THE BENCHMARK INDICES CLOSED TUESDAY’S SESSION MARGINALLY LOWER. BOTH SENSEX AND NIFTY SPENT THE MAJORITY OF THEIR DAY IN THE NEGATIVE ZONE, WITH THE FORMER SLIDING ALMOST 300 POINTS AT ONE POINT, DRAGGED DOWN BY FINANCIALS. HOWEVER, BUYING IN METAL STOCKS AND OMCS LIFTED THE INDICES IN THE LAST HOUR OF TRADE BUT COULDN’T PULL THE INDICES OUT OF THE RED ZONE. THE S&P BSE SENSEX ENDED THE DAY AT 39,032, DOWN 36 POINTS, OR 0.09 PER CENT, WITH YES BANK, INDUSIND BANK, HERO MOTOCORP, MARUTI SUZUKI INDIA, AND POWERGRID BEING AMONG THE TOP LOSERS. THE BROADER NIFTY50 ALSO SLID 6.5 POINTS, OR 0.06 PER CENT, TO 11,748. ABOUT 1,326 STOCKS FELL AND 468 SHARES DECLINED ON THE NSE.
During the day nifty has traded on a negative note and close at 11748. 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 11784 and 11820 and support is 11683 11618.
Our recommendation is to buy Nifty above support level and hold it for a level of 12000.
DAILY STOCK RECOMMENDATIONS
BUY SOBHA ABOVE 479 TG 485/492 SL 473
BUY STAR ABOVE 480 TG 486/494 SL 474
BUY NIITTECH FUTURE ABOVE 1295 TG 1300/1305 SL 1290
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