Yesterday Indian market sustained yet another pressure session. It opened in flat to negative and remained flat for most of the day till it was last hour that picked the market to some extent.
The Sensex closed 75.11 points or 0.3 percent at 25305.47 and the Nifty was up 17.80 points or 0.2 percent at 7748.85. About 906 shares have advanced, 1598 shares declined, and 182 shares are unchanged. NTPC, ICICI Bank, Tata Motors, Tata Steel and Asian Paints were top gainers while Sun Pharma, Bajaj Auto, TCS, GAIL and BHEL were losers.
Jubilant Foodworks was the most active stock on exchanges after CSR report saying the bread available in India could be laced with toxic chemicals and may have toxic chemicals that can lead to thyroid disorders and cancer.
Analysts believe that Nifty expiry will be between 7800 and 7700. A break below 7700 shall be considered bearish for the Nifty and this is a strong support held by Nifty.
Although for the next month Nifty can still pick up momentum ahead as the New Delhi-based weather forecaster Skymet raised monsoon forecast to 109 percent of LTA against 105 percent earlier.
Our subscribes gained from our calls...
We booked full profit in our STBT call of Amaraja Battery around 904—902, it was advised to sell around 918.
Another STBT call of Wockhardt pharma proved great.
Also booked profit in BHEL around 116.90, and it was advised to sell below 118.
Now what next??
Now Nifty futures managed to close above 7750 and settled at 7762.
Nifty futures still has same support at 7680---7650 and then a strong support at 8050 level. Two consecutive closes + weekly close below 7650 level will be highly negative for the market and we expect a big fall in the market.
Else a resistance at 7780 is the nearest resistance, and a break above this level will take Nifty futures to 7820—7850 and then to 7940 mark again.
Our Top pick..
BPCL crashed and made a low of 892. Told to sell below 910 mark.
Below 890 will see more downside panic till 850---840 mark in days to come.
Fresh top pick will update on our application during market hours.
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