DSIJ Mindshare

Going forward, Monday’s gap (10,690.40-10,713.80) is expected to offer support to the Nifty. The stocks that are likely to witness significant movement on the bourses today are Speciality Restaurants, Seamec, Edelweiss Financial Services, BSE, Vascon Engineers, BL Kashyap and Sons, Bajaj Finance, Bharat Bijlee, Jubliant Life Sciences and Max Ventures.

Indian markets are expected to continue with the jubilation with a positive start as cues from Asian peers are supportive. The SGX Nifty suggests that the Nifty could at 10,759 with gains of 9 points at the opening bell.  

Going forward, the level of 10,580-10,590 remains a crucial support for the Nifty, and as long as Nifty stays above this level, buying on dips would be a good strategy for an upmove up to the levels of 10,740-10,800. Following are stocks to watch today: Power Grid Corporation, IL&FS Transportation Networks, Venus Remedies, Asian Granito India, Religare Enterprises, HDFC, HDIL, Southern Petrochemicals Industries, CAPF and IDFC Bank. 

Indian markets are likely kick off the week on a cheerful note today on the back of positive global cues and big positive surprise from the IIP front, which grew by 8.4% for the month of November. The SGX Nifty indicates that the Nifty could open higher by 37 points around 10,723.   

Going ahead, a follow through move above Thursday’s high of 10,664.60 will take Nifty to the level of 10,700. On the downside, the zone of 10,580-10,600 is a crucial support zone for Nifty.