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Market Outlook:
The markets traded within a wide range amid high
volatility and ended on a flat note. Buying was seen in FMCG sector while
Realty and Metal sectors witnessed selling pressure.
Nifty:
Nifty gave off from the day’s high and ended on a
flat note. Nifty has closed below its short term moving averages and the
negative crossover of the RSI indicates that the short term trend has turned
negative. Support is seen at 5880/5850 levels. Resistance is seen at
5950/5980 and major positive development can be seen only if Nifty closes
above this level until then expect selling pressure to continue at higher
levels.
Support: Major support level 5880/5850.
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Investment Ideas
- Wockhardt @ Rs. 1607 (Target Price: Rs. 2160)
Trading Ideas
- Positive bias - JP Associates
(Target 120), KTK Bank (Target 210), Jet Airways (Target 625),
Reliance Inds (Target 880) & IVRCL Infra (Target 53). Traders maintain
stop loss accordingly.
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