Sensex, Nifty consolidate Today Stock Tips and Stock Update

The concluded week witnessed volatility citing continued global uncertainty. In our previous report, we had clearly advised to lighten up long positions around the mentioned resistance level of 8060 on the Nifty. Although the index reversed after posting a high of 8021.60 (marginally lower than the mentioned resistance), the direction was clear, in line of our view. We were unable to initiate short positions on the index but we were successful in participating in stock specific shorts. On Wednesday, the index managed to give a decent bounce after taking a support around the 61.8% Fibonacci retracement level of the rise from 7539.50 to 8055. However, the weekly as well as the monthly chart structure is still negatively poised. Thus, despite strong anticipation of a 25 basis point rate cut in the forthcoming RBI Monetary Policy slated on September 29, 2015, we would still maintain our cautious stance on the market. We may reassess our stance the outcome of the event, and take a view factoring in the developments on the charts. Until then, we believe that it’s a ‘Sell on Rise’ market and in case of a bounce, one can resolve to shorting individual stocks by maintaining strict stop losses. As of now, we are seeing an immediate trading range of 8055 to 7723 for the Nifty. A breach of the 7723 mark on the lower side on a sustainable basis would trigger pessimism in the market; in such a scenario, we may see the Nifty sliding towards 7650 – 7540 levels.

TODAY INTRADAY STOCK MARKET TIPS

•  Intraday Tips Today :- Buy Yes Bank above 737 Target 752-760 Stoploss 727 

•  Intraday Tips Today :- Buy Jublfood future above 1651 Target 1750 Stoploss 1609 

•  Intraday Tips Today :- Buy Emami Ltd (Cash) Around 1115, Target 1360, Stoploss 990 

•  Intraday Tips Today :- Buy AUROPHARMA in between 759-59.50 stoploss 751.50 target 768