- Nifty ended the day on a negative note after a fairly choppy session, which indicates that the three leg corrective rally has just come to a pause and the fresh impulse on downside will initiate from coming session. Moreover, the momentum cycle has also given a sell signal with prices seeing a rising trendline break. So for coming session the first support to watch out for is 4748, below which the fall can deepen to test the recent low of 4675.
BSE Oil & Gas - After opening on a positive note the BSE Oil & Gas index could note sustain on higher levels and finally this index closed at 9720 with a marginal loss of -0.94%. Going forward now this index has support at 9529 levels and if it starts trading below this then we may see further downside in this index.
BSE Bankex - BSE Bankex index continued its southbound journey and finally closed at 9335 with a marginal loss of 0.74%. This index is still looking weak and we maintain our downside target of 9020 and below that 8842.
| Trading Ideas - Positive bias for mid term trading are in stocks like Ranbaxy (Target Rs460), JP Associates (Target Rs151), MBL Infra (Target Rs224) & SREI Infra (Target Rs75). Traders maintain stop loss accordingly.
Investment Ideas - IVRCL Infrastructure & Projects (IVRCL): CMP@ Rs318 (Target Rs399)
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