Market Outlook:
The markets ended on a strong note on account of strong global cues. All the major sectoral indices ended in green, FMCG and Auto counters being the highest gainers.
Nifty:
The markets ended on a strong note on account of huge buying seen in the heavy weight stocks like Icici Bank, Axis Bank L&T etc. The 5 DMA at 5,315 will continue to act as an immediate support for Nifty. On the higher side resistance is seen at 5,360/5,380 levels where selling pressure is expected. A close above 5,380 will further extend the rally up to 5,420/5,450 levels.
Support: Major support level 5,330/5300.
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Investment Ideas
- Mind Tree CMP @ Rs.665 (Target Price: Rs.730)
Trading Ideas
- Positive bias is in stocks like Lupin (Target 590), Wockhardt (Target 1000) and Tata Motors (Target 275). Traders maintain stop-loss accordingly.
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