Nifty 8777 /Sensex 28507/ Bank Nifty 19828
27 Advances /23 Declines/ 1 Unchanged
Sensex, Nifty flat after consolidation; outcome of Fed meet eyed
The market closed rangebound session on a flat note Wednesday as investors remained cautious ahead of outcome of the Federal Reserve meeting later today.
The Sensex jumped 166 points intraday and the Nifty climbed over 8800 level after the Bank of Japan's (BoJ) action but wiped out those gains in late trade.
The 30-share BSE Sensex was down 15.78 points at 28507.42 and the 50-share NSE Nifty rose 1.25 points to 8777.15.
Investors feel that once the Federal Reserve event gets priced in, the market may gain strength and start moving towards its record high.
FIIs selling Rs 1,150 crore worth of Indian equities on Tuesday was one-off today.
Shares of ITC, ICICI Bank, SBI, Reliance Industries, ONGC and L&T were down 0.2-1.3 percent. Bharti Infratel (up 4.7 percent) and Eicher Motors (up 3.3 percent) were top gainers on the Nifty. Infosys, HDFC Bank, Axis Bank, HUL, Tata Motors, HDFC and Tata Steel gained 0.2-1.00 percent
We managed to book profit despite range bound market.
We booked part profit in Yes bank future at 1224 and it was recommended to buy around 1180.
Another part profit was booked in Century textile around 900 CE around 29---32 premium and it was asked to buy around 16---14 premium.
Now what to expect next??
Nifty and Bank Nifty levels
Nifty has immediate support at 8780 levels and resistance is at 8880.
A move below 8780 can take Nifty future to test its next support of 8720—8680 levels else it could test its resistance level of 8850---8880 again.
Further upside rally will see only close above 8880 mark.
On the other hand... Bank Nifty has immediate support at 19800 and hurdle is intact at 20100. Break and sustain below 19800 will take it to 19600---19500
Else it could test its resistance level of 20100 again.
Further upside rally possible only on close above 20100 levels.
Yesterday's Fed statement and projection report gives benefit to emerging markets.
Today's Top Pick
Hope you all are enjoying rally in Yes Bank... Still trend looks positive.
Today traders can concentrate on Zee Entertainment Enterprise Ltd.
Above 530... We will see rally till 538---544+ mark.
Support and stop loss at 522.
