SMC Equity Research Outlook: 26th November, 2013 by (Mudit Goyal, Technical Analyst- Equity)
-Domestic markets kick started the week on a roaring note amid firm global cues after losing momentum in last three sessions. Benchmark nifty headed towards 6100 levels in the early trade on the back of buying in Banks, realty and index heavyweights ITC, Reliance and LT.
-In the later half, markets extended gains after tracking strong European markets on nuclear deal between western powers and Iran. Buying action in the banking stocks persisted throughout the day following by the sectors like Capital goods, PSU, FMCG were also on the buyers’ radar.
-On the global front, Asian markets kicked off the week higher after a historic deal over Iran’s nuclear program which supported risk appetite with the Nikkei hitting a new 6-month peak.
-Technically, Nifty has come out from its earlier trading zone of 5970-6070 levels and also manages to close above the same. So, some more boosts up can be witness from current levels upto 6200 in coming days.
For today’s trade, Nifty can find support around 6080-6060 and on the upper side, it may face hurdle around 6150-6180.
Here are the few Technical picks for Intraday Trade.
-Buy ADANIENT for the upside target of 263-266 with SL of 252.
-Buy APTECHT for the upside target of 78-79 with SL of 74.
-Buy JSWENERGY for the upside target of 51-52 with SL of 49.