NIFTY Trend Score

NIFTY (Last: 5128.20, up 10.25 points)

After losing 125 points in two trading days, the NIFTY went up 10.25 points to close the day at 5128. Major positive contribution came from HINDUNILVR. The stock surged 7.51% after posting better than expected results. The short term trend of the market is down while medium and long term trend remains up.

Today, we expect the Index to remain under pressure and challenge its near term support at 5100. Breach of this support on the downside will open the way for the NIFTY to test 5050. Major resistance is placed at 5150.

Our top picks for the day are ACC, HCLTECH, HINDUNILVR, ONGC and RANBAXY. Initiate a buy on dips strategy in the above mentioned stocks. Please place a protective stoploss at 2% below the purchase price.