Indian Equity Markets went through a consolidation phase on Tuesday as markets moved in a narrow range of 1% throughout the day. The markets remained in a negative zone in first half of the day, but as Europe opens and showed some strength, Indian equity markets too picked up and finally closing the day, up around 0.5% up.
Provisional data released by exchange is encouraging. Foreign Institutional Investors (FIIs) have been net buyers by around 500 Crores while Domestic Investors have been net sellers by around 350 Crores. Derivatives data on the other side indicates some kind of profit booking happening around the current levels.
Technically, Nifty 200 Day moving average and 90 Day Moving average is at 5090 and 5135 levels and chances do exist that we may retrace to 5170-5190 levels in the coming days. Hence, traders are advised to adopt "Sell on Rise" strategy. One may sell Nifty in 5250-5260 range with target price of 5180-5190 and stop-loss of 5310.
Stock-specific TCS has come down. our pair-trade strategy of Kotak Bank-SBI and M&M-Tata Motors remain intact and doing well.
Dow Jones has opened in green which may help Indian markets have a gap up opening and hence, give us chance of "sell futures" as suggested above.
Wishing you a great trading day tomorrow!!
Provisional data released by exchange is encouraging. Foreign Institutional Investors (FIIs) have been net buyers by around 500 Crores while Domestic Investors have been net sellers by around 350 Crores. Derivatives data on the other side indicates some kind of profit booking happening around the current levels.
Technically, Nifty 200 Day moving average and 90 Day Moving average is at 5090 and 5135 levels and chances do exist that we may retrace to 5170-5190 levels in the coming days. Hence, traders are advised to adopt "Sell on Rise" strategy. One may sell Nifty in 5250-5260 range with target price of 5180-5190 and stop-loss of 5310.
Stock-specific TCS has come down. our pair-trade strategy of Kotak Bank-SBI and M&M-Tata Motors remain intact and doing well.
Dow Jones has opened in green which may help Indian markets have a gap up opening and hence, give us chance of "sell futures" as suggested above.
Wishing you a great trading day tomorrow!!
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