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Topic :- Share Market Closing Note
The Sensex was up 610.80 points or 1.83% at 33917.94, and the Nifty up 194.50 points or 1.90% at 10421.40.
About 1380 shares have advanced, 1341 shares declined, and 210 shares are unchanged.
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Topic :- Time:3.05 PM
Nifty spot close above 10420 will result in some quick upmove in coming trading sessions and close below above mentioned level will result in some sluggish movement. Avoid open positions for tomorrow.
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Topic :- Time:2.30 PM
GOLD Trading View:
GOLD is trading at 30360. It will find its immediate support at 30280 level. If it manages to hold above 30280 level then it is likely to show some quick upmove and is expected to test 30480-30500 levels quite soon. Buy on every decline till it holds above 30280 level is recommended in it.
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Topic :- Time:2.05 PM
Just In:
Nifty PSU Bank hits fresh 19-month low; 8 banks hit respective 5-year lows
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Topic :- Time:2.00 PM
Nifty spot is trading at 10358. If it manages to trade and sustain above 10365 level then expect some upmove and if it breaks and trade below 10340 level then some profit booking can be seen in the market. As nifty is trading in critical zone so one should avoid agressive trading. Though nifty is up but sentiments are still not supporting with new scams in banking getting highlighted daily.
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Topic :- Time:1.45 PM
Just In:
Unitech properties , not under litigation, to be auctioned by Supreme Court to refund home buyers.
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Topic :- Time:1.40 PM
I-T dept uncovers Rs 5,200-cr fake diamond receipts; Mehul Choksi, Nirav Modi may be party to scam:
The Income Tax department has busted an about Rs 5,200-crore scam of fake receipts, which were used to inflate books and avail loans.
According to sources, Mehul Choksi and Nirav Modi - who are at the centre of the Punjab National Bank fraud - also used these fake receipts to show fictitious revenue turnover in their books.
Two weeks ago, the Income Tax (I-T) department raided a company based in the Bharat Diamond Bourse, in Mumbais Bandra Kurla Complex in connection to the scam. This company allegedly issued the fake receipts.
Bharat Diamond Bourse is home to about 2,500 diamond traders.
A senior official of the I-T department told Moneycontrol, There are some businesses that issue sales and purchase invoices, and charge 1 percent of the total value as commission. These invoices are used to inflate revenue in the books. These invoices are used to draw pre and post shipment credit from banks.
Another source in the investigation agency added: Department has found that Mehul Choksi and Nirav Modi used fake receipts for inflating volumes in their books. Inflated books helped them take larger amount of loan from banks.
These fake receipts, issued between 2011 and 2016, could be worth about Rs 5,200 crore.
An executive from a listed diamond company explained the modus operandi. In diamond market, there are about 10-12 companies that actively use fake receipts.
These companies issue fake invoices for sales and purchase, without any movement of inventory, for a commission of 1-2 percent. These invoices are used to inflate the sales, and draw higher credit limits from the banks, against receivables. These companies offer local as well as export bills, from their entities based in overseas locations such as Hong Kong, Dubai and Singapore.
Another executive from the industry pointed out that a similar investigation was conducted about two years ago, but was dropped due to immense political pressure.
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Topic :- Time:1.30 PM
COPPER Trading View:
COPPER is trading at 450.80. If it breaks and trade below 450 level then expect some further decline in it and above 451.50-452 levels some upmove can be seen however 454-454.50 levels to be watched out for as immediate resistance.
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Topic :- Time:1.00 PM
Nifty is trading absolutely flat. Nifty spot if manages to trade and sustain abvoe 10340 level then expect some upmove and below 10300 level some profit booking can follow in the market. Avoid big trades and trade with stoploss.
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Topic :- Time:11.30 AM
News Wrap Up:
1. Nifty reclaims 10,300 levels; ITC, Tata Steel key gainers
2. Modi govt may give homebuyers a big say in its bankruptcy fight
3. L&T construction arm bags orders worth Rs 2,597 cr
4. Govt in a fix over Rs 34,000-crore missing GST
5. Ministerial committee may pave way for ArcelorMittals Essar Steel bid
6. Enforcement Directorate, SFIO lens on Rs 54-bn loans to Usha Martin group
7. Andhra Bank hits 14-yr low as ED files chargesheet against ex-bank official
8. Deutsche Bank values asset management at up to 7.2 billion euros in IPO
9. PNB fraud case: RBI must be kept out of the mud slinging
10. Signed biggest deal with Safran Group worth $12.5 bn: SpiceJet
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Topic :- Time:11.00 AM
Nifty spot is trading at 10329. If it manages to trade and sustain above 10340-10350 levels only then quick upmove is expected in the market and if it breaks and trade below 10310-10300 levels then some profit booking can be seen in Nifty.
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Topic :- Time:10.30 AM
After positive opening nifty is still trading in positive zone but little flat. Nifty spot if manages to trade and sustain above 10340 level then expect some further upmove in the market and if it breaks and trade below 10310-10300 levels then some profit booking can be seen in the market.
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Topic :- Nifty Opening Note
Indian Stock Market Trading View For 11 March,2018:
Volatility to continue in the market with sell on rise approach in this week. Global cues to be eyed.
Nifty spot if manages to trade and sustain above 10260 level then expect some upmove and if it breaks and trade below 10180 level then some profit booking can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.