Our recommendation is to buy Nifty above support level and hold it for a level of 11900.BENCHMARK INDICES ENDED THURSDAY’S SESSION IN THE RED, LED BY LOSSES IN FINANCIALS AND METAL STOCKS, AFTER WITNESSING A SHARP LAST HOUR SELL-OFF ON MARCH SERIES FUTURES & OPTIONS CONTRACTS WHILE BRENT OIL HIT $75 PER BARREL FOR THE FIRST TIME IN 2019. BRENT OIL ROSE ABOVE $75 PER BARREL AS QUALITY CONCERNS FORCED THE SUSPENSION OF SOME RUSSIAN CRUDE EXPORTS TO EUROPE WHILE THE UNITED STATES PREPARED TO TIGHTEN SANCTIONS ON IRAN. THE BSE SENSEX ENDED THE DAY 324 POINTS, OR 0.83 PER CENT LOWER, WITH TATA STEEL, VEDANTA, MARUTI SUZUKI, STATE BANK OF INDIA AND COAL INDIA BEING THE TOP LOSERS. ONLY THREE OF THE 30 CONSTITUENTS OF THE BSE ENDED THE DAY IN GREEN.
During the day nifty has traded on a NEGATIVE note and close at 11641. On a daily chart nifty is looking to take some more upside in coming days as stochastic has also given buy signal as we can see on the charts. Nifty is likely to test 11900 level .
Intraday resistance for nifty would be 11750 and 11859 and support is 11578 11515.
Our recommendation is to buy Nifty above support level and hold it for a level of 11900.
DAILY STOCK RECOMMENDATION
BUY MFSL ABOVE 440 TG 445/450 SL 433
BUY SBILIFE ABOVE 615 TG 622/630 SL 605
BUY MFSL FUTURE ABOVE 440 TG 443/446 SL 437