10850 is a cru­cial sup­port level

Money Times - - News - By Ro­han Nalavade

As rightly stated in the pre­vi­ous edi­tion, the Nifty showed weak­ness and tested the 10900 level last week. Now, 1085010866 is a cru­cial sup­port level for the Nifty for a small re­bound to 11050-11070 lev­els. The mar­kets will gain strength to move to­wards 11130, only if the Nifty crosses 11070. If the Nifty breaches 10850, then we may see a down­side of 200 points to­wards 10610. So, trade cau­tiously and take light po­si­tions in the mar­ket. Crude oil prices are on the rise and the INR con­tin­ues to de­pre­ci­ate against the USD, which is putting in­fla­tion­ary pres­sure on the In­dian mar­kets. USD/INR Fu­tures 72.50 is a cru­cial level, above which the USD can strengthen to 73.40 soon. Stocks like Yes Bank, De­wan Hous­ing Fi­nance Cor­po­ra­tion and PSU banks such as Pun­jab Na­tional Bank and Union Bank of In­dia have spoiled the mar­ket sen­ti­ment.

Among stocks,

 Wipro looks good above Rs.325 for a tar­get of Rs.332-340 (SL: Rs.315)

 Hin­dalco In­dus­tries looks weak at Rs.230 for a tar­get of Rs.225-220 (SL: Rs.237)

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