Nifty Trading Tips for Tomorrow (21st June)

Equity benchmarks saw consolidation on Tuesday after a rally in the previous session, but the broader markets outperformed despite negative breadth. The 30-share BSE Sensex was down 14.04 points at 31,297.53 and the 50-share NSE Nifty fell 4.05 points to 9,653.50 while the BSE Midcap and smallcap indices gained nearly 0.2 percent each. Experts expect the consolidation to continue as investors remained cautious ahead of GST rollout that is expected from July 1.

The market breadth was negative as about 1,431 shares declined against 1,227 advancing shares on the BSE. Banks failed to continue yesterday’s gains, with the Nifty Bank index losing 0.2 percent. Axis Bank, Kotak Mahindra Bank and HDFC Bank were down 0.2-1.6 percent while SBI and ICICI Bank gained around half a percent. Tata Motors rose 3 percent on buzz of initial public offering of Jaguar Land Rover while Tata Power rallied more than 5 percent as the company is expected to dilute its stake in India Energy Exchange through initial public offering.

Nifty Trading Tips for Tomorrow (21st June)

BUY FORTIS ABOVE 199.50 TARGETS 200.5, 201.5, 202.5 STOPLOSS 197.5
BUY JINDALSAW ABOVE 90.5 TARGETS 91.4, 92.3, 93.2 STOPLOSS 88.7

Nifty Trend for Tomorrow

TREND: CONSOLIDATE TO BULLISH
RESISTANCE: 9670, 9690
SUPPORT: 9640, 9625
APPROACH: BUY ON DIPS