Nifty turned choppy, IT sectors edged down 2%
Nifty today opened with a bullish bias and it turns choppy due to expectation on RBI policy. The RBI left key policy unchanged at 6.25%. New RBI policy is trying to keep the inflation under check. IT sectors sheds 2%. The US President Mr. Trump action against H1-b visa may have impact on US companies earning who outsource job offshore. It showed reflection on Indian IT sector too. Infosys dragging IT sectors down as the clients were asking companies to cut price by 20-30%. Meanwhile the PSU banks showed a pull back after the RBI policy.
Nifty’s nearest support is seen around 9500 – 9520 level. Bull can consider positions on breakout above 9700 or at the dips around 9500 levels.
Interesting INDUSINDBK is sketching flag pattern, an evidence of strong bull. BUY INDUSINDBK above 1525 level with a stop loss of 1470 new high.
Stocks NTPC, INFY, TCS, BPCL, WIPRO, HCL tech showing unusual volume in bearish bias .These stocks mostly belongs to IT sectors, hence it can be day specific move. But technically the stocks don’t witness and breakdown. The stocks of Automobile sectors are EICHERMOT, HEROMOTOCO are souring with unusual volumes.
Bank may provide trading opportunity for short term bulls
ICICIBANK settled at 324 with existing bullish note. We recommend traders consider long position above 328 with the stoploss of 313
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