Technically speaking: Indices traded between a broad range of nearly 900 points. Sensex traded between an intra day high of 19,988 . Advances outnumbered declines in the ratio of 2:1. Volume for the day stood at Rs 8,796 cr. Markets close just below 20050 which could be a good resistance. As we have been talking recently for big moves in Midcaps and smallcaps, the markets still look good for buy on dips for midcaps and smallcaps. The major gainers for the day were on the Banking, metal, Power, reality and consumer goods sector. European indices continues to trade in green.
For today
The market is expected to open on flat to positive
note today, however profit booking from Nifty life time high at
6010 levels cannot be ruled out. Traders are advised to assume
long position if Nifty sustains above 5950 levels for upside
targets of 5975 and 6010 levels. Alternatively, long position can
be assumed from lower supports at 5900 and 5880 levels.
Failure to close above 20k this time will cause severe pain to the bulls and we put the chances at 60-40 in favour of bulls.
Navneet Publications(RS.93.65 ) will pick up pace from here on for a target of Rs.120
We have a moderately bullish view on NTPC. We recommend a Bull Call Spread strategy:
o Buy One NTPC Nov 280 CA @ 13-14
o Sell One NTPC Nov 300 CA @ 9-10
o BEP: 284
o Investment: Rs.1,20,000 (Approx)
o Time Frame: 5-6 day
IVRCL Buy 495-500 sl 488 for target 520-522 in 2-3 Days
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