THE BENCHMARK INDICES ENDED ON A POSITIVE NOTE ON FRIDAY AFTER TWO CONSECUTIVE SESSIONS OF LOSSES, LIFTED BY A SUDDEN SURGE IN THE LAST 15 MINUTES ON A DAY WHEN THE INDICES REMAINED RANGEBOUND FOR THE MAJORITY OF THE DURATION. THE S&P BSE SENSEX ENDED AT 38,862.23, UP 177.51 POINTS, OR 0.46 PER CENT, WITH TATA STEEL BEING THE TOP GAINER AND STATE BANK OF INDIA BEING THE BIGGEST LOSER. ABOUT 1,500 SHARES ADVANCED, 1,049 SHARES DECLINED, AND 165 SHARES REMAINED UNCHANGED. METAL STOCKS ADVANCED THE MOST, FOLLOWED BY REALTY AND IT COUNTERS. THE NIFTY METAL INDEX ENDED ALMOST 2 PER CENT HIGHER AT 3,132.35.
During the day nifty has traded on a negative note and close at 11604. 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 11693 and 11782 and support is 11532 11460.
Our recommendation is to sell Nifty on dips and hold it for a level of 11500.
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