Yesterday Ignoring weak global cues Indian Indices traded in range bound and gave an upside movement in the final hour of the session with huge buying activity over TELECOM, CEMENT and AUTO SECTOR. SENSEX closed at 16741, up 169 points and Nifty at 5019, up 49 points from the previous close.
The US Stocks rallied and closed in positive terrain, The Dow jones closed at 10249.54, up by 225.52 points, Nasdaq closed at 2281.07, up by 58.74 points, S&P 500 closed at 1098.38, up by 27.67 points from the previous close.
Now 4945 is strong support for Nifty and at upper side it may take resistance around 5080, Nifty is expected to trade in 4945-5080 range. If Nifty sustain above 5080 then it can touch 5135-5175, otherwise we expect selling pressure around this level. Traders are suggested to book profit at higher levels, and buy on dips with strict stoplosses. Investors can look for fundamentally strong stocks at dips. Monssons on time will further help for Indian market.
STOCK for Watch:
BHARTI AIRTEL if sustain above 275 then it can touch 285-295 in near term.
TCS watch for quick movement.
VIJAYA Bank looking good for short term.
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