Nifty swung both ways before closing almost unchanged. The intra day range was almost 100 points as Nifty dipped below 5500 mid session before staging a smart recovery that took it past 5550. Stock specific moves dominated the session and most of the action was seen in the mid caps space. The tea counters were very active and most rose sharply on heavy volumes. Mcleod Russell was up around 9% while Tata Coffee rallied for second successive day and gained over 13%. Some other prominent mid cap gainers were S.Kumar’s, BGR Energy, MLL, IVRCL Infra, Bombay Dyeing, Apollo Tyres, Noida toll, Wel Corp and Hexaware. The ADA group stocks also gained ground on some short covering. Certain stocks that have gained ground in the last few sessions witnessed some profit taking. This list includes Cairns, DCHL, Indusind Bank, PNB and Sun Pharma.
Nifty has been trading around 5500 for past 4-5 sessions now but has failed to give a closing above 5550. The range between 5550 and 5600 continues to provide stiff resistance. RIL has been consolidating between 970 and 1000. Breakout is likely above Rs 1000 that could open higher targets of around 1035 and even Rs 1060-65. Breakout in RIL, if and when that happens could also help Nifty to move past 5600. BGR Energy was mentioned as a breakout candidate above 455 and that breakout has taken place. Sustained trades above 450 could take it around 485 and 510. LIC Hsg has potential to target 215 and even 228-230 over next few sessions. Some other stocks that might show an uptrend over next few sessions are Bombay Dyeing, Welcorp, Jet Airways( above 460) and CESC.
No comments:
Post a Comment