MARKET RECAP                                                     KEY MARKET DATA POINTS The domestic markets closed yesterday’s session on a pessimistic note but the bulls managed to recover some of their intraday loss during the close. Initially, the index Nifty spot underwent selling pressure during the first half to sneak below the intermediate support of 10880. However, as expected 10840 acted as a strong demand zone and Nifty managed to close well above 10900 mark. On the other hand, Nifty Bank index remained range bound throughout the session. For the second consecutive session, market breadth remained strongly in the favour of declining counters due to selling in MIDCAP and SMALLCAP stocks. On the sectoral front, NIFTY METAL (-2.21%), NIFTY MEDIA (-1.38%) and NIFTY PSU BANK (-0.99%) remained the biggest laggards whereas NIFTY PHARMA (+1.81%) stocks were the top performers. From the F&O space, STARE (+6.4%), INDIGO (+5.51%) and HAVELLS (+5.23%) outperformed others. OUTLOOK Post breakout from 10930 mark, yesterday the index faced some profit booking from higher levels but managed to sustain above 10900 mark. We reiterate our stance that pattern wise there is a clear breakout which indicates potential upside towards 11000 – 11100. In addition, the daily ADX (14) indicator has signalled a positive crossover which might bode well for the bulls. Thus we maintain our stance that the upside could continue in upcoming sessions. At the same time, we would like to mention that 11100 - 11200 still remains an important resistance where traders should start booking their long positons for the time being. Meanwhile, 10840 – 11000 levels are likely to act as intermediate support and resistance respectively in the coming session. Traders are again advised to avoid over leveraged positions.Disclaimer)

MARKET RECAP                                                                                                            KEY MARKET DATA POINTS It was a choppy session on the D – Street since the domestic markets remained busy doing nothing amid the mixed global cues and traded in a range. The index Nifty oscillated in a band of around 60 points to close flat. During the process, Nifty just tested the 10800 mark but managed to close well above the same. Meanwhile, Nifty bank too remained flat despite the weekly expiry. For the fourth consecutive session, market breadth remained strongly in the favour of declining counters due to selling in MIDCAP and SMALLCAP stocks. On the sectoral front, NIFTY REALTY (+2.17%), NIFTY PSU BANK (+0.56%) and NIFTY IT (+0.56%) remained the biggest gainers whereas NIFTY AUTO (-0.87%) stocks were the worst performers. From the F&O space, YESBANK (+14.4%), INDIGO (+6.3%) and JETAIRWAYS (+5.41%) outperformed others. MARKET OUTLOOK After clearing the hurdle of 10930 mark, in the past few session the index faced some profit booking from higher levels and is still trading below the 10800 mark. On the daily chart, Nifty is still bouncing from the support formed by the rising line of triangle pattern which indicates that the bullish pattern is still intact. Thus we maintain our stance that the upside could continue in upcoming sessions. The momentum might fade away only on a breach of this trend line support i.e. 10800 mark. Till that time traders are advised to remain stock specific and avoid over leveraged positions. On the upside, 10870 – 10900 mark are likely to act as intermediate resistance for the coming session.NIFTY METAL – Weekly Chart   OUTLOOK After a rigorous fall, the Nifty Metal index is now resting on a bearish support line from where it could bounce In addition we are also observing bullish AB=CD harmonic pattern on the weekly chart The index is trading near potential reversal zone of the said pattern which indicates bounce in METAL stocks Thus, we advise traders to accumulate stocks like TATASTEEL, JSWSTEEL and HINDALCO for short term bounce Disclaimer)