Yesterday, As we said in earlier post Nifty is facing Resistance at higher levels or Profit booking. In the earlier hours Indian market traded almost Flat but in end of the day selling pressure led it to close on weak note.
Sensex closed at 17590, 121 points down & Nifty at 5262, 40 points down from the Previous close.
The US markets closed flattish with a positve bias. The Dow jones closed at 10907.42 up by 11.56 points, The Nasdaq closed at 2410.69 up by 6.33 points. The S&P 500 closed shop at 1173.27, up 0.05 points.
The Asian markets are trading mixed. The Nikkei average is at 11130.98, up 33.84 points from its previous close. The Hang seng has slipped 20.27 points to 21354.52 levels. The Kospi has declined 0.55 points to 1699.64 levels. The Shanghai composite is currently at 3115.19, down 13.28 points.
Today is the last trading day of the Financial Year, So there could be some amount aggressive profit locking or loss Booking exercise to carry forward the losses to the Next financial year.
The trend may not be clear but there are lots of positive expectation from quarterly results. Volatile session expected with support levels 5248-5200, Nifty face resistance around 5315-5335 levels.
Cement & Real Estate sectors may looking attractive.
Stock for Watch:
Andhra Bank: Buy Around 103-105 sl below 100 for tgt 113-118
Balrampur Chini: Buy around 95 levels with sl 89 for tgt 106-110.
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