Nifty may correct to 5186-5140 levels: Angel Securities

Angel Securities is of the view that if Nifty trades above 5223 during the first half-an-hour of trade then one may witness a further rally up to 5269 – 5307 levels. However, if NIFTY trades below 5223 levels for the first half-an-hour of trade then it may correct up to 5186 – 5140 levels.

"The benchmark indices surged in early trade, tracking firm global stocks. Global stocks rose after the US Fed held benchmark rates near zero and maintained its pledge to keep them low for an extended period. However, after hitting its highest level in nearly two months in morning trade, the market trimmed gains in early afternoon trade. The Sensex and the Nifty gained 0.6% and 0.7%, respectively, while the BSE Mid-cap and Small-cap indices gained 0.2% and lost 0.1%, respectively. Among the front-liners, Hindalco, ICICI Bank, TCS, L&T and Sun Pharma were up by 2-3%, while Maruti, HUL, Tata Power and Mahindra & Mahindra were down by 1-2%. In the mid-cap segment, STC, Andrew Yule, HMT, Amtek Auto and Engineers India were up by 5-18%, while Shriram City, MVL, Bannari Amman Sugar, Coromandel Intl, and Shree Renuka were down by 4-6%.

Markets Today
The trend deciding level for the day is 17485 / 5223 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17581 – 17673 / 5269 – 5307 levels. However, if NIFTY trades below 17485 / 5223 levels for the first half-an-hour of trade then it may correct up to 17394 – 17298 / 5186 – 5140 levels." says Angel Securities research report.

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