|
Market Outlook:
The
markets witnessed sell off across the board and ended in red. Buying was seen
in Auto sector while FMCG and Metal sectors witnessed selling
pressure.
Nifty:
Nifty
witnessed selling pressure and ended well below 5900 level. Nifty has
closed below its short term moving averages and the negative crossover of
the RSI indicates that the short term trend has turned weak. Support is
seen at 5820/5800 and a close below this level will further drift Nifty
lower to test 5750/5720 levels. Major positive development can be seen only
if Nifty closes above 6000 until then expect selling pressure to continue
at higher levels.
Support: Major
support level 5850/5820.
|
Investment Ideas
- Madras Cements @ Rs. 211 (Target Price: Rs. 245)
Trading Ideas
- Positive bias - Reliance Inds
(Target 880) & IVRCL Infra (Target 53). Traders maintain stop loss
accordingly.
|
