Due to the strong signals from USA and Asian financial markets, domestic market begin its trading with a rapid bull trend today. BSE index Sensex rose by 150 points at 25800 and NSE index Nifty index has shot up 46 points and trading at 7906 level.
As per our technical report suggest that Nifty will remain in a range bound of 7770-8000 levels and it may be difficult to cross this range for Nifty. PSU banks expect higher provisioning, the decline in IIP growth and rise in inflation data will have a negative impact on the market. Hence, we suggest to sell on any bounce in the market.
The IT sector could stay outperformer. Equal returns are expected of nifty from IT sector. Infosys and Tech Mahindra may lead the bear trend in IT industries. Infosys is looking good at a price of Rs 1210-1220
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