Indian Equity Markets had a weak trading session on Wednesday, on account of negative global cues. All sectors, except Telecom were decline, more notably Energy. Heavyweight Stocks like ONGC, Reliance Industries, and Hindalco declined.
Provisional data released by exchanges indicate net selling by 50 Crores in the Capital Market segment, while Domestic Institutional Investors have been net buyers by around 350 Crores. In the derivatives segment, futures have shown some net selling but there has been some buying coming in Options segment. This buying may be on account of covering of short positions on Put side or buying of Call, which is yet not clear. The trend in next 2 days will give clear picture about the same.
Dow Jones has opened strong today on account of better Q2 prospects for financial companies. As discussed, Dow Jones can go upto 10080 in the near term which should aid the Indian stock markets as well. Technically too, Nifty is still trading within a range and no clear trend is yet seen. As discussed earlier as well, the breakout will be decided if Nifty crosses 5320 on the upside or 5155 on the downside. Two stocks that looked strong are Ultratech Cements and India Cements. Cement stocks have been on decline for last few months and seems like making a base around the current levels.
One may buy Ultratech Cements in 855-865 range with 810 as stop-loss and 920 as target price. For India Cements, one may buy the stock @ current levels of 107-109 with stop-loss of 98 and target price of 120.
Wishing you a great trading day tomorrow!!!
Provisional data released by exchanges indicate net selling by 50 Crores in the Capital Market segment, while Domestic Institutional Investors have been net buyers by around 350 Crores. In the derivatives segment, futures have shown some net selling but there has been some buying coming in Options segment. This buying may be on account of covering of short positions on Put side or buying of Call, which is yet not clear. The trend in next 2 days will give clear picture about the same.
Dow Jones has opened strong today on account of better Q2 prospects for financial companies. As discussed, Dow Jones can go upto 10080 in the near term which should aid the Indian stock markets as well. Technically too, Nifty is still trading within a range and no clear trend is yet seen. As discussed earlier as well, the breakout will be decided if Nifty crosses 5320 on the upside or 5155 on the downside. Two stocks that looked strong are Ultratech Cements and India Cements. Cement stocks have been on decline for last few months and seems like making a base around the current levels.
One may buy Ultratech Cements in 855-865 range with 810 as stop-loss and 920 as target price. For India Cements, one may buy the stock @ current levels of 107-109 with stop-loss of 98 and target price of 120.
Wishing you a great trading day tomorrow!!!
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