Indian Equity Markets had a weak opening on Wednesday, following the weak outlook by Federal Reserve. The rich valuations of Indian stocks are making it further more attractive to sell. The stocks remained in pressure throughout the day and finally closing the day down around 1%.
Among the sectors, almost every consumption and investment related stocks fell. Commodity stocks like Sterlite, Tata Steel fell. Construction and Infrastructure and related stocks like IDFC, Unitech, HDFC too fell putting more pressure on Indices.
US markets have too opened weak on account of negative Fed Outlook, slowdown in Chinese economy and weak economic data today. Dow Jones is currently trading 200 points low and we will most likely to have weak opening on Indian bourses tomorrow as well.
Technically, Nifty may go down till 5335-5350 where it might try to find some support. If Nifty slips below 5335, then we might see some more correction coming in which might take Nifty to 5280. Hence, traders can initially buy Nifty in 5345-5350 range with Stop-loss @ 5335 and target @ 5370. In case, Nifty breaches below 5335, then traders can go short with Stop-loss @ 5360 and target price of 5290.
Among the stocks, one may buy Cipla @ 306-309 range with Stop-loss @ 301 and target price of 321. The stock has corrected by good 15% and likely to find some good support in 305-310 range.
Wishing you a great trading day tomorrow!!!
Among the sectors, almost every consumption and investment related stocks fell. Commodity stocks like Sterlite, Tata Steel fell. Construction and Infrastructure and related stocks like IDFC, Unitech, HDFC too fell putting more pressure on Indices.
US markets have too opened weak on account of negative Fed Outlook, slowdown in Chinese economy and weak economic data today. Dow Jones is currently trading 200 points low and we will most likely to have weak opening on Indian bourses tomorrow as well.
Technically, Nifty may go down till 5335-5350 where it might try to find some support. If Nifty slips below 5335, then we might see some more correction coming in which might take Nifty to 5280. Hence, traders can initially buy Nifty in 5345-5350 range with Stop-loss @ 5335 and target @ 5370. In case, Nifty breaches below 5335, then traders can go short with Stop-loss @ 5360 and target price of 5290.
Among the stocks, one may buy Cipla @ 306-309 range with Stop-loss @ 301 and target price of 321. The stock has corrected by good 15% and likely to find some good support in 305-310 range.
Wishing you a great trading day tomorrow!!!
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