After hitting fresh 52-week lows intraday, markets closed the first session of the week on a dismal note as Asian shares wobbled yet again today as growth concerns in China led to a sell-off in Chinese equities. The Sensex ended 109 points at 24,825- its lowest closing level since June 4, 2014. The Nifty settled 37 points at 7,564- four month closing lows.
Among the key macro data, the industrial production for the month of November (IIP) as well as the consumer inflation for the month of December (CPI) will be announced later this week. Oil prices resumed their downfall on persistent worries over the growth slowdown in China’s economy and a supply glut but analysts said ongoing tensions between producer giants Iran and Saudi Arabia could provide some support.
Nifty Trend Tomorrow
Nifty is looking in a consolidate to negative trend today having a resistance at 7614 and if it cross this level then it mat cross 7775 and 7886 level too in upside while support for Nifty is looking in 7503-7332 range. Intraday trend is bearish and we suggest to Sell Nifty on higher levels.
Stock Tips Tomorrow: 12th Jan
Buy SREINFRA above 70 for Intraday Target of 71.5, 73 and 74.5 with a Stop loss at 67.
Buy TRIGYN above 102.6 with a Stop loss at 98.6 for the Target of 104.6, 106.6 and 108.6 level.
Buy ORICONENT above 73, Stop loss at 70 and Target for Intraday trading are 74.5, 76 and 77.5