Nifty: Nifty continued yesterday’s momentum and opened up gap up today. However that momentum lost in middle of the day and prices fell down but with a slow pace. Prices filled the morning gap and closed near yesterday’s closing price. The index is trading very narrow from last two trading sessions. In the last four trading sessions , three were the NR7, these patterns indicate a big and thrusting move should come in either direction. There can be sudden dips but the up move is likely to continue, therefore the dips should be used as buying opportunities.

Overall bias is not showing any sign of weakness or exhaustion and continued participation from sectors (like PSU banks, IT and Pharma) may fuel further rise so one should maintain the bullish bias and keep holding longs with trailing stop losses.

Daily Market intraday call

Stock of the Day: (Technical Pick)

COMPANY NAME

CMP B/S

RATIONALE

TECHM

717.75

BUY

The  trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and it has given closing above its trend line therefore, it can be bought at CMP with a stop-loss of 710 and target of 728.

 

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