Greetings from Swastika Intelligence Group
Equity Market Outlook:
Spot Nifty: Market texture has become weak but nifty is near sacrosanct mark of 50-DMA which is currently placed at 8683 level. If nifty manages to hold 8683 mark then nifty may witness another rally where 8810-8850 will act as a strong resistance zone while if nifty surrenders 8680 mark then near term trend is likely favor bears where they are likely to enjoy swift ride towards 8550-8500 support zone. 8721 will act as an immediate intraday resistance where traders should remain in short side till nifty trades below 8721 level.
Banknifty future: Banknifty slips below support mark of 19700 but 19496-19398 is an immediate and critical support zone; below this it is vulnerable for a bigger correction where 19200 will act as intermediate support level. 19605 will act as an immediate and strong intraday resistance; only a decisive move above 19605 may lead positive momentum.
Sectors/Stocks to watch out for:
- Auropharma is likely to do well on the back of both technical and fundamental strength.
- ADAG counters are showing signs of distribution and may under-perform in today's trade.
- Jetairways, Infratel, Bharti Airtel, M&M and Axibank are showing technical weakness while Tyre stocks, OMCs, Glenmark, Lupin and Bharat Finance are showing decent strength.
- Cairn may remain under pressure as Crude tumbles sharply overnight.
- Metal counter may remain under pressure on the back of global market weakness.
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