The markets were trading sideways with negative bias and it appeared as if the indices were struggling for the entire session and finally closed in red territory. Banking and Financial Services sector was not at all supportive for the benchmark indices while Metals were the major gainer sector for the day.
Pushing down the indices involves global factors, especially weak cues from Japan, which shattered more than 3%, affected the Indian markets in worsening manner. On the domestic front, Nikkei purchasing managers’ index (PMI) decreased to 50.50 in April from its 8 month high of 52.4 in March.
Global Market Updates:
- Asian shares fell, led by a plunge in Japan’s Nikkei after the dollar notched a fresh 18-month low against the yen.
- European equities bounced back on Monday after sharp declines in the previous session, with German shares outperforming the broader market after a positive manufacturing survey report.
Nifty Intraday superstar calls (Premium Section) RUSHIL EQ had continued its bull rally and closed above the trend line acting as resistance and so it is expected to continue the trend if it sustains above the level so given. BUY ABOVE 303.50 TARGETS 306.55/309.65/312.80 SL 299.50. GNFC EQ has given a price-volume breakout on daily charts and is expected to continue the bullishness towards its weekly resistance levels.
BUY ABOVE 112.20 TARGETS 113.35/114.50/115.70 SL 110.90.
Multibagger call (Premium Section) GLENMARK FUTURE has traded above the trend line acting as resistance in the previous week and is also hovering around the 100 day EMA since last few sessions. If the counter breaches the immediate resistance mark, then it may head higher, reaching towards next resistance levels.
BUY ABOVE 844.60 TARGETS 850.60/857. MAINTAIN SL OF 839.90.
Trifid Special call (Premium Section) TCS EQ after finding support of the 100 day EMA as seen on daily charts had shown short bull rally since last few successive sessions towards the trend line acting as resistance as seen in the chart above. This IT stock can further head towards higher resistance marks if it strongly holds above the level so given.
BUY ABOVE 2553.50 TARGET 2600 SL 2515.
Major Indices Movement Nifty opened flat and it traded in a very volatile manner, although remained on the lower side of the entire session. It found strong support of 7790 as shown in the chart above. Bank Nifty also found support at lower levels, although it remained stronger as compared to Nifty during the session on the back of strength so seen in private banks. The index is moving in a particular wide range of 17070-16470 and it needs a proper breakout on either side to decide the trend further.
Up’s and Down’s Event Calendar (02nd MAY to 07th MAY ’16) (Click to submit your details) Just one step to get best trading tips and Recommendation.