Markets are likely to see further correction today as global cues are benign and foreign flows have slowed down locally.
With Federal Reserve poised to indicate monetary stance in next few days, emerging market currencies are seeing stress and Indian rupee is also trading above 61.
Nifty is set to test 8000 on the downside and find support around 7950, with resistance now around 8070.
For today we are suggesting 2 buy/sell calls for next 3 days:
Buy Union Bank: 218-220, stop loss 214, target 236
Buy Bank of Baroda: 947-950, stop loss 932, target 987
Sell Tata Motors: 510-515, stop loss 525, target 492
Sell Tata Power: 89-91, Stop Loss 94, target 85
We are also carrying previous trades as under:
Sell L&T: 1575-1585, stop loss 1610, target 1532
Sell Reliance Infra: 685-695, stop loss 707, target 662
Buy Bank Nifty futures: 16230-16300, stop loss 16000, target 16750
Sell Nifty future: 8130-8150, stop loss 8250, target 8020
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