MARKET OUTLOOK:
Indices opened with a neative gap in line with expectation but staged good intraday bounceback and closed with modest gains. The surprise rally signified the underlying support at lower levels. Nifty has strong support at 5060 / 5020. We expect indices to remain rangebound, with upside resistance of 5250. Nifty Futures shed 11.93 lacs shares (-4.17%) in May series OI while simultaneously added 21.67 lacs Shares (+37.60%) in June series OI. Nifty PCR combined for the month of May and June stands at 1.39 while the basis on Nifty Futures was trading at 9 points premium. We had recommended hedging long position yesterday. Traders may book part profit in morning on their short positions.
STOCK ALERTS:
TATATEA FUTURE
(CMP 945)
The scr ip has moved up gradually with accumulation in cash and future segment. We expect the scrip to consolidate further and test resistance level of 1000 / 1025. Traders may accumulate the scr ip in range of 945 to 920, with Stop loss of 895.
RELCAPITAL FUT
(CMP 1415.35 / + 3.84%)
The scrip is moving out of trading zone and is set to gather momentum. Traders may accumulate the scrip in range of 1400 / 1370 for target of 1470 /1500 / 1530 with a stop loss placed below 1332.
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The latest daily trading note declared by Epic Research includes that one can BUY SIEMENS FUTURE ABOVE 895 TG 898, 902, 908 SL 890 for today.
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