BENCHMARK INDICES ENDED MARGINALLY LOWER ON A VOLATILE DAY WITH INDIA VIX RISING 5.19 PER CENT TO 22.96 ON THURSDAY IN WHICH IT AND PHARMA STOCKS DRAGGED THE INDICES DOWN. THE SENSEX ENDED THE DAY 50 POINTS, OR 0.13 PER CENT, LOWER AT 38,981 LEVELS, WITH TATA MOTORS, ICICI BANK, INDUSIND BANK, INFOSYS AND HCL TECH AMONG THE BIGGEST LOSERS. NIFTY50 FAILED TO HOLD THE 11,750 LEVEL AND CLOSED AT 11,725 LEVELS, DOWN 23 POINTS, OR 0.20 PER CENT. AMONG SECTORAL INDICES, NIFTY IT INDEX WAS THE BIGGEST LOSER, DOWN 1.8 PER CENT, LED BY A FALL IN INFOSYS, TCS AND HCL TECHNOLOGIES. THE NIFTY MEDIA INDEX ALSO DIPPED OVER 1 PER CENT.
Nifty has been sluggish throughout Thursday session, where market has been trading in sideways movement. Still no clear direction shown by charts on multiple time frame, it has a strong resistance at 11800 and breakout of which will lead to directional movement and on the down side it has a support of 11725 in which Nifty is trading and we suggest to buy Nifty at support level and sell at resistance level till breakout in any direction occurs.
Intraday resistance for nifty would be 11800 and 11845 and support is 11725 11675.
DAILY STOCK RECOMMENDATIONS
BUY MPHASIS ABOVE 982 TG 992/1002 SL 970
BUY TORRENT POWER FUT ABOVE 256 TG 258/260 SL 253.75
BUY INDIGO FUTURE ABOVE 1550 TG 1560/1570 SL 1538