Market report by Mustafa Nadeem CEO, Epic Research

Mr Mustafa Nadeem, CEO, Epic Research Pvt. Ltd.

Nifty rebounded from day's low as we mentioned previously as well that there is indecision in market and bulls are not letting 7800 breach. Not just that, the series has started as Nifty Future trading with premium of almost 50 points which is a bullish signal. We started May series with some selling in large caps due to negative global cues and the profit we have seen on expiry day. Bank Nifty continue to support due to new MCLR norms though higher provisioning is seen in latest results of Yes Bank as well.

Metals, Reality and Media space is seeing good buying opportunity along with pick up in Pharmaceutical stocks. ICICI Bank Profit is down due to higher provisioning though we are yet to see effect of MCLR easing on its Balance sheet. For Nifty, we emphasize to see only if 7800 is broken on the downside but if it's not on closing basis then we are still in bullish set up and what's interesting to see is if we can hold 1 year intermediate downward resistance line from all time highs of 9119.

Source : Equity Bulls

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