The Nifty and the Sensex ended forming a Doji Pattern, indicating uncertainty and lack of conviction among market players. The market is expected to be range-bound with the Nifty likely to get support at 4,200, while resistance seen around 4,300.
As expected, the Nifty opened on a firm note. It made an intraday high of 4,305 and slipped in the red on profit booking from bull operators. The index closed at 4,231 on short covering at lower level.
US markets rallied at last trading with 1-2% gains and Asian peers are trading at narrow band and likely to move in sideways consolidation mode.
Reliance Industries was back in action on short covering and fresh long build-up in the futures and options segment. The July futures were up more than three per cent and shed an OI of 3,29,100 shares, indicating unwinding of short positions. We may see a fresh rise in Reliance soon.
Sterlite Industries announced plans to raise $1.5 billion by issuing American Depositary Receipts, with parent Vedanta subscribing to $500 million of the issue. The company plans to use proceeds for its power generation business in India, planned capital expenditures and planned acquisitions. The company has priced the ADS at $12.15 each (Rs 590 per share).
Foreign institutional investors turned negative for the first time in three days. They were net sellers to the tune of Rs 167.9 crore.
Accumulate the stock which displays good Q1 results. JSW steel likely to display strong results and may blast in next trading sessions and keep an eye on it.
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