The NIFTY opened with a minor gap up today. But the significance of the gap up was in the fact that this gap took the NIFTY above 9400, a breakout point which we have referred to earlier. After the minor gap, the market never looked back. Just before closing, there was big surge towards 9600, but some mild profit – taking took the NIFTY just a notch lower. All said and done, then NIFTY closed at 9553, 172 points higher, 1.84% up. The close is well above the breakout point of 9400.
Traders should now be long in the NIFTY as well as NIFTY BANK. Taking your profits is a decision that individual traders have to take themselves. But, considering taking profit whenever you feel comfertable. The target for this brekout is 9900. The chances are that there will be many dips before the target is achieved if it is. Traders should consider taking profits and then buying again on the dip.
Buy on a breakout above 9600 with a stop just below 9550.
Buy on a dip towards 9500 with a stop just below 9460.
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In partial relief to financially stressed Vodafone Idea, the Supreme Court on Wednesday has allowed for a tax refund of Rs. 733 crore to the telecom operator. The top court has directed the Centre to refund the amount within four weeks. Vodafone Idea had sought for a refund of Rs.4,700 crore. The two-member bench headed by Justice U.U. Lalit allowed the return of only Rs.733 crore and dismissed the matter, according to a copy of the judgment.
Britannia Industries Ltd has launched a Store Locator service to enable consumers to find their favourite Britannia products in stores nearby.
Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint.
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