After 10 days of a bull run, the Indian market took a breather and came in for a bout of profit taking. After some choppiness it, however, managed to come off the lows of the day and close with small losses. Sectors that were weak today included capital goods, infrastructure and IT while those that provided good support were banking and financials plus auto. Sensex shut shop at 19941, down 59 points and Nifty at 5991, down 18 points from the previous close. The market breadth was negative with advances at 422 against declines of 866 on the NSE.
Next day trading session:
NIFTY is expected to trade in the range 5945-6045. REAL-ESTATE, CEMENTS and METALS STOCKS may face selling while PHARMA and FMCG may attract buying in the next session. For the next session traders aresuggested to sell at rise as long as NIFTY is trading below 6045.
For today NIfty support 5945 & 5900 Resistance around 6022-6040.
Stock for watch:
Sbi: Looking good on chart trader can on dip With sl of below 3120 tgt 3225-3250.
Gitanjali gem: stocks can touch 250 in near term.
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