Nifty: We have referred to the Nifty being inside a large trading range. Within this range, the index is in down trend moving slowing towards its support of 10000. Last trading session was probably exhausting with large declines. It is possible that in coming trading sessions support may emerge. Traders with short positions should consider taking profits.

After a choppy trading session yesterday, Nifty comes back to declining days. Nifty closes lower by more than 100 points. Trend is still down. Traders should make a position on rally or intraday consolidation breakout.

View: Big decline in nifty brings index near 10400 support, traders should cover their short postion with expectations of choppy market with possible up move towards 10500.

intraday-call

Stock of the Day:

COMPANY NAME

CMP B/S

RATIONALE

INDUSINDBK

1851

SELL

The  immediate trend of the script is weak. On the intraday chart ,there is a negative cross-over of moving averages therefore, it can be sold  below 1848 with a stop loss of 1865 and target of  1830.

 

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