By making a small White Candlestick on yesterday, Nifty continuing its uptrend in the market. The markets traded very range bound with no major movement till the announcement of the RBI’s Credit Policy. RBI hiked the Repo Rate by 25 bps from 5.50% to 5.75% and also the Reverse Repo Rate by 50 bps from 4.00% to 4.50%, keeping the CRR (Cash Reserve Ratio) unchanged. Since it was already discounted for, a good bounce back was witnessed after this announcement specially in the rate sensitive stocks like Banking, Realty & Infra and Autos. For the day, Nifty made a high of 5450.95 and a low of 5407.20. Finally, it closed at 5430.60 (making it a fourth consecutive session to give closing above the levels of 5400).
Even with the major trigger of interest rate news and the big boy RIL's result (declared after closing market yesterday), Nifty Futures could not break the range points between 5380–5480, made from the last 4 days in view of cautious mood of market participants . Now RIL's result is out and as per market expectation. On the upside the 5480 mark is acting as a major barrier and market is trying to break that barrier from past 2 days but in vain. Only a close above this level with good volumes and momentum will take Nifty Future towards the 5550–5600 target zone. On the down side Nifty Futures has to break the major support 5350 level to negate the up ward momentum and test the next major support @ 5250.
RECO FROM DIFFERENT BROKERS:
FAIRWEALTH SECURITIES PVT. LTD.:
Cairn India: Buy above Rs 336 for target of Rs 344-350 and stop loss of Rs 328.
Jet Airways (India): Buy above Rs 651 for target of Rs 659-676 and stop loss of Rs 643.
ICICI Securities recommends `Add` on Dena Bank with a target of Rs 107 as against CMP of Rs 99
Ambit recommends `Buy` on Union Bank with a target of Rs 465 as against CMP of Rs 320
Kotak Securities recommends `Accumulate` on Indian Bank with a target of Rs 250 as against CMP of Rs 222
WATCH RELIANCE INDUSTRIES TODAY. YESTERDAY'S AFTER MARKET HOUR RESULT MAY SHOWN ITS IMPACT ON MARKET TODAY.
Disclaimer: I have some RIL in my portfolio.
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