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Market Outlook:
The
markets consolidated throughout the day and ended marginally in red. Buying
was seen in Auto and Technology sectors while Realty and Metal sectors
witnessed selling pressure.
Nifty:
Nifty
traded within a tight range amid high volatility and ended marginally in
red. Nifty is expected to trade in the range of 5900 on the lower side and
6000 on the higher side and any strong move on either the side will decide
the trend. The 5 DMA at 5942 will act as an immediate resistance. Major
positive development can be seen only if Nifty closes above 5980/6000 until
then expect selling pressure to continue at higher levels.
Support: Major
support level 5880/5850.
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Investment Ideas
- Tech Mahindra @ Rs. 914 (Target Price: Rs. 1050)
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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