Markets are in no mood to recover losses rather are badly hit by global cues as European markets also traded near three week low on Wednesday while Asian markets were also unsupportive. Selling by Foreign Institutional Investors and weak sentiments in Rupee and Oil also dampened the northward movement of the indices.
India Services PMI fell to four month low of 53.7 in April from 54.3 in March. Metals, Banks, Realty and Auto lead the decline, whereas no specific sector was able to support bulls.
Global Market Updates:
- World stocks fell for the second straight day on Wednesday and metals prices declined, pressured by signs of a renewed and prolonged global growth downturn.
- Asian shares tanks with Tokyo shut for a holiday & investors cautious ahead U.S. jobs data at the end of the week for direction.
Intraday superstar calls (Premium Section)
BAJAJAUTO EQ has been constantly finding support around 2450 since last three sessions and bears may further, drag the stock below its mentioned support.
SELL BELOW 2450 TARGETS 2426/2401/2375 SL 2481.
IRB EQ has been closed in red in previous sessions after amid consolidation in last few sessions and now may break the immediate support and slip under it.
SELL BELOW 209.40 TARGETS 207.30/205.20/203.20 SL 211.50.
Multibagger call (Premium Section)
IDEA EQ is hovering around the 100 day EMA and is able to close above it in the last two sessions. On daily charts, it took the support of the trend line so come from higher highs and hence is expected to move northwards in coming sessions.
BUY ABOVE 121.25 TARGETS 123/124.80. MAINTAIN SL OF 119.95.
Trifid Special call (Premium Section)
HDFCBANK EQ has been trading around all time highs since last five sessions and strength in the group so seen in the previous sessions is expected to continue if it strongly surpasses the immediate highs on daily charts. Bull rally seen in this private bank still keeps it on buyers’ radar.
BUY ABOVE 1136.70 TARGET 1158 SL 1120.
Major Indices Movement
Nifty opened on a weak note and sustained on the lower side of the entire session and closed again in red for the fifth successive session on daily charts. It is expected to drag towards the crucial support of the 100 day EMA 7676 and then further fate can be decided for the index. On the higher side, 7800 is still seen as key resistance for the index.
Bank Nifty breached the key support level of 16420 on the daily charts and closed below the trend line coming from deeper supports. If it sustains below this key support then the next support mark for the index is seen near 16150 while 16550-16600 may act as an immediate resistance range for the index.
Up’s and Down’s
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