"It is not the strongest of the species, nor the most intelligent that survives, but one that is the most adaptable to change" - Charles Darwin.
The market opened flat yesterday and moved range bound with negative bias till early noon when a spate of buying in front line stocks changed the sentiment altogether and the indices inched upwards and pared all its earlier losses at close. The market participants were seen picking up stocks belonging to the reality, FMCG, metal, capital goods and power sectors. Further, banking and pharma stocks remained in demand whereas IT, auto and oil stocks remained laggards almost throughout the session. Nifty closed at 5222, more than 50 points off the day’s low, gaining 24 points. Shares belonging to the ADAG Group remained the star performer yesterday and closed with sharp gains. The market breadth remained positive.
Nifty future may further move to 5259/5284 once it trades and remains above 5245. Strong short term support for the NF exists at 5209 which if breached decisively with volumes then NF may slip to 5184/5162.
In my view, WE ARE AT UPPER END OF THE 4750-5250 RANGE. AND WE HOPE A DOWN WAVE COULD START TODAY AFTERNOON SESSION OR TOMORROW.
FOR INTRADAY: SAFE TRADING:: BUY NIFTY FUTURE ABOVE 5245 WITH A STOPLOSS OF 5200 FOR A TARGET OF 5284; ON THE CONTRARY, SELL BELOW 5200 WITH A STOPLOSS OF 5245 FOR A TARGET OF 5168/5142
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