On Friday, the market saw gains for the fourth consecutive day amid mixed global cues and uncertainties on the geopolitical front. The Sensex-Nifty had managed to close with a slight gain at the end of Friday’s trading. The BSE Sensex closed at 55,550 with a gain of 86 points. On the other hand, Nifty closed at 16,630 with a gain of 0.21 percent.
If we look at the broader market, the BSE Smallcap index had gained 0.90 percent last week, while the BSE Midcap index closed with a gain of 0.45 percent. On a weekly basis, the Sensex closed with a gain of 1,216 points or 2.23 per cent last week. On the other hand, Nifty closed with a gain of 385 and 2.37 per cent.
Market’s eye will be on inflation figures
Now the eyes of the market are on the inflation figures that can come on Monday i.e. today itself. According to a poll conducted by Reuters among economists, there may be a slight decline in retail inflation in the month of February.
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Trading guide for today
Nagraj Shetty of HDFC Securities Says that the short term uptrend is in place for Nifty. However, volatility will remain in it. Nifty is currently looking towards its important resistance around the level of 16800-17000. Due to which consolidation can be seen again in the short term. The possibility of pressure on the upper levels cannot be ruled out in the coming trading sessions. Immediate support is visible for Nifty at 16450.
Today’s intraday calls, in which there can be huge earnings
Intraday Call by Anuj Gupta of IIFL Securities
SBI: Buy, target Rs 510, stop loss Rs 454
Future Consumer: Buy, target Rs 8.80, stop loss Rs 4.90
Avinash Gorakshakar of Profitmart Securities Intraday Calls
HPCL: Buy, target Rs 306, stop loss Rs 288
Cipla: Buy, target Rs 1,090, stop loss Rs 1,020
Sumeet Bagdia of Choice Broking Intraday Call
Syngene: Buy, target Rs 595-600, stop loss Rs 555
Voltas: Buy, target Rs 1,225-1,250, stop loss Rs 1,175
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