Indian equity markets had a good run on Thursday supported by good economic data from various Asian economies and technical support coming in Euro currency against other currencies. The day started flat for the Asian markets due to weak US markets on Wednesday. As day progressed, equity markets worldwide picked up after announcements of strong economic data from Japan and China. Indian benchmark indices - Sensex and Nifty finally closed the day with the gains of 1.5%.
Provisional data released by exchanges indicate net buying from Foreign Institutional Investors (FIIs) by around 200 Crores while Domestic Institutional Investors made net sell of 100 Crores. Derivatives data indicate buying coming into Index Calls and futures which forms a base of 5000 for the markets, atleast for this expiry.
Technically Nifty is able to give a breakout from resistance zone of 5060-5080, though it is quite close to that zone. If Nifty manages to stay above this level tomorrow then we could see markets heading to 5180 levels for sure.
Dow Jones is currently trading 1.5% up and chances are bright that we might see a gap up opening tomorrow. Traders who are willing to take fresh positions are advised to wait and resort to "Sell on rise" strategy at around 5180-5190 levels with target price of 5100 and stop-loss of 5250. On the contrary if Nifty goes below 5060, one may buy Nifty with target price of 5180 and stop-loss can be placed at 4985. Traders who already hold a long position can place the stop-loss at 5020.
Stock-specific Cipla and Maruti have touched their target prices of 330 and 1330 respectively. Information Technology stocks are looking weak and hence, one is advised to sell TCS on tomorrow's rise. One may sell TCS at 765 with a target price of 720 and stop-loss of 805.
Wishing you a great trading day tomorrow!!
Provisional data released by exchanges indicate net buying from Foreign Institutional Investors (FIIs) by around 200 Crores while Domestic Institutional Investors made net sell of 100 Crores. Derivatives data indicate buying coming into Index Calls and futures which forms a base of 5000 for the markets, atleast for this expiry.
Technically Nifty is able to give a breakout from resistance zone of 5060-5080, though it is quite close to that zone. If Nifty manages to stay above this level tomorrow then we could see markets heading to 5180 levels for sure.
Dow Jones is currently trading 1.5% up and chances are bright that we might see a gap up opening tomorrow. Traders who are willing to take fresh positions are advised to wait and resort to "Sell on rise" strategy at around 5180-5190 levels with target price of 5100 and stop-loss of 5250. On the contrary if Nifty goes below 5060, one may buy Nifty with target price of 5180 and stop-loss can be placed at 4985. Traders who already hold a long position can place the stop-loss at 5020.
Stock-specific Cipla and Maruti have touched their target prices of 330 and 1330 respectively. Information Technology stocks are looking weak and hence, one is advised to sell TCS on tomorrow's rise. One may sell TCS at 765 with a target price of 720 and stop-loss of 805.
Wishing you a great trading day tomorrow!!
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