As predicted, Indian Stock Markets had a volatile session throughout the day. The markets opened weak marginally on the backdrop of weak closing in US bourses and then, remained in negative territory throughout the day. The last one hour saw some buying coming into the Indian markets and markets finally closed the day 0.5% up.
Provisional data released by exchanges indicate consistent buying from Foreign Institutional Investors (FIIs) who have bought stocks worth 250 Crores. Whilst on the other side, Domestic Institutional Investors were net sellers by 800 Crores. In the derivatives segment, FIIs remained cautious with no major buying / selling seen in Futures segment.
US has opened in Red on the backdrop of bad Housing sales numbers. If US closed in red, then we might see some pressure coming into Indian markets tomorrow morning. Since tomorrow is an expiry day, hence we might not see major impact of global cues on Indian markets.
The traders can adopt "Sell on Rise" strategy tomorrow. In a scenario, Nifty has a gap down opening then we might see some support coming in 5290-5300 range. One may sell in 5305-5310 range with stop-loss at 5325 and target of 5280. On the other side if Nifty has a flattish opening, one may sell Nifty in 5340-5350 range with target levels of 5315-5320 levels and stop-loss of 5365.
Today was not a good day for our strategy. Nifty hit its stop-loss and so do Maruti, but this is a part of traders' life and hence failures and success are nothing but two sides of the same coin. Two stocks that look good technically at the moment are Max India and NMDC.
Max India can be bought in 160-163 range with stop-loss of 147 and target price of 175. NMDC can be bought in 255-260 range with stop-loss at 245 and target price of 290. NMDC has corrected quite a bit in last few months and seems a good stock to buy at the moment.
Provisional data released by exchanges indicate consistent buying from Foreign Institutional Investors (FIIs) who have bought stocks worth 250 Crores. Whilst on the other side, Domestic Institutional Investors were net sellers by 800 Crores. In the derivatives segment, FIIs remained cautious with no major buying / selling seen in Futures segment.
US has opened in Red on the backdrop of bad Housing sales numbers. If US closed in red, then we might see some pressure coming into Indian markets tomorrow morning. Since tomorrow is an expiry day, hence we might not see major impact of global cues on Indian markets.
The traders can adopt "Sell on Rise" strategy tomorrow. In a scenario, Nifty has a gap down opening then we might see some support coming in 5290-5300 range. One may sell in 5305-5310 range with stop-loss at 5325 and target of 5280. On the other side if Nifty has a flattish opening, one may sell Nifty in 5340-5350 range with target levels of 5315-5320 levels and stop-loss of 5365.
Today was not a good day for our strategy. Nifty hit its stop-loss and so do Maruti, but this is a part of traders' life and hence failures and success are nothing but two sides of the same coin. Two stocks that look good technically at the moment are Max India and NMDC.
Max India can be bought in 160-163 range with stop-loss of 147 and target price of 175. NMDC can be bought in 255-260 range with stop-loss at 245 and target price of 290. NMDC has corrected quite a bit in last few months and seems a good stock to buy at the moment.
Wishing you a great trading day tomorrow!!!
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