Nifty: Nifty closed with a minor loss in last trading session. The index traded in narrow range with some volatile move both up and down side ahead of RBI policy meet. A rally of more than 50 points in last hour of trading helped index to close near 10600.Yesterday we had discussed a trading range inside 10430-10800. The support levels are now changing to 10560 as a short term support. Prices are trading within this range from last eight trading sessions. As we are trading near the lower end of a trading range so a long trade is now opening up.

Nifty traded very volatile and narrow in last trading session inside a range of 83 points. As the index is trading near the lower end , traders can look for intraday buying if prices are trading above 10550. Be stock specific and buy on dips.

Daily intraday call

Stock of the Day:

COMPANY NAME

CMP B/S

RATIONALE

HDFC

1855.50

BUY

The  trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and a trend line breakout therefore, it can be bought at CMP with a stop-loss of 1845 and target of 924.

 

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