The market opened gap up on Monday, the first day of the month August at par with Asian Markets and strong global cues. It moved on a range bound throughout the session with positive bias. Market participants were seen buying mostly banking stocks on the back of some better-than-expected Q1 earnings reports from leading banks. A good despatch figures for the month of July from Auto sectors too helped market sentiment to an high extent. The Sensex, which made a high of 18,104 in late afternoon trade, closed the session at 18,081 gaining 212 points and the Nifty settled at 5431, a gain of 64 points after touching a high of 5438 during the closing hours. Stocks from the Reality, Metal, FMCG, Oil & Gas pack etc, closed with gains besides Banking and Auto. However, stocks from the IT, Healthcare and Power did not find favour from the Investors and remained subdued. The market breadth remained strong throughout the session as out of 3049 stocks traded on BSE, 1762 stocks recorded gains and 1153 stocks declined. 134 stocks ended flat.
NIFTY future (CMP 5434.35) opened gap up on strong global cues and remained firm throughout the session making day’s high at 5442 in closing hours. The counter remains positive on charts and may move further up to 5479 once it remains and trades above 5449. Strong support for the NF exists around 5415 which if breached decisively then NF may slide to 5398/5377.
FOR TODAY: Nifty Futures has broken the triangle pattern on the upside, which was forming from the previous 12 session, and is well poised to move higher. On the upside Nifty Futures will test the time, with major resistance standing in at 5480 zone. Only a positive support from the global markets and a positive commitment from the local markets backed by good volumes will move it higher towards the next major resistance 5500–5600 area. On the down side, it has a support around 5350 area, and a break of this support will take Nifty Futures towards the next major support around 5250 zone.
Global cues are positive at present. European as well as American markets closed yesterday with a decent gain. All Asian markets are trading higher. Nikkei is up for more than one percent. SGX Nifty is up 17 points and trading at 5457 at present.
Global cues are positive at present. European as well as American markets closed yesterday with a decent gain. All Asian markets are trading higher. Nikkei is up for more than one percent. SGX Nifty is up 17 points and trading at 5457 at present.
Nifty may open flat to positive and will try to trade around 5455-5460. Any positive news/trigger will help Nifty to pass through the recent high and also the resistance zone 5475-5478.
RECO FROM BROKERS:
FAIRWEALTH SECURITIES PVT LTD.: Buy Yes Bank above Rs 308 for target of Rs 316-324 and stop loss of Rs 300.
Buy Adani Enterprises above Rs 611 for target of Rs 622-632 and stop loss of Rs 600.
Buy BGR Energy above Rs 783 for target of Rs 793-800 and stop loss of Rs 773.
Prabhudas Lilladher recommends `Accumulate` on Reliance Infrastructure with a target of Rs 1,201 as against CMP of Rs 1,127
Emkay Global recommends `Accumulate` on Jubilant FoodWorks with a target of Rs 400 as against CMP of Rs 370.
Kotak Securities recommends `Buy` on Andhra Bank with a target of Rs 163 as against CMP of Rs 143.
Bajaj Hindustan after its recent decline has taken supports at lower levels and is on a rebound. The stock has immediate resistance at its 116-116.50 levels above which the stock can head towards its 123/130 levels whereas on the downside support for the stock is seen at 113 levels. There is a news for decontrol of sugar prices in first or second week of September, 2010.
India Cement after declining from its 143 levels has found supports around its 104 levels and is on rebound. The stock if continues to manage its this level can continue the pull back towards its 119 levels in medium term.
NOTE: TRADE SAFE. TRADE LIGHT FOR THE TIME BEING. TRADE WITH PROPER STOPLOSS.
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