MARKET OUTLOOK 

The NIFTY opened on a subdued note and traded in a narrow range for the initial hours.  The NIFTY recorded a high of 5413, before picking up downward momentum at the end of the day. The nifty finally closed at 5335, after recording a low of 5322.   The index has failed to sustain above the 5400 levels and in the process has also close just above its day before yesterday low of 5327 levels. We recommend a SELL on NIFTY FUTURE between 5350-5370 levels with a stop loss of 5420 levels for a target of 5250-5220 levels. The momentum oscillators on the daily charts are an overbought zone.  On the downside the NIFTY has immediate support at the 5320 levels below which it can correct up to the 5250 and/or 5220 levels.

TRADING RECOMMENDATIONS

SRTRANSFIN  RS 590

Technical Outlook & Trading Strategy:

The share price of SRTRANSFIN has been trading near resistance level of 590-610 levels which is the 200 DMA , The stock has broken out from its short term uptrend. On the daily chart, the MACD and RSI has given negative crossover indicating further downside in the stock We recommend a SELL on SRTRANSFIN between from `589-595 with a stop loss of `611 for a target of `573-570 in the near term.    

IRB Limited CMP RS 169.65

Technical Outlook & Trading Strategy:

The share price of IRB Limited has been trading near resistance levels of `177 which is the horizontal trend line. The momentum oscillators on the daily chart are an overbought zone. On the daily chart, the RSI has given negative crossover indicating further downside in the stock We recommend a SELL on IRB Limited between from `169.5-170 with a stop loss of `177.1 for a target of `158-155 in the near term.