Market indices snapped their four-day winning streak weighed down by IT majors like Infosys and TCS post their first quarter earnings. Further, weakness in Europe in wake of the deadly terror attacks in Nice, France also dented investor sentiment. The Sensex fell 106 points to end at 27,837 and Nifty50 dipped 24 points to settle at 8,541. In the broader markets, the BSE Midcap index surged 0.2% whereas the Small cap index slipped 0.7%. Infosys slipped 9% after the company cut full year revenue outlook for the financial year 2016-17(FY17). Tata Consultancy Services also slipped after the company reported a marginal 0.46% decline in consolidated net profit at Rs 6,318 crore for the quarter ended June 2016.
Nifty Trend: Above 8600 Everything may come to Bulls Side
Nifty is looking bullish on technical charts with strong support at 8510 and 8460 while it has a resistance level at 8600, if Nifty cross this level then it may touch 8650 level too. We suggest to buy Nifty on dips.
Intraday Tips Tomorrow: 18th July
Buy TAJGVK above 139, target 140.30, 141.60 and 142.90, stop loss at 136.40
Sell PRAJIND below 85, Intraday target 84.20, 83.40 and 82.60, Stop loss at 86.60
Buy SARDAEN above 152.50, Intraday trading target of 157, keep Stop loss at 149.50