Markets likely to remain choppy; buy on dips
Indian Benchmark Indices continued to trade with positive bias in the last trading session on account of stable global cues and on hopes of good monsoon across the country. On the other hand, expectations of passage of crucial GST bill in the upcoming monsoon session of parliament also made market participants to remain optimistic on Indian equities. The index remained choppy throughout the trading session and traded in a very tight range amid consolidation at higher levels after the recent up move.
Market witnessed sector specific action with Realty and PSU Banking counters witnessing heavy buying interest followed by Metal and Media stocks. While, FMCG counters took a breather and ended in the negative territory. For the coming days, global markets coupled by domestic factors like progress in monsoon and new flow regarding passage of crucial bills in the parliament will play a crucial role in deciding the market trend further. On the technical front, Nifty maintained its northward journey not showing any signs of reversal on the daily charts indicating the inherent strength in the market. The immediate support for the index is placed around 8360 levels followed by 8300 levels, while, resistance is pegged around 8400 levels followed by 8500 levels. Therefore, for the day, We recommend traders to buy Nifty on any dips towards 8320-8330 levels for the targets of 8380-8400 levels keeping stop loss below 8280 levels. (Spot Levels)