Markets remained in a sideways/consolidation mode as Nifty traded in a narrow band of about 40 points. Tata motors zoomed to higher levels in early trades reacting to its better than expected numbers. It gave up some of its intraday gains on profit taking but still managed to close above Rs 1300. SBI, on the other hand struggled as stock continued to adjust to its lower than expected results. Another heavyweight Bharti was also under pressure post results and was one of the main drag on the indices. It was a dull or mixed day for the heavyweights and it were the mid caps that provided all the excitement. Titan added another 8% to move above Rs 4100 while Shipping stocks were also in demand. Some of the prominent gainers for the day were 3i infotech, Bata, Bombay dyeing, HCC, MLL, Sun TV, ICSA, Renuka, Alok, Tata Global, Ind Hotels, M&M, Bharat Forge, Sintex, Apollo Tyres and Hotel leela. List of losers comprised of Colpal, Chambal, Onmobile, Divis Lab, Crompton, Ambuja, Jindal SAW, Ranbaxy and Core.
Nifty seems to be trapped between 6250 and 6320 as of now but narrow day today suggests that Nifty could be moving out of this range in couple of sessions. Probability of breakout on the upper side is greater as of now and we maintain short term targets of around 6420 for Nifty. Autos continue to display strong momentum and stocks like TVS, Escorts, M&M and Ashok Leyland could move up over next few sessions. HCC is again witnessing some buildup and could head towards Rs 70-71 where it faces strong resistance.
Nifty has immediate support around 6250-65 and then around 6210-15 while fresh momentum is seen above 6320.
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