It was an interesting day of trade for the Indian market which opened gap-up in what looked to be an eight straight day of rally. However, profit booking in the second half of the session in technology, telecom, metal and select power companies including heavyweight RIL, saw the market erase most of its early morning gains and then close in the red. However, the Nifty managed to briefly cross the 5900 mark, for the first time since January 17, 2008. Global cues were quiet-to-flat today. Sensex shut shop at 19417, down 84 points and Nifty at 5828, down 32 points from the previous close. The market breadth was negative with advances at 352 against declines of 936 on the NSE.
In the next session
NIFTY if sustained below 5800, it may face correction up to 5650. However, 5900-5910 may act as astrong resistance level. Traders are suggested to avoid fresh long position, if NIFTY trades below this range. BANKING andMETALS are expected to face major correction while AUTO and IT may stay strong.
Stock for watch:
DLF: stock has given good breakout can touch 380-400 in near term one can buy SL of 330 (closing basis)
LT : if stock cross 1951 with vol than can touch 2150-2200 in near term.
ALso watch:
Apil
Aptech
Sunpharma
can give smart movement.
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