The National Stock Exchange's Nifty pared most of the intraday gains and closed on flat-to-positive note on Wednesday as negative cues from European markets dampened sentiments.
According to analysts, Nifty is likely to trade in a narrow 200-300 point range until clarity emerges on GAAR and whether the government succeeds in restricting the fiscal deficit to the targeted 5.1% of GDP during the current financial year, analysts said.
"The Nifty attempted to close above its critical level of 5310 but the index pared most of its intra-day gains and ended flat on Wednesday. The 10-week old trading range is now in a highly compressed mode and a breakout will lead to a trending market," said Rakesh Gandhi, Sr Technical Analyst at LKP Securities Ltd.
"Going by the basics of technical analysis, a breakout generally happens after a consolidation in the direction of trend. In our case, markets have rallied in January-February and are now trading flat since last 10 weeks. It is very difficult to point the next trend but, eventually basics are pointing towards an upward trend," added Rakesh.
Rakesh further added that traders need to be careful around critical levels of 5310 and 5360 on the upside while on down side 5200 and 5150 should be watched.
Important results to watch out today are:
ACC Ltd, Ambuja Cements Ltd, Hindustan Zinc Ltd and IndusInd Bank Ltd
ET Now spoke to various experts and here's what they have to recommend for today's trade:
Ashwani Gujral of ashwanigujral. com
IVRCL Ltd is a 'SELL' call with a target of Rs 56 and a stop loss of Rs 68
Sun Pharma Ltd is a 'BUY' call with a target of Rs 615 and a stop loss of Rs 587
Ashok Leyland Ltd is a 'BUY' call with a target of Rs 36 and a stop loss of Rs 28
LIC Housing Finance Ltd is a 'SELL' call with a target of Rs 252 and a stop loss of Rs 273
Indian Overseas Bank Ltd is a 'SELL' call with a target of Rs 87 and a stop loss of Rs 101
Tata Consultancy Services Ltd is a 'SELL' call with a target of Rs 1060 and a stop loss of Rs 1120
Vijay Bhambwani, Author, CEO, BSPLindia.com
Ashok Leyland Ltd is a 'BUY' call with a target of Rs 32 and a stop loss of Rs 29
Pidilite Industries Ltd is a 'BUY' call with a target of Rs 185 and a stop loss of Rs 162
Sandeep Wagle, Founder & MD, APTART Technical Advisory Services
Siemens Ltd is a 'BUY' call with a target of Rs 855 and a stop loss of Rs 817
Bhushan Steel Ltd is a 'BUY' call with a target of Rs 448 and a stop loss of Rs 412
GVK Power & Infrastructure Ltd is a 'BUY' call with a target of Rs 20 and a stop loss of Rs 17.90
Ipca Laboratories Ltd is a 'BUY' call with a target of Rs 362 and a stop loss of Rs 344
Exide Industries Ltd is a 'SELL' call with a target of Rs 128 and a stop loss of Rs 136.50
Deepak Mohoni, Director, trendwatchindia.com
Escorts Ltd is a 'BUY' call with a target of Rs 80 and a stop loss of Rs 75.50
Kotak Mahindra Bank Ltd is a 'BUY' call with a target of Rs 602 and a stop loss of Rs 572
Exide Industries Ltd is a 'SELL' call with a target of Rs 129 and a stop loss of Rs 134
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