Bank Nifty Market Trend for 02-May-2019:

CH: OUTLOOK

NIFTY-CON.(11475- 11920)

BANK NIFTY-CON.(29510 -30695)

STRATEGY SELL ON RISE

SGX NIFTY -65DOW -162

ASAIN MKT MIX

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Stock To Watch for Today : ALBERT DAVID LIMITED

Stock To Watch for  Today : ALBERT DAVID LIMITED

On the hourly charts, Albert David Limited has given breakout out from a higher highs-higher lows chart pattern, and it is continuously sustain above the level of 420 with higher volume and will take the stock higher to levels of 449. It had taken support at the 23.8% Fibonacci retracement level 415.

The RSI has formed a positive reversal indicating higher levels in the coming trading sessions. We recommend traders to take long positions in ALBERTDAVD around 422-424 for the targets of 435-445, with a stop loss below 404.

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Market Commentary:

•Diversified group Raymond on April 3 announced foray into the real estate sector and launched its first housing project in Mumbai with an expected revenue of Rs 3,500 crore.Raymond Realty, the new division of the group, will develop a 14-acre housing project at Thane in Mumbai.

While it’s almost a given that the Reserve Bank of India (RBI) will deliver a policy rate cut when the three-day Monetary Policy Committee meeting ends on April 4, hopes are high that the central bank will also do more to address liquidity concerns.

On March 29, the liquidity deficit widened to a one-month high of Rs 1.13 lakh crore, mostly due to the financial year-end outflows. It is likely to continue to be in deficit owing to the high demand for currency in circulation ahead of the general elections.

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