Jai Hanuman:
Nifty recovered what it lost on Friday and one of the reason is Rupees strength and value buying once uncertainity of Fed hike is over and also combination of global cues. Brent Crude is at lowest in 11 year. FII's bought 37 crores and DII bought 67 crores and Rupee has shown lot of strength and has closed at 66.34.
Nifty is back to zone of 7840-7880 whcih I specified before as strong supply zone and we can expect any move only if it crosses this level for 7940 and 7980-8000 levels and on the lower side below 7720 for two days we could see 7640 and 7550.
BankNifty has shown lot of character and it is pillar of strength for Nifty as we have seen good moves in most of the banks and as stated before aslong as we trade 16700 it is fine and we may head towards 17000 and if breaches 17700 we could touch 17500 again and lower levels.
For the day we could open flat and our Asian peers are trading in slight negative bias and I think the trend for the day will be known if we wait for first 30 minutes and I feel if 7860 we could see 7880 and higher levels and on the lower side 7800 will act as support.
Top picks for the day are ICICIBank,Axisbank,M&M,Idea,IGL,M&M,BEL, GodrejInd,Infy,BharatForge,KSCL,Gail and JustDial
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