Nifty: Nifty continued with yesterday’s momentum and opened with a gap down today. However that momentum lost in the middle of the day and prices again saw an upside move and managed to close above 10800. A support is visible near 10750. Last four days are above this level. As far as prices are trading above this level, every dip should be buying opportunity. Pharma continues to outperform, Pvt banks are trading narrow and FMCG is moving higher.

Nifty has seen a gap down and then a sharp decline . A shallow upside move in later half of the day helped index to close above 10800. Investors are advised to remain cautious and a breach of 10,760 on Friday could extend the decline while strong resistance placed at 10,900-10,930 levels. As far as prices are trading above 10800 level , one should maintain the bullish bias and keep holding longs with trailing stop losses.

Daily Market call

Stock of the Day: (Technical Pick)

COMPANY NAME

CMP B/S

RATIONALE

GODREJIND

611.9

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 605 and target of 617.

 

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