Market consolidated last week on fears of USA – INDIA trade war after India decided to put retaliatory tariffs on 29 US import items . Sentiments have weakened after Geo Political tension in middle east , Domestic liquidity issues , stalemate in US china trade talks . Going forward Markets will be driven by Fed monetary policy on 19th June and GST council meeting on 20th June . Market continues to trade in a tight range between 11750 and 11950 levels, only breach of this level on either side will give market a direction. Outlook for the day remains range bound. We continue our buy on dips strategy with selected stocks.
On Monday BELOW 11820 NIFTY CAN MOVE TO 11770 and fallowed by11676 and Nifty is buying only after covering 11865 with target of 11923 11960.
1.RBL Bank Ltd
RBL BELOW 627 SL 633 TRAG 577
RBUL BUY ABOVE 580 SL 571 TRAG 633. 649 IS SHORT HURDLE CAN CONSOLIDATE HERE CAN GO TO 677
2.Indusind Bank Ltd
Indusind Bank Ltd IS BUY ABOVE 1388 STOPLOSS 1365 TARGET 1470 1509
3.TATA STEEL
TATASTEEL IS SHORT BELOW 494 SL 503 TARGET 466
TATASTEEL BUY ABOVE 515 SL 505 TARGET 538
4.MCDOWELL-N
MCDOWELL-N ABOVE BUY 543 SL 538 TARGET 570
5.MANAPPURAM FIN
SHORT BELOW 139 SL 144 TARGET 130 ,122
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