Market Outlook
After a negative opening S&P CNX Nifty consolidated around 5180 levels but later
on disappointing result from heavy weights (L&T and ICICIBank) and breaching of
an important support of 5150 level with volume pick up resulted sustained heavy
selling pressure in the market. The market turnover was much higher with
significant fall so suggest caution and keep the position light in the market at
current level till the time Nifty doesn't show any pullback above 5150 levels. Today
global markets are also negative and FIIs were heavy sellers in F&O as well as cash
segment so this may definitely put pressure on our market. If nifty sustains below
5050 and falls below 5020 level then further selling pressure towards 4950-4920
could not be ruled out in the market.
SBIN
Execution Price Range Stop Loss Target
Sell Between Rs 2105 to 2125 2140 2065
INDIAN OIL CORP
Execution Price Range Stop Loss Target
Sell Between Rs 310 to 315 317 303
M&M
Execution Price Range Stop Loss Target
Sell Between Rs 1138 to 1148 1157 1115
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