Nifty View: For the fifth consecutive trading session Nifty extended the loss despite the positive opening , nifty opened with some positive number but due to prevailing down move nifty did not sustain above level and started southward journey as the day progressed and finally closed down by more than a percent in the end. In line with fall, market breadth remained under pressure. On sectoral front metals and pharma were the major losers while PSU banks were the only sector which close into positive torridity but on the other hand midcap stock were beaten down brutally.
As of now nifty is trading near to lower slope of the band which placed around 10450-10470 level, nifty 100 EMA is also placed near to 10475, if nifty does not break these levels , there is a possibility of a bounce in near term.
Overall market is not showing any sign of positivity and we are still expecting nifty can touch 10450-10400 mark in near term, so one should have stock specific approach and trade accordingly….
Stock of the Day:
|The trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and therefore, it can be bought above 1166.5 with a stop-loss of 1155 and target of 1180.|
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