Is there anyone who told you that market will gear up?
Didn’t the market cheer us all yesterday?
It definitely did!!
It was Modi Government’s 2nd year anniversary and investors were gifted with a strong rally by the stock market. Bulls took complete control over Dalal Street on Thursday, the expiry day for May Nifty derivative contracts. Value buying in infra and banks helped the Sensex (that rallied more than 500 points intraday) and Nifty end at fresh 2016 closing high.
The Nifty ended the May F&O series at 8070, up 134.75 points or 1.7 percent while the Sensex was up 485.51 points or 1.9 percent at 26366.68.Bank Nifty gained and rallied as well 361 points and closed at 17359.
Larsen and Tubro gained humongous 15 % post strong Q4 results. Morgan Stanley has an overweight rating on the stock with an increased target price of Rs1596 per share factoring in a rise in market multiple.
Our calls continue to impress our subscribers.
We booked part profit in Tata Chemical around 440, it was advised to buy at 422-425.
We booked part profit in our Nifty future call around 7974, It was advised to buy around 7840—7820. Still holding long in it.
Our Blog call of Axis rocketed and made a high of 523 .It was advised to buy above 500.
Still not able to mint money... then need not to worry. Watch more!!
Now what next for today??
Nifty closed above its resistance of 8000 levels at 8070 which is a great positive for market. Three consecutive closes + Weekly close above 8000 level will see mind blowing rally in it.
It unable to breach its support level of 7650 and skyrocketed sharply. Now support at 7800 mark and we will maintain our buy rating in Nifty.
Now Nifty June is trading at 8082,if the positive momentum continues it can touch levels of 8140--8150 where a resistance can be seen. Break and sustain above this level will take nifty futures to 8220 levels.
Immediate supports are present at 7970--7940.
Bank Nifty june future on the other hand is trading at 17304. A continue in the bullish momentum can make it to test its next resistance of 17445 and then to 17560.
Supports are present at 17200---17000.
Today's Top Pick
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More will be update soon!!
