Indian
shares snapped four-day winning streak Friday owing to profit booking. The
index had gained 79 points in early trade following Cabinet’s approval to 49%
FDI in insurance and pension. Meanwhile, the NSE Nifty, which plunged 899
points intraday due to freak trade by brokerage house, declined 40.65points to
end at 5,746.95. The index touched a low of 4,888.20 today due to faulty order
punched by adealer of Emkay Shares and Stock Brokers while the BSE Sensex fell
more than 300 points. The trading was halted by the NSE between 9:50 am to
10:05 am. On upside if level of 5,800 breaches decisively then we could see
rise up to mark of 5,860, on the lower side if level of 5,700 is breaches then
Nifty could retrace up to its mild support of 5,620 mark first and thereafter
up to its strong support of 5,600. Technical momentum indicators are currently
suggesting uptrend in it. Stochastic is currently moving in overbought zone, on
the brink of entering into positive territory. RSI is trading in overbought
territory at 76 showing negative crossover.Another momentum technical indicator
MACD is trading in positive zone, showing positive divergence,also indicating uptrend.
3 MONTHS DAILY CHART OF NIFTY
SHORT TERM OUTLOOK ON STOCKS
Stocks with short term Bullish Outlook:
STOCK S1 S2 R1 R2
TATA MOTORS 239.17 197.78 302.22 323.88
HUL 483.67 401.93 607.92 650.43
Stocks with short term Bearish Outlook:
STOCK S1 S2 R1 R2
HDFC 662.2 574.45 806.75 863.55
HCLTECH 541.23 508.92 598.93 624.32
NEWS TO WATCH TODAY
1. IVRCL plunges over 9 per cent as Essel Group offloads shares
2. HDFC plunges 6% as Carlyle sells 3.7% stake for nearly Rs4,300 crore
3. Oil India, IOC buy stake in US shale assets
4. Pepsi cuts price, Coke unlikely to follow the suit.
5. Hike in insurance FDI limit may attract Rs. 30k crore: IRDA
0 comments:
Post a Comment