NIFTY PERFORMANCE:
Nifty played in a range and volatile as we mentioned in our morning note. This week Nifty opened with 8605 level and closed at 8538. What we can name this (loss of 67pts in 5 trading sessions with either way) movement of Nifty as Consolidation or Correction? Let us take it as consolidation. Then question comes about correct, which may happen if Nifty's EOD closing <8470 level.
Incoming day our Nifty may be influenced by many Economy related news from Global & our India like; Russia's Recession, Japan's Economy slowdown, USD price, China's Interest Rates and Europe's over all economy growth, announcement of our Indian Govt. priorities (draft plan from finance commission & finance ministry) etc., Bond Market likely to steal the focus from our equity market and viz to get correct the values of equities therein.
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
BGR ENERGY: BUY > 161 TRG 162.50/170 SL 157
Actual: Low: 162.65; High: 172.25 (play above 1st trg)
We wish you happy week end.
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