Markets gained in noon trades with the Sensex up 110 points at 20,473 and the Nifty gained 30 points to trade at 6,093 ahead of key macro economic data.
Meanwhile, the railway minister Mallikarjun Kharge presented the interim railway budget after the Lok Sabha resumed after being adjourned until afternoon. There were no surprises as Kharge’s announcements were majorly on expected lines.
Among major announcements that Kharge made was the inclusion of the north-eastern states of Meghalaya and Arunachal Pradesh on the railway map by FY 2015, which until now enjoy very low connectivity. The rail minister also announced the completion of the 11.2-kilometre-long banihal -qazigund rail link in Jammu & Kashmir, terming it as "landmark project".
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Manav Chopra, Technical Research Analyst at Nirmal Bang tells Manu Kaushik he sees Nifty bouncing back from oversold levels to test 6150-6180 in the near-term. He also suggests the strategy to trade Coal India and Cipla ahead of their third quarter earnings results.
After consolidating in the 6050-6070 range, Nifty chart gave a breakout today. What are the levels to watch on Sensex and Nifty?
The markets have bounced from the oversold levels and the nifty is likely to test the levels of 6150-6180 and sensex around the 20750
Is it advisable to go long on Nifty now?
Yes, Nifty can be bought with stop loss of 6050 and a target of 6180.
Coal India, Cipla are likely to announce their third quarter result. How are they placed technically?
Cipla has series of support at 405-402 levels on the downside and should be viewed as a buying opportunity. The stock is likely to bounce towards the 420 levels and there after we maintain an upside target of 450+. Coal India should be bought on dips, chances this stock would observe a short term decline as parameters are in overbought zone. 245-250 are the historical support areas and any declines of 3-4 % will provide a good risk/reward.
What is the trend likely to be on GMR Infra after the company reported its latest earnings results? How is it placed on the charts
The stock is currently consolidating below its 200 dma and has an immediate support at 19 levels on the downside. The chart on the higher time frame has confirmed a trend reversal and should be bought at lower levels. With a sharp move observed from Aug'13 to Jan'14 the prices are likely to see more of time correction and may be in a range for next few months before be see another rise. I would recommend to buy this stock at 18/17 levels for long term perspective
What are your top picks for short-term gains?
