The market declined last week, extending last week’s retreat, as a selloff in global stocks sapped the demand for riskier assets. Data showing slowdown in growth in manufacturing sector in April 2016 also weighed on the domestic bourses. On the global front, Japanese stocks edged lower as the yen surged to 1-1/2-year high against the dollar.
The stronger yen makes Japanese exports less competitive and cuts into the value of repatriated earnings. Yen firmed up after the Bank of Japan’s (BOJ) decision to keep its policies unchanged. Speculation was rife that the Japanese central bank would announce a further easing of the monetary policy to stimulate Japan’s economy. Chinese stocks witnessed selling pressure after the latest data showed deceleration in China’s manufacturing activity in April 2016.
Nifty Trend For Monday
As Nifty has closed with a loss this week, our research experts are hoping that Nifty will start session with a bull trend on Monday. Even on technical charts Nifty is looking bullish for Monday session with strong support levels at 7645 and 7555 while Nifty has a resistance limitation on 7860 level and if it cross this level then it may move up to 7980 level too. We suggest to Buy Nifty on lower levels for Monday session.
Stocks Tips For Tomorrow (Monday)
Buy Jain Irrigation Systems above 66.75 with stop loss at 62.75, Targets are 68.75, 70.75 and 72.75
Buy Voltas futures above 307.5, Intraday Targets are 309.5, 311.5 and 313.5, Stop loss at 303.5
Buy TVS Motors above 302.5 for intraday trading target of 304.5, 306.5 and 308.5, stop loss at 298.5
Sell PFC futures below 165.75, put stop loss at 169.75, Intraday Target at 163.75, 161.75 and 159.75