Nifty: On the back of negative cues from global indices, Nifty opened with down gap and kept scaling further southward in first hour. It partially trimmed losses as the day progressed but due to prevailing down move Nifty again started southward journey and closed almost one percent down at 10710 mark. Selling pressure was witnessed across the board; Oil&gas, PSU, Realty and Auto lost maximum amongst all as they were down by more than one percent each.

In our previous newsletters, we have mentioned that weakness in index below 10750 may drag it to 10670-10650 levels in near future and any closed below 10680 level it can drag towards 10550 level but we have to wait for this trigger . Going forward, we expect the decline to continue with intermediate moves in between and any technical bounce to(10750-10800) zone can be utilized for initiating fresh shorts.

Daily Market View

Stock of the Day: (Technical Pick)

COMPANY NAME

CMP B/S

RATIONALE

HDFC

1834.30

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  100 EMA therefore, it can be bought above 1837 with a stop-loss of 1825 and target of 1850.

 

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