After having corrected
in the past three consecutive trading sessions, the Indian stock market closed
on a higher note on Wednesday ahead of expiry of September futures &
options. The stock market oscillated between gains and losses. After a
flat opening, markets staged recovery in noon trades and closed
higher. A strong rebound with Positive opening of European markets
and a firm rupee partially supported the upmove in domestic equities. And
amid recovery in global crude oil prices further bolstered trading
sentiment during mid-session. Meanwhile, investors are keenly awaiting for
the expiry of the September F&O series and roll over
positions to the October series due tomorrow.
Technically,
Indian Stock Market is still in negative zone. Now market is near strong
support of 8688 levels. Closing below those levels would force market to see a
sharp downfall. Traders should still hold short positions as of now. This
downfall is a correction to the positive rally and would not last long but
traders should hold the short positions until the reversal is seen. If levels
of 8688 is breached for Nifty then Next target would be 8620-8580-8500
for Nifty and. For now, trade is to go short at every positive rally.
TOP
GAINERS: Hindalco, Idea Cellular,
Tata Steel, Zee, Bank of Baroda
TOP
LOSERS: Reliance , Tech Mahindra, Coal
India, HUL, SUNPHARMA ,TCS
Motherson Sumi - RBI raises foreign Investment limit in Motherson Sumi from 24 percent to 30 percent - sentimentally positive for the stock.
ReplyDeleteCapitalstars
Where do u see market closing this expiry..
ReplyDeletesomewhere near 8788
ReplyDelete