Markets put a halt in the last two sessions on the winning streak so made in the last few days as indices mostly consolidated in the same range and moved with negative bias. Constant resistance is faced by the indices on higher levels, which is mainly due to profit booking at such alluring levels and so sudden drags are seen from higher sides and weak Asian and European peers also not supported the bulls which finally made them to settle on flat note with negative bias.
PSU, Banks and Auto sector were on buyers’ radar while FMCG and IT were among losers for the day.
Global Market Updates:
- European shares tanks for a second day after the release of mixed service sector and manufacturing activity.
- As well as automaker Daimler reported disappointing results and said it planned to investigate its emissions certifications. Poor sales also hit luxury group Kering.
Intraday superstar calls (Premium Section)
IOC EQ consolidated around the same resistance which it has been facing since last three sessions, but now is expected to positive breakout from this resistance mark.
BUY ABOVE 431.20 TARGETS 435.55/440/444.40 SL 426.70.
SUNTV FUTURE has been moving sideways with negative bias since last few sessions and closed around it’s support on its daily charts, so sell offs can be seen in this stock.
SELL BELOW 350 TARGETS 349/348/347 SL 351.25.
Multibagger call (Premium Section)
M&M EQ gave breakout of the trend line which was acting as strict resistance as shown on the daily chart above. In previous four sessions, it found constant support around this trend line and was able to close above it. Now, if it is able to sustain above the immediate resistance levels, then buying sentiments can lead the bull rally on higher notes.
BUY ABOVE 1355 TARGETS 1375/1395. MAINTAIN SL OF 1338.
Trifid Special call (Premium Section)
AUROPHARMA(EQ) is trading around the 100 day SMA and closed above it. Now, in the coming sessions it is expected to breach the trend line which is acting as resistance as shown in the daily chart above and may lead higher towards the higher resistance marks.
BUY ABOVE 796 TARGET 810 SL 786.
Major Indices Movement
Nifty consolidated in the same range for the second consecutive session and moved in a tight range. It appears that the index is indecisive at this point of time as profit booking is seen at higher levels, which hinder it to test 8000 mark while on the lower side 7900 is still acting as key support but holding below 7850 can be a weak sign for the index.
Bank Nifty closed strong again for the second consecutive session as compared to Nifty and other indices. It is facing stiff resistance of 16770 on the daily charts and has the potential to test the trend line i.e. near 17000. On lower sides, 16420 may act as crucial support for bank nifty and any closing below it can drag it towards 16150-16100 levels.
Up’s and Down’s
Event Calendar ( 18th April to 23rd April ’16)
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