The 30-share BSE Sensex rose 141.79 points to 19,011.48 and the 50-share NSE Nifty went up 45 points to 5,775.95, supported by banks, FMCG, oil & gas, capital goods and auto stocks.
The BSE Sensex has touched a new 14-month high in early trade on Thursday, surpassing the 19000 level quite nicely - for the first time since July 8, 2011 -ahead of cabinet meeting for further reforms to revive the sluggish economy.
The UPA government is set for a second push for Prime Minister Manmohan Singh's reform measures. The Cabinet is expected to clear 26 percent FDI in pensions and 46 percent in insurance in today's meeting. The Cabinet will also consider the Forward Contract Regulation Act (Amendment) Bill to empower commodity markets regulator FMC with greater financial autonomy. It will also take up the Companies Bill to bring all sectors under the Companies Act, amendment to the Competition Act and a proposal for operationalising the Infrastructure Development Fund (IDF), sources said.
From Now nifty has a new target to get 5800 level in today's trading and even the nifty resistance level at 5840 also support to test that level. In downside Nifty has a crucial support at 5700 level. Nifty trend is looking in buying side today. It will be beneficial to get the buying position in curent scanerio.
Here are some intraday suggestion for today's trading.
- BUY Tata Motors Ltd. Intraday Target 283 with a stoploss of 272
- SELL Jindal Steel -and- Power Ltd. Intraday Target 412 Stop Loss 422
- SELL Ajmera Realty -and- Infra India Ltd. Intraday Target 126 Stop Loss 135
- BUY IFCI Ltd. Intraday Target 32.3 Stop Loss 30.5
- SELL Timken India Ltd. Intraday Target 213 Stop Loss 219
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