It was 5th consecutive trading day that the market remained positive and surged close to 5.8% in five days.
The 30-share BSE Sensex increased 72 points to 26725.60 and the 50-share NSE Nifty rose 21.85 points to 8178.50 while the broader markets marginally outperformed. The BSE Midcap and Smallcap indices gained 0.4 percent each. About 1374 shares declined against 1233 advancing shares on Bombay Stock Exchange. IT stocks gained while HDFC group and FMCG stocks saw selling pressure.
Bank Nifty closed at 17520 gaining 8 points although forming a bearish candle. It suggests we can expect some profit booking and then again a rally afterwards. Market is now on a bull run and buying on dips should remain the strategy with selective stocks.
Our recommendations....
We opened new position of our subscribers as market has a direction now, and soon we will booking profit in all our recommendations.
Now what next??
Nifty future now has support at 8150---8080 and resistance at 8240. A small profit booking could see below 8080 for the downside target of 8020---7970 and then to 7900 mark and then market to rise again.
It has immediate resistance at 8240 and a move above this level can take it to 8280---8350+ mark in days to come. Nifty has started moving towards 9000 levels although correction and consolidation will be part of the process.
Today's Top Pick
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