It was a choppy day for the markets as Nifty moved up and down through out the session. After a neutral start market moved higher but gave up all its gains immediately and traded in negative territory. Strong buying in index heavyweights like HUL, ICICI, Infosys and TCS lifted Nifty above 6300 in the last 30 minutes of trade. SBI was the main drag on the indices as stock witnessed strong profit taking after disappointing Quarterly numbers. IDFC too moved lower post results. Aviation stocks were in fly mode as Jet Airways zoomed up by more than 10% while KFA too posted strong gains. Fertiliser stocks found fresh momentum as strong gains were seen in Chambal, GSFC, NFCL, Deepak Fert and GSFC. Some other smart movers for the day were IBReal, TVS Motors, SKumars, Petronet, Power Grid, Alok, LIC Hsg, Crompton, BOI, Core, Can bank, Dabur, GVK, MRPL, Dena Bank, Indusind and HDFC bank. Losers included Srei Infra, Patni, JSW Holding, Indian info, Hind Zinc, IVRCL Infra, GMDC, BGR Energy, BOB, IGL and APIL.
Nifty closed above 6300 after dipping to around 6240 during the day. Strong close after a sluggish session suggests that market might be ready for taking out the previous peak after a couple of days of consolidation. It might move all the way towards 6400-6420 soon. HUL made a strong move and made a new 10 years high. Technically, stock continues to look very strong and could be headed much higher from current levels over next few weeks. After Alok Ind, SKumar’s seems to have broken out. Sustained trades above 86 could take the stock higher to around Rs 104-106 in next few sessions. Indusind bank and BOI have are also showing positive intentions after brief consolidation and could see decent upside. Few others that look positive are Ultratech, Lupin, Unitech and MRPL.
Nifty has immediate support around 6250-65 and then around 6210-15.
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