Indian Equity Markets had a weak trading session on the backdrop of correction in big heavyweights like Reliance, HUL, DLF and L&T. Also the unwinding of long derivatives positions also put further pressure on the bourses. Another factor which is causing worry for the markets have been lack of any positive trigger from the results. The growth expectations have already been factored in. Also, it is feared that RBI tightening of policy rates will put pressure on lending rates and hence, can squeeze the profit margins of the companies.
Provisional data released by FIIs indicate some encouraging picture. In the Capital Market segment, FIIs have bought equities worth 500 Crores while in the derivatives segment, they have sold futures positions worth 700 Crores.
Technically, the target given for Nifty has been achieved for today. Nifty after reaching its recommended sell price of 5440 later hit the target price of 5410 givin returns of Rs. 1500 per lot.
Dow Jones has opened negative on backdrop of some weak orders data. The correction in the US markets is expected after steep run fro 9800 levels to 10550 levels. If the trend persists and Dow Jones closed in red, we may see negative opening in the bourses tomorrow morning.
In case of flattish opening, one may buy Nifty in 5385-5390 range with Stop-loss @ 5375 and target levels of 5420. In case of gap down opening, the support levels can be seen @ 5350-5355. One may buy Nifty in these levels with stop-loss @ 5335 and target price of 5375. In case of positive opening, one may sell Nifty @ 5430 with stop-loss @ 5445 and target price of 5410.
Wishing you a great trading day tomorrow!!
Provisional data released by FIIs indicate some encouraging picture. In the Capital Market segment, FIIs have bought equities worth 500 Crores while in the derivatives segment, they have sold futures positions worth 700 Crores.
Technically, the target given for Nifty has been achieved for today. Nifty after reaching its recommended sell price of 5440 later hit the target price of 5410 givin returns of Rs. 1500 per lot.
Dow Jones has opened negative on backdrop of some weak orders data. The correction in the US markets is expected after steep run fro 9800 levels to 10550 levels. If the trend persists and Dow Jones closed in red, we may see negative opening in the bourses tomorrow morning.
In case of flattish opening, one may buy Nifty in 5385-5390 range with Stop-loss @ 5375 and target levels of 5420. In case of gap down opening, the support levels can be seen @ 5350-5355. One may buy Nifty in these levels with stop-loss @ 5335 and target price of 5375. In case of positive opening, one may sell Nifty @ 5430 with stop-loss @ 5445 and target price of 5410.
Wishing you a great trading day tomorrow!!
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