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Last Updated : Feb 07, 2019 07:19 AM IST | Source: Moneycontrol.com

A morning walk down Dalal Street | Stay long, look for higher targets placed around 11,400

Traders are advised to remain long with a stop below 10980 levels on closing basis and look for a bigger targets placed around 11400 levels, suggest experts.

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Breakout!! Finally, after consolidating in a narrow range, bulls pushed the index above 11000 levels for the first time since October 2018.

The index reclaimed 10,980 which acted as a stiff resistance for the index in the past and as long as it stays above 11,000 levels, higher target towards 11200-11400 now looks in sight.

The index is on track to rally towards the zone of 11370 – 11408 levels in course of time if Thursday’s monetary policy outcome doesn’t disappoint the market fraternity.

Traders are advised to remain long with a stop below 10980 levels on closing basis and look for a bigger targets placed around 11400 levels, suggest experts.

The big event to watch out today would be the outcome of MPC meeting.

The Monetary Policy Committee (MPC) in the forthcoming policy review on February 7, 2019, could change its stance from ‘calibrated tightening’ to ‘neutral’ and also may go for a rate cut, Edelweiss Securities said in a note.

The headline inflation is lingering below central bank’s projections, crude oil prices are stable, domestic growth momentum is slowing and global rate cycle is peaking, which gives enough room to the MPC to change its stance and possibly go for a rate cut.

On the institutional front, FPI and DIIs were net buyers in Indian markets to the tune of Rs 694 crore, and Rs 525 crore respectively, provisional data showed.

Big News:

On the earnings front, as many as 180 companies on the BSE will declare their results for the quarter ended December which include names like Arvind, Apex Frozen, Bajaj Electricals, Gammon India, IVRCL, MRF, PTC India, SAIL, Tata Motors etc. among others.

SAIL: PAT likely to grow 100% YoY to Rs 375 cr

Tata Motors: PAT likely to fall by 65% YoY to Rs 413 crore

Technical View:

Nifty formed a bullish candle for the 5th consecutive day in a row

The Nifty50 index managed to surpass crucial resistance levels in a single trading session and is on track to hit a higher target towards 11400, say, experts.

The index is now trading above crucial resistance levels of 10980-11000 levels

Three levels: 10962, 11072, 11200

Max Call OI: 11000, 11200

Max Put OI: 10700, 10400

Technical Recommendations:

We spoke to Bonanza Portfolio and here’s what they have to recommend:

Grasim Industries: Buy| CMP: Rs.734 | Target Rs 778| Stop Loss: Rs.710| Return 6%

Eicher Motors: Buy| CMP: Rs. 21,104| Target Rs 22400| Stop Loss: Rs.20400| Return 6%

Bajaj Finance: Buy| CMP: Rs.2711 | Target Rs 2900| Stop Loss: Rs 2629|Return 7%

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Feb 7, 2019 07:19 am
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