NIFTY went into another range bound trading day. It stayed within previous day's range and has closed fairly weak, while staying above 5300. 5370 is the key resistance and 5235 a broad support. NIFTY is likely to hover within this 135 point range, it will get tightened further and then a breakout in either direction will determine the new trend.
ENERGY Sector leads the rally today on a lack luster trading day. While the sector is weak, who moved the coin? It was CAIRN & ONGC, which have outperformed the index. CAIRN was in an intraday buy list today above 302 with a target of 317. Next moves will reach the target.
HEALTHCARE Sector followed second with marginal gains on both Pharma and Hospitals. Otherwise a broadly dull market, with BASIC MATERIALS Sector leading the weakness. Most of the Industry groups in the BASIC MATERIALS Sector registered weakness except for Chemicals, Pig & Sponge Iron and Fertilizers. Our Stock pick NFL, has registered above 5% gains today.
Leather Products gave a giant leap today with BATAINDIA registering close to 10% gains. Watch this stock to trade long on pull back to value.
Of our open calls, SIEMENS is in the range below entry. ULTRATECH and FORTIS though closed weak are holding on to stop levels. ADORWELD awaits 190-180 range break.
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