As discussed, Indian Stock Markets finally made a positive breakthrough on Thursday session, taking markets above psycological levels of 5325, though closing the day below 5300 @ 5296. It was a good trading session overall for the markets.
Commodities stocks like Sterlite, Tata Steel along with Construction stocks like DLF, Unitech did well while Cements stocks continue to lag behind. Though technically, Cements stocks should make an intermediate base around the current levels and hence, can be a good pick.
Provisional data released by exchanges have been encouraging. Foreign Institutional Investors (FII) made a net purchase of 900 Crores while Domestic Institutions were net sellers by around 300 Crores. In the derivatives segment, FIIs have again been net buyers in the futures side, though Options didn't give a clear trend. Though the kind of put writing we have seen, it seems 5200 seems a strong support for this expiry.
Another positive factor which has been playing over the markets has been monsoon. Monsoon season, this time has been pretty good and should help inflation to cool down a bit. Though, most of the inflation seems on the demand side, as manufacturing index is also on an uptick. Hence, the rate hike seems imminent in July 29 policy meet.
Technically, Nifty crossed its upper breakthrough level of 5325 and hence, is likely to go up to 5390 in the near term. The stop-loss is pegged at 5270. Amongst the stocks, cement stocks can be accumulated for short term uptick. One may buy Ultratech Cements and Indian Cements according to the levels given in yesterday's post.
Wishing you a great trading day ahead!!!
Commodities stocks like Sterlite, Tata Steel along with Construction stocks like DLF, Unitech did well while Cements stocks continue to lag behind. Though technically, Cements stocks should make an intermediate base around the current levels and hence, can be a good pick.
Provisional data released by exchanges have been encouraging. Foreign Institutional Investors (FII) made a net purchase of 900 Crores while Domestic Institutions were net sellers by around 300 Crores. In the derivatives segment, FIIs have again been net buyers in the futures side, though Options didn't give a clear trend. Though the kind of put writing we have seen, it seems 5200 seems a strong support for this expiry.
Another positive factor which has been playing over the markets has been monsoon. Monsoon season, this time has been pretty good and should help inflation to cool down a bit. Though, most of the inflation seems on the demand side, as manufacturing index is also on an uptick. Hence, the rate hike seems imminent in July 29 policy meet.
Technically, Nifty crossed its upper breakthrough level of 5325 and hence, is likely to go up to 5390 in the near term. The stop-loss is pegged at 5270. Amongst the stocks, cement stocks can be accumulated for short term uptick. One may buy Ultratech Cements and Indian Cements according to the levels given in yesterday's post.
Wishing you a great trading day ahead!!!
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