Market Outlook:
The markets gave off from the day’s high and ended in red. All the major sectoral indices ended in red, Realty and Metal counters being the worst hit.
Nifty:
Nifty gave off from the day’s high and ended in red. The 200 DMA at 5653 will act as an immediate support for Nifty. The double top formation at 5773 on the daily chart has bearish implications. A close above 5773 will further extend the rally up to 5820/5850 levels. However long term trend is negative until Nifty closes above 5900 and every rise shall be used to cut long positions.
Support: Major support level 5620/5600.
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Investment Ideas
- CRISIL @ Rs. 946 (Target Price: Rs. 1050)
Trading Ideas
- Positive bias – Mcdowell (Target 2080) and SBI (Target 2200). Traders maintain stop loss accordingly.
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