Though the benchmark is not offering any cues over the next directional move, recent buoyancy in the midcap and smallcap space is offering ample opportunities, so participants should align their positions accordingly.
Thus, as long as the Nifty trades above 18,000 – 17,950, it can take a leap on the upside.
Index opened a day with gap up but showed a dull moment throughout the day & closed a day at 18,044 with minimal loss.
Going forwards also 18k mark will act as fantastic support and if index managed to hold above 18k mark, one can expect the next move towards 18,200-18,300 zone.
M&M, Tata Motors, Hero MotoCorp, ONGC and SBI were among the major Nifty gainers.
Among sectors, auto and capital goods indices added 1 percent each, while buying is seen in the power, oil & gas, pharma names.
The market witnessed some lackluster movement and an attempt to hold the level of 18,000.
If the market is able to sustain the level of 18,000, it can witness a positive momentum which can lead to higher levels near 18,250.
Kitex Garments’ Q2 net profit rose 44.4 percent at Rs 25.7 crore versus Rs 17.8 crore and revenue was up 33.7 percent at Rs 178.1 crore versus Rs 133.2 crore, YoY.
Sutlej Textiles has posted net profit of Rs 41.7 crore versus loss of Rs 4.7 crore and revenue was up 68.8 percent at Rs 786 crore versus Rs 465.7 crore, YoY.