Yesterday: Indian Stock Market opened with a huge positive gap as expected and went down quite a bit due to profit booking. After Inflation and IIP no. were declared, market went up sharply about 265 points. But again in the last half-Hour of trade profit booking took place and closed around 8343 up by 185 points. 

Today: market will open on a positive note but it will face resistance around 8500-8600-8700.If it will close above 8500 than one should go long in this market.

BSE Sensex (8343): The support for the Sensex is 8100-8050 and resistance is 8500. 

NSE Nifty (2617): The support for the Nifty is 2600-2550-2500 and resistance is at 2650-2680. 

Today’s Pick:

Buy Cairn India on a intraday basis around 164.50-165 with a target of 168-170.

Profit Booked through our yesterday’s picks:

Yesterday both of our targets on RIL achieved. Profit was Rs. 40 per share of RIL.