In yesterday’s trading session, Nifty traded around the opening levels for the day long. However, the last hour hits another record and ended with a positive trend. Therefore, Nifty50 was up by 51.55 points and stick up at 16614.60.
The Sensex rises by 209.69 points which came at 55972.27. Yesterday, the Indian stock market witnessed some dull movement but in the late hours manages to push the benchmark indices.
As per sectoral perspective, IT and FMCG stocks turn out the top gainers. On the contrary, metals and PSU bank drags 2 percent each.
Moving further, Bank Nifty opened in green but later on make a decline of 227.05 points and ended at 35867.45.
India VIX made a fall of 0.33 percent and stood at 13.41.
Nifty Future
As expected, we have seen opposite direction daily settlement in Nifty and Bank Nifty.
Nifty50 settled in green while bank nifty settled in the red. This is all because of sentiments as Nifty PCR is above 1.50. On the contrary, the Bank Nifty PCR is below 1.00.
In today’s trading session… Again Nifty future has support at 16450 while resistance at 16700.
Any sharp decline till 16530 will be the best buying opportunity in it with a stop loss below 16450 on a closing basis for the upside target of 16700.
Our positive view gets negate on a close below 16450 levels only.
Bank Nifty Future
On the other hand, Bank Nifty futures has support at 35600 and resistance at 36050—36400.
Bank Nifty is hovering at higher levels and anytime we will see a breakout with good volume.
Here we recommend our subscribers to trade safely and be cautious at lower levels.
Traders should concentrate on Pharma and Cement sector stocks.
Trendy Top Picks
Ultratech cement… Catch above 7430
We will see rally up to 7566—7622
Maintain stop loss below 7300.
Divis Laboratories…Support level buying
Decisive break and sustain above 4940 will take it to 5036—5111 levels.
Maintain stop loss below 4850 on a closing basis.
Shree Cement… Looks positive on the daily chart.
Above 26300… Target looks 27500+++ levels in days to come
Support and stop loss below 25750 on a closing basis.
Some other stocks are ready to fly like Britannia and Cipla; Can do bottom fishing in Hero Motocorp.