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Karvy Stock Broking : The US markets closed the session on Wednesday with positive sentiment, while the Asian indices are trading with a mixed sentiment on Thursday.
Hence, Nifty is expected to open on a flat note. Trade long in Nifty above 5,630 levels with stop loss placed at 5,600 for targets of 5,650 and 5,680 levels. Alternatively, trade short in Nifty if it fails to cross 5,700 levels with stop loss placed at 5,720 targeting lower support.
SMC Global: The market is likely to open on a flat note taking cues from global markets. Asian stocks, trading near a two-month high, swung between gains and losses as Chinese bank shares rose after the country raised interest rates, boosting lenders’ margins and tempering concerns tightening measures will slow global economic growth.
US stocks rose, erasing an early drop, as gains in transportation, technology and consumer- staple companies overshadowed a slowdown in service-industry growth and China’s interest rate boost. The euro slid and Treasuries rose after Portugal’s credit rating was cut to junk.
On the macro front, the Government will today, unveil its data on wholesale price indices viz. the food price index, the primary articles index and the fuel price index for the year through June 25, 2011.
As per provisional figures, foreign institutional investors (FIIs) bought shares worth a net Rs 220.45 crore on July 6, 2011. Domestic institutional investors sold shares worth Rs 80.23 crore on Wednesday.
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