Tuesday, August 2, 2016

NIFTY CLOSE BELOW 8650; MARKET REMAIN RANGEBOUND

LAST DAILY RECOMMENDATION:
IN BULLISH MOMENTUM: VOLTAS HIT TGT 361  MADE A LOW OF 357.65
LOT SIZE: 2000
DAILY TOTAL PROFIT: 29400 IN JUST ONE LOT
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The Indian stock market once again ended with marginal losses on Tuesday amid a highly volatile session. Market participants turned jittery ahead of the tabling of GST Bill in Rajya Sabha scheduled on Wednesday. Sensex ended with a loss of 21 points at 27,982. The Sensex opened at 28,069 touched an intra-day high of 28,175 and low of 27,944.The Nifty closed with a loss of 14 points at 8,622. The Nifty opened at 8,647 hitting a high of 8,687 and low of 8,611.Indian Stock Market would open flat. Technically, Nifty is still in positive trend but BankNifty has entered into negative region. Now if Nifty closes below 8578 levels, then we could see sharp downfall. Once any positive news comes in respect of GST Bill, Market
would see a sharp positive movement but it looks that GST bill is already priced in, so market would not sustain higher levels. First sign of weakness after GST Bill would be an strong opportunity for traders to go short in the market. For now, traders can go short in BankNifty at every positive rally and can hold long positions in Nifty until it holds 8578 levels by closing.
TOP GAINERS: ITC, Maruti Suzuki, Bank of Baroda, HCL Tech, Hero MotoCorp

TOP LOSERS:  Aurobindo Pharma, HDFC, Tata Motors, BPCL, Tata MotorsDVR, BHEL

2 comments:

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