Yesterday markets opened gap up and continued the rally but all was given away in the last hour as market plunged to the selling pressure due to profit booking mainly. It closed at 7912 after a gap up opening. Infra and IT stocks were the main reason which saw maximum correction and banking sector on the other hand remained strong.
ICICI Bank, SBI, Coal India, Axis Bank and ONGC were top gainers while Wipro, BHEL, Hero Moto Corp , ITC and Infosys were losers in the Sensex.
Bank Nifty closed positive for the day gaining 287 points closing at 16637.Bank nifty made a high of 16770 but came down forming a bearish candle pattern.
Our ultimate target of 16750 achieved successfully. Now we expect some profit booking as the both Nifty and Bank Nifty Plunged after a gap up opening.
We again managed to book profit in our calls. Booked full profit in our premium call of Titan at 382, was asked to buy at 362—360.
Also Vedanta was asked to buy at 101.5—101 , we booked handsome profit at 108.
IOB, our another premium call proved great, asked to buy at 31, and we booked profit in it at 32.15
What else you want???
Now what next for today??
Nifty futures now has a resistance at 8000. A further bullish rally will be witnessed only above 8000 mark else it could test its support level of 7860 again.
Break and sustain below 7860 will see more downside panic till 7820---7765 mark.
On the other hand....
Bank Nifty futures has resistance at 16800, any bullish momentum will see only close above this level else it could test its support level of 16500---16400 again. More and more panic will see only weekly close below 16400 mark.
Today's top pick will update during market hours
Trade with levels only. Anything seems will update!!
