Auto sector may outperform in new year
Market closes marginally high after remaining quite volatile during the trading session
image for illustrative purpose
Stock Picks
- SUNTV above Rs476 with a TGT (target) of Rs483 and SL (stoploss) of Rs470. It is trading in an upward moving channel.
- BHARTI INFRATEL above Rs250 with a TGT of 260 and SL of 240. It has formed a good consolidation in the small time period.
- LIC HOUSING FINANCE above Rs359.50 with a TGT of 364 and SL of 355. It has formed support of 21 and 55 DMA.
- MGL above Rs1,165 with a TGT of 1185 and SL of 1145. It has a support of 21 and 55 DMA.
- SHRIRAM TRANSPORT FINANCE above Rs1,080 with a TGT of 1100 and SL of 1060. It has formed a consolidation and has the support of 8 DMA.
Mumbai: The markets closed marginally higher in the last trading day of the week, from the previous day's closing, after remaining quite volatile, and slipping into the red for a while during the trading session.
"There has been continued selling and profit booking from domestic investors," said Joseph Thomas, Head of Research - Emkay Wealth Management.
The tech and auto indices closed in the red with no fresh factors for a broader upward movement in the market, he added.
The market opened with a gap up following the global market strong sentiments.
After the opening of the European market, the Indian market also found it difficult to maintain high levels and again found the demand zone at crucial levels of 45,650-45,700. The 44,000 will be the major support zone.
"There are visible trends of recovery in the Auto sector and could be one of the sectors to outperform in the next financial year," said Ashish Biswas, head of technical research, CapitalVia Global Research.
Top Gainers for the day are: ONGC (+5.46%), NTPC (+5.15%), GAIL (+5.04%), COAL INDIA (+2.56%) and TATA STEEL (+1.93%).
(Source-CapitalVia)
