Markets after the stupendous rally in the previous session opened on a flat note, but however, it managed to sustain on higher side for the entire session closing it in green territory with a gain of 0.22% and also reached towards this year’s highs. FMCG, IT and Auto were some few sectors which supported the index while the Banks were responsible to cap the gains.
Rupee appreciation supported the equity markets since last two sessions. Cautiousness was seen ahead of FOMC meet which is expected to keep the rates unchanged and volatility is expected in coming session due to April F&O expiry.
Global Market Updates:
- After announcing its first-ever drop in iPhone sales, Apple Inc sought to reassure investors by saying its latest and cheapest model was in strong demand after being launched in late March.
- Asian stocks fell ahead of U.S. and Japanese central bank policy decisions, while crude oil prices hovered near 2016 highs.
Intraday superstar calls (Premium Section)
DABUR EQ after giving the positive breakout from the trend line so seen in the daily chart above is again consolidating around the important resistance level which indicates bulls above it.
BUY ABOVE 275 TARGETS 277.80/280.60/283.50 SL 272.
GAIL EQ is seen consolidating around the neckline of the pattern so observed on the daily chart of this stock and so bullish breakout can be seen in it.
BUY ABOVE 374.40 TARGETS 378.20/382/386 SL 370.20.
Multibagger call (Premium Section)
JETAIRWAYS EQ after showing a steep rally from bottoms facing 100 day EMA is now consolidating near to the strict resistance level on daily chart as shown in the chart above. If it sustains above the level so given then it may rise above giving breakout from the rough pattern so observed.
BUY ABOVE 646.50 TARGETS 655.50/665.50. MAINTAIN SL OF 639.
Trifid Special call (Premium Section)
JSWSTEEL EQ is strongly continuing the bull rally so has shown by the stock since last few weeks and is again consolidating around the 52 week highs. Stock is seen to be kept on the buyers’ radar and so new 52 week highs are expected from this stock.
BUY ABOVE 1372 TARGET 1399 SL 1360.
Major Indices Movement
Nifty seemed to be cautious ahead of global events and F&O expiry which resulted in quiet trading moving in a specific range with less volume. It was able to hold on higher levels, which is a point of strength for the index and it needs to give a breakout from this hurdle of 8000 to gain further. The intraday support range is seen near 7950-7910.
Bank Nifty moved in subdued fashion for the whole session and also capped the gains for the index. It was not able to expand the previous day gains and closed down as compared to previous close. On daily charts, it tested the trend line on higher side which if acted as reversal then nearest support is seen near 16750 while 17100 is seen as major resistance.
Up’s and Down’s
Event Calendar (18th April to 23rd April ’16)
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