Experts feel as the index has been moving in a particular range and still holding 11,460, there is still hope for recovery on short covering.
Bulls failed to push the index back above 100-days EMA on Wednesday as Nifty50 closed below 11500 levels.
Despite firm global cues Indian markets witnessed a breakdown as fresh tariff threats from the US caused volatility.
Amongst the broader market indices, ‘BSE Midcap’ and ‘BSE Smallcap’ too ended lower by 0.8 percent each. Amongst the sectoral indices Realty, Capital Goods, Metal and Auto were the biggest losers in the range of 1.1-1.7 percent.
Experts feel that the market is likely to remain choppy in the near term amid mixed trend seen in Q1 earnings.
The rupee declined by 7 paise to close at 68.58 against the US dollar on Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices.
On the institutional front, FPIs were net sellers in Indian markets for Rs 604 cr while the DIIs were net buyers to the tune of Rs 667 cr, provisional data showed.
Technical View:
Nifty formed a bearish candle on the daily charts
The index closed below 11,500 for the first time since May 17 and formed bearish candle on daily charts.
Experts feel as the index has been moving in a particular range and still holding 11,460, there is still hope for recovery on short covering.
Three levels: 11461, 11475, 11593
Max Call OI: 12000, 11900
Max Put OI: 11300, 11500
Stocks in news:
Piramal Enterprises: Board approves raising up to Rs 1,500 crore via NCDs.
GTPL Hathway Q1: Consolidated profit jumps to Rs 29.45 crore versus Rs 13.37 crore; revenue rises to Rs 445.5 crore versus Rs 296.9 crore YoY.
Himachal Futuristic Communications Q1: Profit rises 148 percent to Rs 117 crore versus Rs 47 crore; revenue jumps 23 percent to Rs 1,343 crore versus Rs 1,088 crore YoY.
Technical Recommendations:
We spoke to Bonanza Portfolio Ltd and here’s what they have to recommend:
Power Grid: Buy| LTP: Rs 205.30 | Target: Rs 221|Stop Loss Rs.195|Upside 8%
Tata Motors: Sell| LTP: Rs 151.65 | Target Rs 140|Stop Loss Rs.158| Upside 7.5%
Apollo Hospitals: Buy| LTP: Rs 1318 | Target: Rs 1425|Stop Loss: Rs.1265| Upside 8.10%
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