Indian stock market up ahead of CPI and IIP data

Indian stock market continue to trade record high nifty touched the 8400 level led by gains auto , banks. Up 38.40 pts or 0.46% at 8401.05. we believe the consolidation may continue in near term due to lack of triggers, but the market in long term may see more than 9000 level on the nifty.

Bank nifty is supporting to nifty index, Bank nifty gains 0.95% at 17554.75 .auto shares with tata motors and Baja Auto gaining around 2.7% each leading the pack.

Amtek Auto Ltd Buy target of Rs 215 and a stop loss of Rs 183.

The fall of Brent crude prices to a four-year low due to supply glut has seen fresh buying in oil & gas shares too. Reliance, ongc and gail have gained around 0.2% each.

The rupee is trading at 61.53 vs Tuesday’s close of 61.55 against US Dollar ahead of the cpi data.