Markets surge in late hour rally
The market after gap up opening yesterday moved range bound in a choppy fashion till mid-afternoon when it witnessed all round hectic buying coupled with short covering taking the indices to session high by mid-afternoon after media reports citing finance ministry sources said the government will not target P-Notes in a blanket manner under its recently proposed ruling targeting tax avoidance under GAAR. The market finally closed in the positive with the Sensex gaining more than 200 points at 17257 while the Nifty ended the day at 5243 gaining 58 points after touching a high of 5277 and a low of 5184 in intraday trade. The market may remain volatile in view of current month’s F&O expiry tomorrow and hence readers are advised to trade with caution keeping stock specific approach.
NIFTY FUTURE (Last close 5251.75)
The counter after gap up opening yesterday moved in a choppy fashion till mid-afternoon when all round buying coupled with short covering pulled up the NF to day’s high of 5295 after media reports citing finance ministry sources said the government will not target P-Notes in a blanket manner under its recently proposed ruling targeting tax avoidance under GAAR. The counter finally closed the session gaining more than one per-cent with high volumes. The counter to retain its up move needs to trade and remains above 5271.75 whereby it may move up to 5299/5343. Strong support for the NF exists at 5226.25 which if breached decisively with volumes then it may slide to 5203/5182.
The stock after consolidating during the past sessions closed yesterday with positive bias gaining more than one per-cent with moderate volumes indicating accumulation of the stock at current rates. The stock appears positive on charts and may move up to 165/168 on volume trading. Strong support for the stock exists at 160.75.
SAIL FUTURE (Last close 95.20)
The steel stock after remaining range bound during the past week closed yesterday above its short term trend line with moderate volumes gaining over 2% suggesting accumulation of the stock at CMP. The stock appears positive on charts and may move up to 98/101. Strong support for the stock exists at 93.00.
The market after gap up opening yesterday moved range bound in a choppy fashion till mid-afternoon when it witnessed all round hectic buying coupled with short covering taking the indices to session high by mid-afternoon after media reports citing finance ministry sources said the government will not target P-Notes in a blanket manner under its recently proposed ruling targeting tax avoidance under GAAR. The market finally closed in the positive with the Sensex gaining more than 200 points at 17257 while the Nifty ended the day at 5243 gaining 58 points after touching a high of 5277 and a low of 5184 in intraday trade. The market may remain volatile in view of current month’s F&O expiry tomorrow and hence readers are advised to trade with caution keeping stock specific approach.
NIFTY FUTURE (Last close 5251.75)
The counter after gap up opening yesterday moved in a choppy fashion till mid-afternoon when all round buying coupled with short covering pulled up the NF to day’s high of 5295 after media reports citing finance ministry sources said the government will not target P-Notes in a blanket manner under its recently proposed ruling targeting tax avoidance under GAAR. The counter finally closed the session gaining more than one per-cent with high volumes. The counter to retain its up move needs to trade and remains above 5271.75 whereby it may move up to 5299/5343. Strong support for the NF exists at 5226.25 which if breached decisively with volumes then it may slide to 5203/5182.
The stock after consolidating during the past sessions closed yesterday with positive bias gaining more than one per-cent with moderate volumes indicating accumulation of the stock at current rates. The stock appears positive on charts and may move up to 165/168 on volume trading. Strong support for the stock exists at 160.75.
SAIL FUTURE (Last close 95.20)
The steel stock after remaining range bound during the past week closed yesterday above its short term trend line with moderate volumes gaining over 2% suggesting accumulation of the stock at CMP. The stock appears positive on charts and may move up to 98/101. Strong support for the stock exists at 93.00.
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