Indian Stock Markets had a decent trading session on Monday, on the back of global positive cues and after-effects of IMF upgrade of India's GDP figures. Among the sectors, Banks and IT did well, while Oil & Gas and Telecom sectors looked weak.
From tomorrow, Q1 season is going to start with Infosys results, but IT stocks have already seen appreciation in last 2 weeks and hence tomorrow we might see some profit booking coming in these stocks. Similarly, Banking stocks have also seen decent uptick in last one week and hence, chances of some profit booking coming in these stocks.
Provisional data released by exchanges indicates net buying from Foreign Institutional Investors (FIIs) while DIIs made net sell of about 300 Crores. In the derivatives segment too, FIIs made net purchases of about 1000 Crores.
Technically, Nifty reached its target levels of 5380 comfortably during early trading session. The next resistance level is seen @ 5430-5445. One may sell Nifty 5430-5440 range with target levels of 5380 and stop-loss of 5465. In Stock-specific recommedation, one may buy Tata Power in 1310-1315 range with stop-loss @ 1297 and target price of 1340.
Wishing you a great trading day ahead!!!
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