BENCHMARK INDICES EXTENDED LOSSES DURING THE DAY WITH BOTH INDICES, SENSEX AND NIFTY, SHEDDING AS MUCH AS 500 POINTS AND 130 POINTS RESPECTIVELY. THE INDICES WERE DRAGGED DOWN BY FINANCIAL, OIL MARKETING COMPANIES (OMCS) AND RIL. OMCS WERE TRADING IN RED AFTER NEWS REPORTS SUGGSTED THAT US PRESIDENT DONAL TRUMP MIGHT IMPOSE RESTRICTIONS ON “ALL IMPORT” ON IRANIAN OIL. HINDUSTAN PETROLEUM CORPORATION WAS 6.66 PER CENT DOWN, INDIAN OIL CORPORATION (IOC) WAS DOWN 4.45 PER CENT AND BHARAT PETROLEUM WAS 5.81 PER CENT DOWN. AVIATION STOCKS TOO TOOK THE BEATING DUE TO DEPREACITING RUPEE VALUE. JET AIRWAYS, SPICEJET AND INDIGO FELL BY 11.68 PER CENT, 5.54 PER CENT AND 4.35 PER CENT RESPECTIVELY.
During the day nifty has traded on a NEGATIVE note and close at 11594. 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 11400 level.
Intraday resistance for nifty would be 11686 and 11778 and support is 11542 11490.
Our recommendation is to sell Nifty below support and hold it for a level of 11200.
DAILY STOCK RECOMMENDATION
BUY SUNTV ABOVE 602 TG 610/620 SL 593
BUY SBILIFE ABOVE 618 TG 625/635 SL 600
BUY PVR FUTURE ABOVE 1700 TG 1710/1720 SL 1690
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