Nifty won't go down in a hurry as there are plethora of supports, says VK Sharma of HDFC Securities. He does not think 8450 will be broken at all. However, he adds that 8650 is a good resistance. lso, according to him, if the non-farm payrolls coming in a tad weak, US Federal Reserve rate hike will happen only in December. As far as Bank Nifty is concerned, he sees strong resistance at 19100. If it goes beyond that, buy Bank Nifty.
The market continued to see consolidation in morning trade due to lack of triggers. The Sensex fell 8.32 points to 28289.81 and the Nifty declined 0.90 points to 8587.75. However, the broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.3-0.5 percent. About 1245 shares have advanced, 757 shares declined, and 107 shares are unchanged on the Bombay Stock Exchange. Tata Motors (up 0.4 percent).
BHEL (flat) and Mahindra & Mahindra (up 0.6 percent) will remain in focus today ahead of their June quarter earnings. Tata Motors is expected to report dismal performance on JLR weakness. Mahindra & Mahindra numbers too are likely to be weak on yearly basis but sequential performance may be good while BHEL’s reported performance is likely to remain constrained, impacted by muted execution.
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