The Indian market closed a second down day of trade with moderate losses after another bout of profit booking. Global cues were not very supportive either with both Asia and Europe down. And also market based on sentiments & fear of Verdict on Ayodhya Case & atlast verdict prosponed for next week, SO i must say voletile move continue next week. Banks came in for a bit of a thrashing while some real estate, telecom and metal stocks were weak, too. Autos managed to provide some support to the indices and helped the Nifty stay above the 5950 mark. Sensex shut shop at 19861, down 80 points and Nifty at 5959, down 31 points from the previous close. The market breadth was negative with advances at 544 against declines of 731 on the NSE.
Next day trading session:
NIFTY is expected to test 5900 level, thereafter it may trade in a range. 5866 may act as a strong support level. INTRADAY-TRADERS are suggested to be cautious of long positions if traded below sustained 5930. BANKING, REAL ESTATE and CEMENTS may face selling pressure while FMCG, PHARMA and ENGINEERING STOCKS may attract buying.
Stock For Watch :
Orchid Chem: Buy above 210-211 if it cross with vol. than it can to uch 225-230 in near term.
Dena bank: buy around 105-106 with of 103 tgt 113-115
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