Published on 21/04/2017 9:27:01 AM | Source: Reliance Securities Ltd
The Nifty support is placed at around 9,070 and then at 9,020 levels - Reliance Sec
* On Thursday, NSE-NIFTY began the session on dull note tracking mixed global cues, but later due to recovery in major frontline counters index advanced gradually and finally, finished trade around the day’s high.
* NIFTY registered low of 9,103 and high of 9,144 levels before closing the day at 9,136 mark with gain of 33 points.
* NSE Cash segment reported turnover of Rs25,391 crore as compared to Rs24,069 crore earlier.
* Overall market breadth remained positive, where 1126 stocks advanced against 536 declined stocks.
* Mixed trend was observed across all the sectoral indices during the day. Media and Realty indices once again emerged as top gainers with the increase of 2% each. However, none of the sectoral indices have reported loss of more than 1%.
* NSE-NIFTY managed to breach five sessions old falling trend with a rise of 0.4%. As mentioned earlier, we believe that market will bounce back before it resumes the (near-term) southward journey as (i) NIFTY ended higher post Hammer formation, (ii) positive crossover in Stochastic, (iii) reversal in RSI around its neutral level-50 and, (iv) positive market breadth are signaling about the same. On the higher side, index will continue to face stiff hurdle around 9,250 mark. However, in case of major decline, NIFTY will find support in the range of 9,000-8,950.
* As for the day, support is placed at around 9,070 and then at 9,020 levels, while resistance is observed at 9,220 and then around at 9,250 levels.
HINDUSTAN UNILEVER (LTP: 916) BUY
For today’s trade, long position can be initiated at around Rs914 for target of Rs937 and with a strict stop loss of Rs900.
Motherson Sumi (LTP: 377) SELL
For today’s trade, short position can be initiated at around Rs380 for target of Rs370 and with a strict stop loss of Rs385.
To Read Complete Report & Disclaimer Click Here
For More Reliance Securities Ltd disclaimer at http://www.rsec.co.in/disclaimer
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer