BENCHMARK INDICES ENDED FRIDAY’S SESSION WITH MARGINAL CUTS AFTER ERASING ITS INTRADAY GAINS IN THE FINAL HOUR. IT STOCKS WERE THE TOP DRAGS AND REMAINED SUBDUED THROUGHOUT THE DAY AFTER THE US-BASED IT SERVICES COMPANY COGNIZANT NEARLY HALVED ITS 2019 GROWTH GUIDANCE. THE S&P BSE SENSEX SETTLED 18 POINTS LOWER FOR THE DAY AT 38,963, WITH TCS, HINDUSTAN UNILEVER, TATA STEEL, HCL TECH AND INFOSYS DRAGGING THE INDEX DOWN. TWELVE OUT OF THE 30 CONSTITUENTS OF THE BSE ENDED THE DAY IN RED, WHILE THE REST SETTLED IN GREEN.
Once again market has been trading in directionless movement as it has formed a range between 11800- 11655. Market will give directional movement only if it breaks any of the stated level and failure to do so will cause sideways movement to continue in the market. We may see volatility turning the heat as there is lot of fundamental buzz is going around in the market. In the current situation we will suggest you to do jobbing in the market till the breakout of respective support and resistance level.
Intraday resistance for nifty would be 11800 and 11845 and support is 11675 and 11655.
Daily Stock Recommendations
BUY SHANKARA ABOVE 531 TG 537/543 SL 524
BUY TITAN FUT ABOVE 1155 TG 1162/1168 SL 1148
BUY KTK BANK FUTURE ABOVE 129.75 TG 130.50/131.25 SL 128.90