It was an important day for the Indian market as the Nifty touched 4700 and closed above it for the first time since June 6, 2008. After a quiet opening, the market continued to rally, although briefly coming into the negative territory.
The market continues to test higher levels despite stretching valuations. Besides, the results are inline with the expectations and there aren’t any major triggers for the markets either in the coming period. The Sensex finally closed the day by a whooping 254 points or 1.62 per cent at 15924.23 points. What are keeping the sectors strong are auto, realty, metal, power and oil&gas, which are up by 4.60, 4.19, 3.41, 2.19 and 2.04 per cent respectively. Only consumer durables and FMCG are in red and are down by 0.80 and 0.71 per cent respectively. Besides, midcaps and smallcaps too are joining the party and are up by 2.36 and 1.74 per cent respectively.
The way the Sensex is moving up there is a possibility that it might cross 16000 level tomorrow, but we would still urge investors to look at the performance of their indivdual stocks and portfolio and keep booking profits.
NIFTY (4711.4)
Resistance : 4745 / 4765 / 4790
Support : 4690 / 4645 / 4580
SENSEX (15924.23)
Resistance : 16055 / 16190
Support : 15800 / 15700 / 15475
Resistance : 4745 / 4770 / 4810 / 4845 / 4880
Support : 4680 / 4645 / 4615 / 4570 / 4520
NIFTY FUT OI up 2.50% with 21% decreasing volumes indicating forming of long positions.
We expect NIFTY FUT to trade positive.
Buy NIFTY Above 4705,Sl Below 4685,Tgt 4730/4745/4570/4790/4815
Sell NIFTY Above 4680,Sl Above 4700,Tgt 4655/4640/4615/4595/4570
BIOCON Above 240,Sl 235,Tgt 250/60/70+
CUMMINS Around 300/305,Sl 290,Tgt 320/30/40/50+
MPHASIS Above 510,Sl 500,Tgt 540/50/60/70+
PATNI Above 380,Sl 365,Tgt 400/20/30+
SBIN (1847),Sl Below 1810,Tgt 1870/80/90
INDBNK above 145,Sl 140,Tgt 150/55/60
SAIL Above 180,Sl 175,Tgt 185/9
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