Market Outlook:
The markets ended in green on account of huge buying seen in the heavy weight stocks like LT, Reliance Inds., Tata steel etc. All the major sectoral indices ended in green Metal and Realty counters being the highest gainers.
Nifty:
The markets opened with an upside gap, traded firmly throughout the day and ended in green. The double bottom formation at 5674 will act as a very strong support for Nifty. The daily chart of Nifty suggests a positive divergence which signifies that Nifty might witness some recovery up to 5850/5880 levels. However positive development can be seen only if Nifty closes above 5900/5920 levels until then expect selling pressure to continue at higher levels.
Support: Major support level 5750/5720.
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Investment Ideas
- Wockhardt @ Rs. 1912 (Target Price: Rs. 2200)
Trading Ideas
- Negative bias – Titan (Target 235), Bajaj Auto (Target 1880) and Cipla (Target 330). Traders maintain stop loss accordingly.
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