NIFTY was down today by almost 30 points at 5526. When it opened all the technical indicators were so tempting to make a investor buy NIFTY but it just touched yesterday’s closed and returned back to where it opened. MACD is still strong on NIFTY to buy with a SL-5442. NIFTY is yet to validate inverted head and shoulder with the neckline at 5609. Auto industry will see fall in sales due to hike in fuel prices but TATA Motors seems attractive from the technical side. IT Sector is gaining some momentum as we could see INFOSYS and TCS consolidating at its current level. On the other side global cues are negative which is affecting our market index rather than domestic news. Still the call on NIFTY is to buy and for the stocks its sector specific and more precisely stock specific.
NIFTY levels for 9th June:-