Nifty: Multiple attempts to break above 10800-10820 succeeded today as prices have closed above 10850. This breakout in the last trading session is giving us a pattern target near 11000.

Short term trend is up in Nifty. Traders should consider buying only. A breakout failure sign will emerge if prices again went below 10750. Sectors which are outperforming the Nifty are FMCG, IT and pvt. Banks . Traders should also consider these sectors for buying opportunity.

View: Nifty has seen a sharp intraday upside move today and closed higher. A resistance has been broken on upside . Traders should look to buy on any dip or intraday consolidation breakout.

Daily Market Research call

Stock of the Day: (Technical Pick)

COMPANY NAME

CMP B/S

RATIONALE

M&MFIN

493

BUY

The  trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages therefore, it can be bought at CMP with a stop-loss of 489 and target of 499.

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