Yesterday Markets started strong for the day but witnessed selling pressure in the middle hours. European markets could not pull the markets down and both Nifty and Sensex closed flat for the day. Bank Nifty remained strong throughout as it gained 127 points closing at 16349 closing just above its resistance level.
Some analysts are of the view that the strength shown by Indian markets is pure technical and there is nothing fundamental which is driving the market force. Also consolidation can be a part of the process but Nifty touching 8000 levels look very certain as market remained strong for the 6th consecutive day.
Despite up and down in Nifty today we booked profit in our calls.
Titan proved great which was asked to buy at 362—360, and profit booked at 371.70.
Our Premium call of VEDL also proven great. We booked profit around 106.50. It was asked to buy at 101.50—101.00 levels.
We booked part profit in our another buy call of Cipla which made a high of 531.
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Now what next for today??
Nifty Futures has an upper resistance at 7960, a break above this level can expect Nifty futures to touch its nearby target of 8000---8030---8070.
8100 act as major hurdle else it could test its support level of 7860 again. Further panic will see only close below 7860 mark.
Bank Nifty futures on the other hand closed above its resistance level of 16400 at 16412, so it can rally up if strength persists. If Bank nifty sustains above 16420 levels, we can expect it to touch 16700—16800 levels.
More and more power we will see on weekly close above 16800 levels now. Positional support stands at 16000 level.
Today's Top Pick
Hope you all enjoyed rally in Hind uniliver... Clearly indicated to buy in panic around 880. It made a high of 906.
Above 910.... we will see further upside rally till 925---940+ mark in days to come.
Traders holding long as per our level can book part profit and revise stop loss at cost to cost.
ICIL... Too made a fresh high of 1075. Hold long.
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