Nifty futures tumbled 220 points or 1.38 per cent to 15,716.50 on Singaporean Exchange, indicating a gap-down commence for BSE Sensex and Nifty 50 on Monday. On weekly basis, NSE’s Nifty closed at a record higher level, in spite of consolidating inside the variety of 15550-15950 for the sixth straight week. Asian peers had been seen trading in deep sea of red in early trade on Monday, whilst US stock indices declined in overnight trade on Friday. “The Nifty has scope to move towards 16100 without much efforts. However, for that, support from Banks and the FMCG sector will hold key. The strategy should be to buy if Nifty corrects to 15900/15850 without hitting the levels of 16100. Traders should keep a final stop loss at 15750 for the same. On the higher side, 16000, 16100 and 16150 would be resistance levels. It is advisable to reduce long positions between 16050/16150 levels,” mentioned Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd.
Stocks to watch
Reliance Industries Ltd, Just Dial: RIL’s retail arm, Reliance Retail Ventures Ltd (RRVL) on Friday mentioned it will obtain 40.95 per cent stake in Just Dial for Rs 3,497 crore, bolstering its digital play in the quickly increasing on line commerce industry in India.
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Bharti Airtel: Bharti Airtel and communications gear maker Cisco on Friday announced the launch of connectivity options for enterprises based on Cisco’s computer software-defined wide location network technologies.