Markets opened weak and traded sideways, but with positive bias in the first half of the session, but bulls became so active in the later half that the rebound took it off towards the nearest highs and closed strong with a gain of approx 1.3%.
All sectoral indices closed in green, whereas leading were the Metal, Banking and Financials & Auto. Markets were also subdued with muted quarterly earnings while strong Maruti earnings also aided the intraday sentiments while European indices also supported Indian indices; Crude Oil recovery too helped the markets.
Global Market Updates:
- World stocks climbed for the first time in four days and a weaker dollar helped oil prices gain too as investors fine-tuned their expectations for monetary policy meetings in the US and Japan.
- With the quarterly earnings season in full swing investors were awaiting an update from the world’s biggest company Apple.
Intraday superstar calls (Premium Section)
ADANIENT EQ has been consolidating near the resistance level after giving a breakout from the trend line as shown in the chart above and so bulls can further lift the stock at higher levels.
BUY ABOVE 85 TARGETS 85.85/86.70/87.60 SL 83.95.
DISHTV EQ is hovering around the major resistance as seen on daily charts and so bullish breakouts can be observed in the counter in coming sessions.
BUY ABOVE 92.50 TARGETS 93.45/94.45/95.50 SL 91.25.
Multibagger call (Premium Section)
M&M EQ gave breakout of the trend line which was acting as strict resistance as shown on the daily chart above. In previous four sessions, it found constant support around this trend line and was able to close above it. Now, if it is able to sustain above the immediate resistance levels, then buying sentiments can lead the bull rally on higher notes.
BUY ABOVE 1355 TARGETS 1375/1395. MAINTAIN SL OF 1338.
UPDATE: M&M EQ gave breakout from the level so recommended and made a high of 1366. It is advised to remain on the buy side in this stock till it hits its target so given.
Trifid Special call (Premium Section)
BHARTIARTL EQ has been trading around the stiff resistance on daily charts since last few consecutive sessions and is expected to give a positive breakout from this upper consolidation pattern and may reach towards next resistance levels.
BUY ABOVE 364.50 TARGET 371.50 SL 360.
Major Indices Movement
Nifty showed strong pull back in the intraday session and strongly surpassed the trend line which was acting as strict resistance so coming from recent highs (on intraday charts) and such remarkable breakout again took the index towards the stiff resistance of 8000. Now, 8000-8055 may act as resistance zone while 7910 is seen as nearest support.
Bank Nifty also gave breakout from the trend line as shown in the chart above. As per our previous reports, it was expected to test 17000 mark and now sustaining above, it can further lead it towards 17150-17300 levels. On the lower side, 16750 will now act as crucial support for the index.
Up’s and Down’s
Event Calendar( 18th April to 23rd April ’16)
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