Market trend is not looking bullish. But despite of decline in global market the domestic market has not down this is mainly due to FII buying.
Consolidation in the market, Nifty at 7750. The first quarter of fiscal 2015 results are mixed. Heavyweights BHEL, NMDC and Tata Power were disappointed.
Tata Motors Sell below 470 target 462 stop loss 481. Axis Bank Buy Above 377 target 384 stop loss 376.
Buy HCL Tech (For 3 Days) above 1510 Target 1600 stop loss 1500. Sell Tata Steel (For 4 days) below 530 target 500 stop loss 545.
Infosys (August Future) Sell below 3519 target 3499 stop loss 3537. Wipro (August Future) Sell below 547.25 target 532.75 stop loss 561.75.
Indian Rupee has slipped at 4 month low against US Dollar. Price of 1$ reached to Rs 61.40. Actually service sector activity rose to 58.70 points in US, which is upper level of the last 8 years. The dollar index touched a high of 11 months. So the pressure on Rupee increased
Bank Nifty traded down at 15066.75 down 1.48%.
Buy Apollo Tyres (August future) above 190 target 200 stop loss 188. Buy IRB Infra (August future) above 265 target 278 stop loss 260.
RBI have not made any correction in repo rate in credit policy today, RBI repo and reverse repo and CRR is unchanged. The repo rate steady at 8 per cent. CRR 4 per cent and the reverse repo rate steady at 7 per cent. According to the RBI if increase in growth sustained fiscal year 2015 we will be able to achieve GDP of 5.5 per cent.
Buy ITC above 354 target 367 stop loss 350. Buy Tata Power above 96 target 102 stop loss 91.
SENSEX-Nifty gained today after last week decline, Midcap shares strengthened. Market eyed on RBI credit policy.