|A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect for the next trading session
We advise partial profit taking near 5400 level.
Nifty added another 40 points to its value to conclude the day at 5358. Amongst the sectoral indices the BSE CD and CG indices were the outperformers whereas BSE HC index was the loser today.
We had recommended holding on to long positions with a target of 5400. We continue to maintain the same view with a stop loss of 5275. The level of 5400 coincides with the upper Trend line of a declining Channel and thus may act as a resistance.
We recommend partial profit taking near 5400 level trailing the stop loss to 5315 for remaining long positions. The upside momentum remains intact till Nifty trades above 5250 level.