Share Market Trend for Today
Indian share market remain quite cautious as U.S.markets ending flat overnight and the trend in Asian markets somewhat subdued at present. The Sensex, which declined to 17,632.60, is currently down 11.40 points or 0.06% at 17,667.41. The Nifty index of the National Stock Exchange is down 8.15 points or 0.15% at 5342.10, off the day's low of 5331.80.
Some short-covering is likely in the derivatives segment ahead of August series expirty. Sustained buying by FIIs will aid sentiment to an extent.
Bank stocks are also quite subdued in opening trades. Oil, power and pharmaceutical stocks are trading mixed. A few stocks from information technology and FMCG stocks are up in positive territory with smart gains.
Nifty market technically look stretched. On upside nifty market traders can go with the resistance level 5390 and downside to 5300 is a posibilty for nifty. Today's crucial support for nifty is at 5300 and the resistance is at 5390-5420.
Intraday Stock Tips:
BUY Jain Irrigation Systems Ltd.
Intraday Target 69.5
Stop Loss 68
BUY HCL Infosystems Ltd
Intraday Target 50.55
Stop Loss 37.85
SELL Housing Development & Infrastructure Ltd.
Intraday Target 72
Stop Loss 74
SELL Jindal Steel & Power Ltd.
Intraday Target 355
Stop Loss 362
