The recommendation given yesterday was correct. Hope you all made money following the advice. (read yesterday's recommendation here)
Stelite Industries reached its target of Rs159 with on intra-day itself.
Bajaj Auto and BHEL calls are yet to achieve their target. Keep long with stop loss as recommended yesterday.
NIFTY (Refer to chart: - NIFTY )
The Indian Meteorological Department (IMD) has revised its monsoon forecast, said it can be below expectation, this will be the worrying factor now. Less rain will affect the rural population and the manufacturers of agricultural product. So lack of raw material will hike inflation, meanwhile a poor harvest will reduce the purchasing power of the rural population. Double whammy for the economy.
US Federal Reserve also said that it will plug the stimulus as planned; naturally this has impacted the Asian markets in their opening session, all Asian markets opened in the red zone.
Trading below 5340 is weak for Nifty; after big move on Monday nifty has remained stagnated for last two days.
Nifty hourly chart have remained range bound between 5313 and 5265; yesterday"s full trading was between these ranges.
Nifty future Levels for 23rd June:
Supports will remain at 5260 /5228
Resistance will be faced at the levels of 5300 / 5320 / 5350
Buy above 5300 with SL 5265 for the target of 5350.
BANK NIFTY (Refer to chart: - BANK NIFTY )
Few banking stocks are showing bull sign, with bull expectation we use following levels for entries:
Supports – 10470 / 10428 / 10350
Resistances – 10520 / 10565 / 10640
Intra day calls:
State Bank of India
Buy at Rs 2,136
Stop Loss of Rs 2,125
Targets will be at Rs 2,150 / Rs 2,170 / Rs 2,190
Buy above Rs 531
Stop Loss of Rs 525
Targets will be Rs 543
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