SELLING IN BANKS, REALTY AND METAL COUNTERS DRAGGED THE DOMESTIC EQUITY MARKET LOWER ON THURSDAY. THE HEADLINE INDEX, S&P BSE SENSEX LOST 135 POINTS OR 0.34 PER CENT TO SETTLE AT 39,140, WITH YES BANK BEING THE BIGGEST LOSER AND RELIANCE INDUSTRIES (RIL) THE TOP GAINER. MARKET BREADTH REMAINED IN FAVOUR OF DECLINES AS OUT OF 2,727 SECURITIES TRADED ON BSE, 1,671 DECLINED AND 888 ADVANCED WHILE 168 SCRIPS REMAINED UNCHANGED. THE BROADER NIFTY50 INDEX OF THE NATIONAL STOCK EXCHANGE (NSE) LOST 34 POINTS OR 0.29 PER CENT TO END AT 11,753. ON A WEEKLY BASIS, BOTH THE INDICES GAINED AROUND 1 PER CENT.
During the day nifty has traded on a NEGATIVE note and close at 11752. On a daily chart nifty is looking to take some more downside in coming days as stochastic has also given sell signal as we can see on the charts. Nifty is likely to test 11500 level .
Intraday resistance for nifty would be 11826 and 11858 and support is 11722 11687.
Our recommendation is to sell Nifty below support and hold it for a level of 11500.
DAILY STOCK RECOMMENDATION
BUY CIPLA ABOVE 563 TG 569/575 SL 555
BUY SHANKARA ABOVE 530 TG 535/540 SL 522
BUY PVR FUTURE ABOVE 1692 TG 1700/1710 SL 1680