CNX Nifty futures registered an intra-day high of 7,438.9
in the early hours and has been moving in a sideways trading range between
7,400 and 7,440 since then. A break above 7,440 can take the contract higher to
7,475 and then to 7,500. In that scenario, traders can consider going long with
a stop-loss at 7,440.
Conversely, a fall below its key support at 7,400 can
trigger selling that can pull the Nifty futures down to 7,376 or 7,350.
Subsequent supports are pegged at 7,335 and 7,320.
Strategy: Desist trading
as long as Nifty futures trades between 7,400 and 7,440.
Supports: 7,400, 7,376 and 7,350.
Resistances: 7,475 and 7,500.
Weak rupee
The rupee was quoting at Rs 59.35 per dollar. But rupee’s
weakness against the greenback did not come as a relief to the IT stocks, more
so as investors were getting greater confidence of an economic turnaround and
are willing to embrace the growth story.
Hero MotoCorp, Hindalco, Tata Steel, Bajaj Auto and HUL
were the top five Sensex gainers, while the top five losers were TCS, Infosys,
Bharti Airtel, Coal India and Wipro.
The Nifty opened two points up at 7,418, while the Sensex
opened 50 points up at 24,909.
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stock cash premium tips also 2 days free tips in any segment. For more call at
0731-6615050.
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