Indian Equity Markets had a voltile session on Wednesday. On the back of positive US markets, Nifty opened higher but found 18000 / 5450 levels in Sensex / Nifty as tough resistance to break. Finally, markets lost the strength and corrected by about quarter of a percent. Among the sectors, Banking stocks did well while IT continues to lose its strength. Technically IT looks in an over-sold range and we might see some short covering coming in this sector.
Provisional data released by exchanges gave some positive indications. Depite the correction, Foreign Institutional Investors (FIIs) remained net buyers by around 500 Crores. In the derivatives segment, FIIs opened some short positions on the upper levels which indicates that resistance levels mentioned above is likely to be a tough nut to crack.
US markets have opened flattish on the back of disappointing retail sales figures. US markets likely to stay flat or trade with a negative bias. Technially, Nifty is also likely to find some support in 5280-5320 range while it may find some tough resistance in 5430-5450 range. The traders may wait before any clear signal emerges.
All the stocks recommendations remained intact. Technically, NMDC looks pretty strong in 255-265 range and can go up to 290-300 in the short term. Similarly, Max India has also given a positive breakthrough and can go upto 175 in the near term.
Wishing you a great trading day tomorrow!!
Provisional data released by exchanges gave some positive indications. Depite the correction, Foreign Institutional Investors (FIIs) remained net buyers by around 500 Crores. In the derivatives segment, FIIs opened some short positions on the upper levels which indicates that resistance levels mentioned above is likely to be a tough nut to crack.
US markets have opened flattish on the back of disappointing retail sales figures. US markets likely to stay flat or trade with a negative bias. Technially, Nifty is also likely to find some support in 5280-5320 range while it may find some tough resistance in 5430-5450 range. The traders may wait before any clear signal emerges.
All the stocks recommendations remained intact. Technically, NMDC looks pretty strong in 255-265 range and can go up to 290-300 in the short term. Similarly, Max India has also given a positive breakthrough and can go upto 175 in the near term.
Wishing you a great trading day tomorrow!!
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