Nifty 8742 / Sensex 28412/ Bank Nifty 19837
26 Advances /24 Declines/ 1 Unchanged
Sensex ends range bound session higher, Nifty fails to hold 8750
The market continued its consolidation for the second consecutive session Thursday as investors were cautious ahead of Federal Reserve's two-day policy meeting next week.
Benchmark indices ended range bound session on positive note as the 30-share BSE Sensex gained 40.66 points at 28,412.89 on account of late buying in index heavyweights Reliance Industries, ITC and HDFC.
Nifty formed a spinning top in charts suggesting mixed behaviour of the investors. Still further correction can’t be ruled out as no clear signal of bulls returning has been seen on charts and if further levels are broken then a good correction can be expected in the market.
However, the selling in banks and auto stocks kept the market in check. The 50-share NSE Nifty failed to hold 8750 level touched in late trade, up 15.95 points at 8742.55. The market breadth remained positive throughout the session as about 1459 shares advanced against 1259 declining shares on the BSE.
FII activity
Foreign institutional investors were net sellers in previous three consecutive sessions with outflow of Rs 1,400 crore.
Now what to expect next??
Nifty future levels
Nifty has immediate support at 8680 and resistance at 8780. A move above 8780 will take to 8850—8880 mark else it to test its support of 8680.
Downside panic only on close below 8680 mark
Trade with levels only.
Today's Top Pick
HDFC Bank... Above 1285 will see upside rally till 1300---1310. Support and stop loss below 1270.
