Nifty 8203/Sensex 27763/Bank Nifty 17887
22 Advances/29 Declines/0 Unchanged
Global fall, Infosys, profit taking drag Sensex 257 pts; Nifty holds 8200, RIL gains
European stocks like France's CAC, Germany's DAX and Britain's FTSE fell around a 1 percent (at 16 hours IST) on global growth worries and negative lead from Asia.
It was a profit booking session for Indian markets as market could not cross 8300 levels. Also the Gobal ques kept the market choppy with heavy weight Infosys also cracking 4 %, NSE Nifty declined 69.45 points or 0.84 percent to 8200.60 while the broader markets remained sideways.
The 30-share BSE Sensex plunged 257.20 points or 0.95 percent to 26763.46
While Bank Nifty fell 59 points closing at 17887.PSu banks like SBI, PNB, Canara Bank seemed to be gaining strength this time. We can expect some profit booking at current levels and it can again give us good levels to buy again.
Our recommendations...
We booked part profit in M&M finance around 342,it was advised to buy around 336—334.
Yesterday we recommended buying in PNB. Too skyrockted from 81 to 84.50.
We asked our subscribers to buy SBI at 203, booked profit at 209.
Now what to expect today?
Nifty futures managed to close above the support level of 8200. Below 8200.... we will see more downside panic till 8120----8080 and then to 8000 mark else it could test its resistance level of 8280---8320 mark.
Overall trend looks positive and above 8000 target intact 9100---9200 mark in days to come. So wait for dips to buy instead of going aggressive short positions. Nimble and intraday traders can trade with levels only.
Now traders have a close eye on FOMC meet which is scheduled on 15th June. Till date we will expect range bound trading with high volatility. So trade safely and wait for confirmation
Today's Top Pick
Hind uniliver... Yesterday we have seen sharp downside move in it and we will expect that this panic remain continue in today's trading session too. Below 885... panic remain continue till 860---850 mark.
On rise sell it around 885 with stop loss of recent High of 910 for the downside target of 860---850.
(Trade less quantity)
More will update soon!!
