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* Yesterday, NSE-NIFTY rose to sub11,800 mark continuing prior daily up-trend, but later failed to hold the higher levels as weaker opening at European markets triggered high volatility. Later the index witnessed 173 points of decline from its intraday high of 11,797 level during the day and finally, shut the shop with cut of 84 points at 11,642 mark.
* NSE Cash segment reported turnover of Rs45,084 crore as compared to Rs31,875 crore reported earlier. f Overall market breadth dramatically turned to negative from positive earlier, where 777 stocks advanced against 963 declined stocks.
* Negative trend was observed across all the sector indices during the day barring Realty (rose by 0.3%), where PSU Bank and Metal emerged as top losers with the decrease of 1.6% and 1.9%, respectively. However, rest of the sector indices reported loss between 0.1% and 1%.
* Bulls unable to take total control over market amidst lack of follow up buying as NSE-NIFTY erased partial gain of previous trading session and formed a bearish candlestick pattern-Dark Cloud Cover. Though major technical indicators are still trading below their respective averages, as mentioned earlier our short-term view will turn negative once the index breaches its strong support pointplaced at 11,550 mark-convincingly. In the meanwhile undergoing consolidation between 11,550 and 11,800 levels will continue. On the higher side, the index will face major hurdle at the psychological level-12,000. In case of breakdown the index will find next support at 11,300 mark.
* As for the day, support is placed at around 11,550 and then at 11,490 levels, while resistance is observed at 11,740 and then at 11,790 levels.
BAJAJ-AUTO (PREVIOUS CLOSE: 3088) BUY
For today’s trade, long position can be initiated in the range of Rs3072- 3055 for the target of Rs3150-3175 with a strict stop loss of Rs3024.
SIEMENS (PREVIOUS CLOSE: 1194) BUY
For today’s trade, long position can be initiated in the range of Rs1186- 1180 for the target of Rs1210-1235 with a strict stop loss of Rs1164.
KSCL (PREVIOUS CLOSE: 469) SELL
For today’s trade, short position can be initiated in the range of Rs469- 473 for the target of Rs450 with a strict stop loss of Rs481.
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