Nifty continued selling pressure from resistance near 4,950 levels and closed in red. Nifty August future expiry due on Thursday therefore volatile movement may be seen. Sentiment may remain weak below 4,950 levels. Nifty may continue trade in 4,700-5,100 zones for next few days. For daily purpose, the trend deciding level is 4,900. If Nifty shows strength above 4,900 levels, then rally to 4,950/5,000/5,050 may be seen. If Nifty does not show strength above 4,900 levels then selling pressure till 4,850/4,800/4,750/4,700 may also be seen.
Nifty has taken a resistance at 4,960 and is now headed toward 4,780-4,720 support levels. On the upside 4,960 continues to be a resistance level.
Buy Gujarat Industries Power Company (GIPCL) with a target price of Rs 96 as against the current market price (CMP) of Rs 83.
Buy Orchid Chemicals with a target price of Rs 373 as against the current market price (CMP) of Rs 198.
Buy LG Balakrishnan; target Rs 305
Buy Infosys; target of Rs 2730
Coal India likely to trade in Rs 375- 400 range
Accumulate Hindalco, Hindustan Zinc & Sterlite
Tata Steel may slip to Rs 420
Buy Orchid Chemicals with a target price of Rs 373 as against the current market price (CMP) of Rs 198.
Buy LG Balakrishnan; target Rs 305
Buy Infosys; target of Rs 2730
Coal India likely to trade in Rs 375- 400 range
Accumulate Hindalco, Hindustan Zinc & Sterlite
Tata Steel may slip to Rs 420
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