NSE Nifty opened lower on the back of weak global markets however after hitting 8060 it failed to fall further that has again help bulls to pull the market to 8100 levels.
The advance decline ratio remained extremely poor at 1:2. Broadly, the activity was into quality Mid cap stocks like TATA GLOBAL, TVS MOTORS, ARVIND MILLS, APOLLO TYRES AND KTK BANK.
The bank nifty also remained weak on the back of weakness into HDFC Bank. Technically, the nifty is into sideways consolidation and might find major support between 8035/8000.
Long traders can buy call options between the same with a stop loss at 7970.
On the higher side 8125 and 8145 should major hurdle for it and fresh buying is advisable if it breaks 8145 with a price target of 8200.
Buy into mid side infra stocks with a medium term view.
By Shrikant Chouhan, Head- Technical Research, Kotak Securities