Equity benchmarks as well as broader markets lost more than half a percent Monday on correction in global peers, and on caution ahead of macro economic data due later today. Globally investors turned cautious after hung parliament result in the UK general elections and ahead of central banks meetings during the week.
The 30-share BSE Sensex slipped 166.36 points to 31,095.70 after a consolidation seen in previous week. The 50-share NSE Nifty managed to hold its psychological 9,600 level, down 51.85 points at 9,616.40.
Technical Analyst, Prakash Gaba said, "Technically the trend is still intact up and has not been compromised though it is stretched and so un-stretching is not ruled out."
"The Nifty unfolded and reacted as expected and saw profit booking to close in the red. Technically some more downside to 9591-9580-9520 is not ruled out."
"The crucial support for the Nifty is at 9591-9580-9520 and the resistance is at 9700-9724," he added.
The support for Nifty Bank is at 23250 and resistance at 24650.
Bullish plays:
Adani Enterprises | Rating: Buy | Target: Rs 137, stoploss: Rs 127
SpiceJet | Rating: Buy | Target: Rs 123, Stoploss: Rs 116
Bearish plays:
Canara Bank | Rating: Sell | Target: Rs 340, stoploss Rs 350
Tata Motors | Rating Sell | Target Rs 440 | stoploss Rs 465
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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