Nifty 8774/Sensex 28423/Bank Nifty 19788
27 Advances /24 Declines/ 0 Unchanged
Sensex, Nifty end in red; Reliance down 3%, Bharti slumps 6%
Revolution in Telecom industry: Ambani's datagiri; Jio to come with free calls, cheap data.
After a very choppy day, the market ended in red. The Sensex slipped 28.69 points or 0.1 percent at 28423.48, and the Nifty was down 11.55 points or 0.1 percent at 8774.65. About 1084 shares have advanced, 1645 shares declined, and 176 shares are unchanged.
All telecom stocks were badly hit. Bharti was down 6 percent, Reliance fell 3 percent while BHEL, Wipro and Adani were losers in the Sensex. GAIL, Tata Motors, ICICI Bank, Lupin and Coal were gainers in the Sensex.
Bank nifty on the other hand remained flat and closed at 19788.
It was a tough day as market remained very volatile but we managed to book profit in momentum trades.
We booked full profit in Idea Future, It was advised to sell below 90 and we booked full profit at 83.50 while it made a low of 82.90. Lot size is 5000.
Another full profit was booked in Rec ltd options recommendation around 13—15 and it was recommended to buy around 7.66. Lot size 3000.
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Nifty and Bank Nifty future levels
Nifty could not sustain the high and came in profit booking after a good rally yesterday.
Now nearest hurdle stands at 8855---8888. Further upside rally will see only close above 8888 mark. It seems that Nifty future like that Nifty may face strong resistance at upper levels. Correction still due in the market. Upper side seems limited at this stage but trade with levels only.
Intraday.. Support at 8790. A break and sustain below 8790 will see downside panic till 8720---8650 and then to 8580 mark.
Be cautious at upper levels while Bank Nifty has hurdle at 20000 and support at 19800.
Trade with levels only
Today's Top Pick
Yesterday.. our sell call in Idea proven great. We will expect more downside panic in today's trading session too.
On rise sell it around 85---86 with stop loss above 90 for the downside target of 76---72.
