SBI WAS THE STAR OF YESTERDAY!!!!!!!!
After giving a gap down opening, the benchmark Nifty continuously fell to make a low of 5372.95 yesterday. At the end of day it closed at 5416.45 by giving pull back from day’s lower point. It had a net loss of 4.15 points or 0.08% over the previous day’s close. On the sectoral front, Banking, Auto and Realty stocks were on the buyers’ radar. However, IT, Metal and FMCG pack lead to a decline. SENSEX closed at 18073, up 3 points and Nifty at 5416, down 4 points from the previous close. CNX MIDCAP index was up 0.4% and BSE SMALLCAP index was up 0.03%.
The market breadth was negative with advances at 530 against declines of 741 on the NSE. Top gainers included SBIN, ONGC, HUL, TATAMOTORS, HINDALCO, PNB, CAIRN, AXISBANK and BPCL. Top losers are listed as WIPRO, STER, JAIPRA, ITC, INFOSYSTCH, AMBUJACEM and SAIL.
The daily chart of Nifty is showing that it has been moving into the channel for last few days. So the short term support and resistance are decided by the lower and upper trend line of the channel i.e. 5390, 5510 respectively. If Nifty is able to maintain below 5385-5390, it may test the level of 5350 and then 5260. However a breach of 5498-5510 would open the gate for 5600.
RECO FROM FAIRWEALTH:
1 BUY NIFTY FUTURE ABOVE 5432 WITH STOPLOSS 5410 FOR 5454-5474
2 BUY BANKNIFTY FUT ABOVE 10590 WITH STOPLOSS 10540 FOR 10640-10680
3 BUY HDIL FUT ABOVE 290 WITH STOPLOSS 286 FOR 294-298
4 SELL JSWSTEEL FUT AROUND 1124-1126 WITH STOPLOSS 1137 FOR 1111-1094
5 SELL MPHASIS FUT BELOW 590 WITH STOPLOSS 600 FOR 580-570
6 BUY 7 ONGC ABOVE 1278 WITH STOPLOSS 1265 FOR 1294-1307
7 BUY BANKBARODA ABOVE 774 WITH STOPLOSS 764 FOR 784-798
8 BUY GUJRAT FLUORO ABOVE 220 WITH STOPLOSS 213.90 FOR 228-235
MARKET OUTLOOK: After a stellar performance from Tata Motors, SBI has further surprised markets with better than expected results. Credit Suisse has been given license to open bank branch in India. This move is likely to be taken as positive in terms of government reforms.
PRABHUDAS LILADHER recommends `Buy` on Bharati Shipyard with a target of Rs 291 as against CMP of Rs 229
ICICI SECURITIES recommends `Buy` on Great Offshore with a price target of Rs 476 as against CMP of Rs 406
ICICI SECURITIES recommends `Buy` on Great Offshore with a price target of Rs 476 as against CMP of Rs 406
KOTAK SECURITIES recommends `Accumulate` on R Systems Intl with a target of Rs 99 as against CMP of Rs 91
FOR TODAY: US markets ends with RED. EUROPEAN markets also ends in RED except FTSE. Asian markets are trading mixed. SGX Nifty is now trading at 5413.50, down 4.5 points. Nifty has a support at 5390 and is likely to face a resistance near 5450. Today's range might be between 5385/5390 to 5433/5449.
NOTE: TRADE SAFE. ALWAYS TRADE WITH PROPER STOPLOSS.
