Previous Market:
The market has ended the August F&O expiry day on a positive note after a range-bound trading session. Opening higher despite flat global cues, the market had pared early morning gains and continued to trade within a fixed range. However, past noon, the market witnessed more volatility but managed to end in the green, Selling pressure over REALITY, AUTO and IT stocks drag the indices down. SENSEX closed at 18226, up 46 points and Nifty at 5477, up 15 points from the previous close. The market breadth was negative with advances at 528 against declines of 739 on the NSE.
The weekly inflation numbers for the week ended August 14 was reported to have dropped. The Primary Articles inflation came in at 14.75% versus 14.85%, on a week-on-week basis, while food inflation fell 10.05% versus 10.35% a week earlier. Food inflation slowed for a second straight week as the government maintained restrictions on the export of farm products to cool prices. Only the fuel group inflation remained unchanged at 12.57%. However, the markets failed to react to a drop in the inflation numbers.
Next Day Trading Session:
In the next session, 5450 may act as a good support level in NIFTY, below which it may test 5410. However, NIFTY is expected to trade in the range 5410-5495. Traders are suggested to follow the strategy of selling at rise as long as NIFTY is trading below 5520.
IT may attract selling pressure while CEMENT and FMCG may attract buying.
Stock for watch:
Crompton Greave Ltd :Huge vol. build up keep watch on this counter for few session as it is tradeline breakout.Buy on dips to 297 with sl 290 for tgt 325-330.
Eicher Motor Ltd:Chart showing long channel breakout with a huge vol. might show 5-8% up side move.
HDIL:Chart showing tradeline break down will get next support at 262.
Ruchi Soya Industries Ltd :Keep eye on this counter huge vol. build up buy on dips.
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