Traders may be optimistic on revised GDP forecast
The market stayed in a consolidation mood for the third day and indices ended in red, affected by the Asian markets' pessimistic signals.
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Stock Picks
-VARROC - above 412 with a target of 428 and Stop loss of 396. The price has support of 8 & 40 EMA and is trading in upward channel.
- MINDTREE - above 1712 with a target of 1748 and Stop loss of 1676. It has bounced from support of 40 EMA and has trend line support.
- NAVINFLUOR - above 2575 with a target of 2661 and Stop loss of 2489. It has bounced from support level.
- THYROCARE - above 950 with a target of 988 and Stop loss of 912. The price bounced from 8EMAand is on the verge of breakout.
- BERGEPAINT - above 765 with a target of 785 and Stop loss of 745. It is an upward trending channel.
(Source-CapitalVia)
Mumbai: The market stayed in a consolidation mood for the third day and indices ended in red, affected by the Asian markets' pessimistic signals. Globally, markets are showing weakness due to the increase in US bond yields, though domestic market is supported by improving corporate earnings and sustained inflow of foreign funds. Private banks and auto stocks led the bearish trend in the market whereas PSU Banks continued to perform on the news of privatization. Going forward, traders will be optimistic as Global forecasting firm Oxford Economics revised India's economic growth projection for 2021 to 10.2 per cent from the earlier 8.8 per cent, citing receding Covid-19 risks and the shift in the monetary policy outlook.
