanna De Lima, Economics Associate Director at IHS Markit, said.

Lima, however, noted that in all cases, rates of contraction were softer than during the first lockdown.

Business confidence was dampened in June by uncertainty over when the pandemic can be brought under control. Companies were at their least optimistic for almost a year. "As a result of subdued optimism, jobs were shed again in June," Lima said.

On the price front, input costs increased further in June, with firms reporting higher prices for chemicals, electronic components, energy, metals, and plastics.

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Additional cost burdens were again transferred on to clients, with goods producers hiking their fees for the tenth straight month, the survey said.

"Out of the three broad areas of the manufacturing sector monitored by the survey, capital goods was the worst affected area in June. The output here declined at a steep rate due to a sharp fall in sales.

"The sector also saw the fastest contraction in buying levels and was the only to post job shedding," Lima said.

Article Source:- Moneycontrol

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