Published on 21/03/2017 10:29:04 AM | Source: Reliance Securities Ltd
Support is placed at around 9,050 and then at 9,000 levels - Reliance Sec
* Yesterday, NSE-NIFTY witnessed sharp decline in the initial trade and later spent entire session oscillating in narrow range. Finally after registering high of 9,168 and low of 9,116 levels closed the day at 9,127 mark with loss of 33 points.
* NSE Cash segment has reported turnover of Rs22,650 crore as compared to Rs31,890 crore earlier.
* Overall market breadth turned negative, where 787 stocks advanced against 860 declined stocks.
* Mixed trend was observed across all the sectoral indices during the day, where none of the sectoral indices reported gain of more than 0.5%. However, IT index emerged as a top loser with the decrease of 1.1%.
*NSE-NIFTY slipped to three day low as index failed to continue prior daily up-trend. As mentioned earlier, our technical view will remain positive on NIFTY, but some decline or sideways movement cannot be ruled out before index resumes the uptrend and records fresh high, as (i) negative market breadth, (ii) overbought indicators and (iii) lack of positive trigger in market are signaling the same. On the lower side, NIFTY will find immediate support around break-out line (i.e. placed around 9,120 level) and in case of further fall, psychological mark-9,000 will continue to work as key support level. On the higher side, index major resistance observed around 9,200 and then at 9,500 levels.
* As for the day, support is placed at around 9,050 and then at 9,000 levels, while resistance is observed at 9,170 and then around at 9,220 levels.
NTPC (LTP: 161)
BUY For today’s trade, long position can be initiated at around Rs160 for target of Rs163-164 with a strict stop loss of Rs158. Traders are advised to avoid early morning whipsaw.
SIEMENS (LTP: 1247)
SELL For today’s trade, short position can be initiated at around Rs1260 for target of Rs1230-1220 with a strict stop loss of Rs1275. Traders are advised to avoid early morning whipsaw.
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