20 April 2015

NIFTY VIEW FOR 21 APRIL TO 24 APRIL 2015

"BUY NTPC ABOVE 161 TGT 170 SL 152"
"SELL L&T FINANCE BELOW 64.00 TGT 61.50 SL 66.00"
Indian market ended the day in red ahead of the Vote On Account on Monday. The Sensex ended the day at 27886, down 555 points. The broader 50-share Nifty closed session below 8500; at 8448 , down 157 points. while the NIFTY lost 83 points to close at 6001. Contraction in industrial output for the third straight month and fears of another rate hike caused selling pressure among investors.The Indian market is likely to make a soft opening today tracking mixed global cues. The early indicator, SGX Nifty was up 33 points at
6030 around 0800 hrs. The January wholesale price index (WPI) data will also be released today and is expected to ease to 5.5 percent month on month led by a decline in primary and fuel inflation. However, US stocks closed higher on Thursday, with the Nasdaq rising for a sixth straight day, as investors looked past disappointing data on consumer spending, chalking the weakness up to weather instead of weaker fundamentals. Sensex falls over 1,000 points in 4 sessions now good time to buy. The Sensex has plunged over 1200 points in four trading sessions, including today's decline, on earnings growth concerns, while weak cues across the region also dampened sentiment.The Sensex slipped as much as 639 points in trade on Monday, to register its lowest close in three weeks, dragged down by losses in technology, realty, FMCG and auto stocks. We are  not worried about the recent fall as we feel that the uptrend still remains intact, and investors should use meaningful dips to accumulate quality stocks or create a balanced portfolio to shield themselves against volatility.
RESISTANCE: 8798, 8958, 9018
SUPPORT:  8552, 8466, 8416

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