Market which was on running on the bullish trend for 6 continuous days closed on red note today. Most of the short term and intraday traders booked heavy profit today. After scaling to new record high, both Indian market index BSE Sensex & Nifty and large cap market shares closed going down. After touching the all time high of 26504.5 Sensex in the last trading session could not maintain the momentum. Nifty also closed moving down up to 30 points. Sun Pharma, Cipla, Lupin, Tata Power, Dr. Reddy's Labs, BHEL were among the winning shares of the day while ONGC, IDFC, Tata Motors, HDFC, M&M were the losers. In the intraday highlights the stock of Cadila Health Care zoomed after getting approval for the drug from US. while a news of Fixed deposit scam came in flash of OBC and Dena Bank.
For tomorrow we are expecting market to make recovery. Nifty is expected to take support around 7850 while resistance can be seen at 7810. For tomorrow 21 August 2014 we are advising following trading tips.
- Sell Oriental Bank of Commerce (OBC) below 262 for the Intraday Target of Rs. 257-254 with stop loss at 267.
- Sell Dena Bank Bank below 59.70 for the Intraday target of Rs 58.50-57 with stop loss at 61.
