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Apr 19, 2012, 10.59 AM IST
A quiet start for Dalal Street on Thursday morning. Asian markets were trading mixed today. Lack of global and domestic cues to react for the Indian market as of now. It seems that the Nifty will trade in a narrow band today.
Top gainers on the Sensex: Tata Motors, Bajaj Auto, Tata Power, Hindalco and Sun Pharma were trading in green with handsome gains.
Top losers on the Sensex: DLF, ITC, BHEL, Larsen and Coal India were bleeding in red.
In the midcap space, Bhushan, VST, Kirloskar Oil, Wockhardt and Bajaj Finserv were up 5-8%. Parsvnath, Schneider Electric, Manappuram Finance, 3M India and Alstom T&D were down 3-4%.
The two day winning streak on Wall Street came to a halt as lackluster tech earnings and euro zone concerns dampened the mood. The three benchmarks lost close to 0.5% in trade, but the Dow is still above the 13,000 level.
European markets too closed lower, led by Spanish stocks which slipped on concerns about the health of the country's banking sector.
Stocks to Watch
Reliance Industries moves to Supreme Court for KG-D6 arbitration. The company seeks appointment of an arbitrator on behalf of Oil Ministry to solve the dispute.
Keep an eye on IGL today as it has challenged the decision of the PNGRB in the Delhi high court on authenticity of the order based on some parameters. The hearing is scheduled today at 10 am.
Subros has rallied whopping 51% in less than 15 days on buzz of stake sale to Denso, Suzuki.
Reports suggest that Nestle is in talks to buy Infant's nutrition business for USD 10 billion.
Tata Communication is out of the race for acquiring Cable & Wireless company.
"The 200-day SMA (Simple Moving Average) and 20-day EMA (Exponential Moving Average) have now shifted to 17100 / 5150 and 17324 / 5271, respectively. The ‘20-Week EMA’ is placed at 17200 / 5200 level. We are witnessing a ‘Downward Sloping Trend Line’ breakout around 17400 / 5300 level. This move above 5300 can be construed as a breakout above the resistance zone and signals high probability of an upside move." says Angel Broking.
Nifty Intraday Strategy
ICICIdirect.com recommends traders to buy Nifty futures in the range of 5300-5305 with a targets of 5332. Keep a tight stop loss of 5290.
Rupee inching towards 52
The Indian rupee opened at 51.82 per dollar versus 51.78 yesterday. The dollar index against six major currencies was at 79.57, unchanged from the previous day’s close. ICICIdirect expects the US dollar to attract some buying on declines against the INR. Utilise the lows in the US$/INR April contract to buy.
How to trade commodities today
Edelweiss Research recommends three trading strategies for today.
Buy MCX Gold June above Rs 28650, stoploss Rs 28520, target Rs 28850.
Buy MCX Nickel Zinc April around Rs 103, stoploss Rs 102, target Rs 104.5
Buy MCX Crude Oil April around Rs 5315, stoploss Rs 5290, target Rs 5360
Jun 19 2013, 16:41
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