The NIFTY closed almost unchanged for the day, closing lower by just 4.90 points, which is lower by 0.05%. The NIFTY also traded in a relatively narrow range today, with a low at 9230 and a high at 9390. The 9390 high was recorded for just a few seconds, with the actual trading high begin around 9330. Just the range is about 100 points if we take the actual trading high.
Narrow range leads to a trending move
The narrow range we have seen today could be a precursor to a breakout, either on the upside or on the downside. We should be buyers if the NIFTY goes above 9330 and should be seller if the NIFTY goes below 9230. the stop is the opposite level.
The rally may be stalling
The NIFTY has gone up to 9300 where it is facing some resistance. The resistance may or may not hold. But we do feel that the markets are topping out, with a strong chance that lower levels may be coming soon enough.
Buy above 9330 or sell short below 9230 with a stop at 9280 for both cases.
Trade AnyTime AnyWhere With Elite Empower Mobile App
Get All Your Mutual Fund Portfolio Retuns on Your Mobile by Elite Kuber App
Get Stock Market Recommendation By Our Research Analysts
Top Delivery Percentage
Upcoming Economic Data
Open Your Demat Account to Invest in Upcoming IPO’s
Infosys, the country’s second largest software exporter, on Monday reported a 7.97 per cent year-on-year rise in its net profit at Rs 16,639 crore for the financial year ended March 31, 2020. The company, however, skipped guidance on revenues and margins for FY21 due to business uncertainty emanating from COVID-19. “The Bengaluru-headquartered company had posted net profit of Rs 15,410 crore in the financial year 2018-19,” Infosys said in a filing to the Bombay Stock Exchange. The IT major posted 9.8 per cent growth in revenue at Rs 90,791 crore in FY20 as compared to Rs 82,675 crore in FY19.
China has protested India’s new changes to the Foreign Direct Investment (FDI) policy that mandate government approval for all investments by neighbouring countries, including China. Two days back, New Delhi effectively closed the ‘automatic route’ of investing for Chinese firms and individuals.
India’s stainless steel industry has clocked a domestic melt production of 3.92 million tonnes with growth falling to 5% in 2019 as compared to 7-8% achieved in the previous years. It is estimated to further come down in 2020 due to the nationwide lockdown, said the Indian stainless steel development association (ISSDA) in a statement. “This slowdown in production, despite adequate capacity, can be attributed to a surge of almost 50% in imports of stainless steel flat products last year.
Source: Economic Times, Money control ,Business Today, Business Standard, Bloomberg Quint
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more
For Daily Share Market Updates, Daily debt market review, Market Research Analysis reports, Weekly Techno-Funda Report, Fundamental Analysis Report, Monthly Recommended stock Picks, Equity Trading Tips, Upcoming IPO/NFO/Bonds/Ncd’s updates & other related information Subscribe our research plan