Nifty 8727 /Sensex 28372/ Bank Nifty 19909
31 Advances /20 Declines/ 0 Unchanged
Nifty holds 8700 amid consolidation; Reliance Capital top midcap gainer
Equity benchmarks recovered in late trade as the Sensex gained 18.69 points at 28372.23 and the Nifty up 11 points at 8726.60.
The broader markets outperformed smartly, rising over a percent. About 1742 shares advanced against 965 declining shares on the BSE.
Banking stocks contributed the most to index recovery. Reliance Capital and Jain Irrigation were top F&O gainers whereas Castrol and Just Dial were top losers.
Nifty seems to have entered in consolidation mode and may continue to move in a range as 8880—8680 as it has been doing it since two consecutive session as Investors maintain stock specific approach as we saw a flat trading session of market with some range bound volatility and improved in the latter half of the session as midcaps and Bank nifty provided market with some much needed lift.
Our Call to Buy India Cements (cash) around 146.50—145.50 proved great. It flared and made a high of 150.65 before closing the session at 150.20.We booked part profit at 150.35.
Now what to expect next??
Nifty future levels
Nifty has immediate support at 8680 and resistance is at 8780.
Close above 8780 will take to 8850--8880 mark else it could test it's support level of 8680 mark.
Further downside panic will see only close below 8680 mark.
Trade with levels only
Today's Top Pick
Yesterday we have seen most of the stock bounced back sharply. Don't jump to buy aggressively at this stage. We need confirmation on weekly closing basis for confirmation.
Today you can buy LIC housing finance in small quantity around 575 with stop loss of 560 for the initial target of 590---600.
Yesterday we have seen most of the stock bounced back sharply. Don't jump to buy aggressively at this stage. We need confirmation on weekly closing basis for confirmation.
Today you can buy LIC housing finance in small quantity around 575 with stop loss of 560 for the initial target of 590---600.
