STOCK MARKET REVIEW
CNX Midcap index was down 0.27% about while BSE small cap index also lost 0.66%.
Investors were vexed over the health of the global economy due to poor economic data that took the limelight of congressional deal to raise America’s debt ceiling to avoid a first-ever default.
Today’s decline was led by the index heavyweights like L&T, Tata Motors, Axis Bank, Bajaj Auto and DLF, dragging the Nifty to an intra-day low of 5379. However, the index recovered towards the end and managed to hold above the 5400 levels.
Today’s Nifty Top gainers were:
SAIL with volume and changes 3.18 27,51,757 and 3.18 %
RELINFRA with volume and changes 11,27,334 and 2.50 %
SESAGOA with volume and changes 35,17,941 and 2.25 %
Today’s Nifty Top losers were:
LT with volume and changes 28,33,569 and 4.23 %
TATAMOTORS with volume and changes 17,86,057 and 2.95 %
AXISBANK with volume and changes 18,33,923 and 2.87 %.
As the investors are jittery due to the weak global market and flocking to other safe havens, also Nifty has ended below its ascending support trend line, which indicates that further sell-off on Dalal Street is possible. Hopefully, we may see a rebound after a two-day selloff. US index futures gained so we may expect the positive global market on Thursday.
Nifty can be expected to follow up trend. It seems to be vary between 5330-5480
SHARES TO PICK:
ADANI POWER
ADANI POWER Script has traded in heavy volume on Wednesday. Shares closed the today’s session at 101. Support and resistance levels for the share for the next trading session are:
Resistance 1-105
Resistance2- 109
Support 1- 96
Support 2- 93
HINDUSTAN MOTORS
Hindustan motor has seen trading within the range of 16.80 to 17.80 on Wednesday. Expected levels for this script are as follow:
Resistance 1-19
Resistance2- 21
Support 1- 15
Support2- 13
STOCKS TO WATCH
Sell SHRIRAM TRANSPORT below 585
Book First Target at 579 and Second Target at 572
Keep stop loss at 593.45
Buy AANJANEYA at cmp
Book first target at 396 and Second target at 401
Keep stop loss at 387.45
NIFTY SPOT LEVEL
The Nifty Index opened up at 5,402.00 and finally closed at 5,404.80 rallying down 51.75 points (0.95%). The Nifty high and low of the day were 5,402.00 and 5,378.85 respectively.
The Nifty Futures made a down rally of 51.75 points or (0.95%) and finally settled at 5,404.80. The 30-share BSE Sensex was trading at 17,940.55 down 169.34 points.
Investors were vexed over the health of the global economy due to poor economic data that took the limelight of congressional deal to raise America’s debt ceiling to avoid a first-ever default.
Today’s decline was led by the index heavyweights like L&T, Tata Motors, Axis Bank, Bajaj Auto and DLF, dragging the Nifty to an intra-day low of 5379. However, the index recovered towards the end and managed to hold above the 5400 levels.
Market seems to be strongly trades between 5375-5435 in narrow perspective and in broad perspective it seems to be vary between 5330-5480
SUPPORT AND RESISTANCE:
The Support and Resistance Zone for Nifty Spot levels would be
Support 1: 5375 Support 2: 5330
Resistance 1: 5435 Resistance 2: 5480
BANK NIFTY FUTURES
Bank Nifty Futures seems to be strongly trades between 10580 –10820 is looking bearish in narrow perspective and in broad perspective it seems to be vary between 10440-10940
SUPPORT AND RESISTANCE:
The Support and Resistance Zone for Bank Nifty Futures would be
Support 1: 10580 Support 2: 10440
Resistance 1: 10820 Resistance 2: 10940
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