Nifty 8179/Sensex 26713/Bank Nifty 17423
25 Advances/24 Declines/2 Unchanged
Nifty ends below 8200, Sensex steady; SBI, Tata Motors laggards
“S&P BSE IT, S&P BSE FMCG, S&P BSE TECk among Gaining sector, S&P BSE Auto, Bank Nifty, S&P Capital Goods among draggers”
Nifty 50 has been in upward trend for long time and today it traded flat and in range as it gave indication of short term consolidation or short covering on account of previous 5 day bull rally and traded weak on latter half of session as domestic Auto Q 4 numbers continue to disappoint and took market toward short term panic or a healthy correction. Nifty 50 opened positively at 8179 and from there made high of 8215 and made low of 8171 before panic dominated few domestic sector on latter half of trading session and finally closed at 8180 or with increase of 0.24 to index.
Key highlights of 1st June:
Sensex ends off day's high, Nifty fails to hold 8200; SBI sinks.
Maruti Suzuki May sales up 7.1%, exports decline 20.8% .
Jet Airways, InterGlobe slips as ATF price hiked by 9.2%.
Goldman Sachs sees 26% upside in Britannia stock, rates it a buy .
CLSA downgrades RCom to 'sell' post Q4; BofA Merrill too bearish .
Expect GDP to accelerate by 7.8% in FY17: Credit Suisse .
Hero MotoCorp sales rise 2% at 5,83,117 units in May.
Zee Learn not to go ahead with Tree House merger.
Our Blog call To Buy DFL(Cash/Fut) around 130.50--130 proved great as DLF made high of 134.35 before settling at 133.50 on closing.
We recommended Buying Coal India (FUT) around 294--292.It made a high of 301.70 before settling at 300.30 .We Booked part profit around 302--303.
We also recommended buying Crompton (cash) around 64.50--64. It made a high of 69.25 before it closed at 68.55.
“Hope you all Minting money”
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Now what next??
Nifty Future showing near term crucial resistance at 8230. If this level is breach and sustain then we will see further upside rally till 8280—8350.
It has near term support intact at 8120. Below 8120 we will see further downside panic till 8050---7980 and then to 7900 mark.
Remember... Three consecutive closes + weekly close above 8000 will take to 9100---9200+ mark in days to come.
Positional stop loss below 7650
Today's Top Pick
We will bet on Reliance... To know more about the levels. Download our Application.
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