Indian Stock market dropped again today. Realty sector led the market towards downside and Nifty lost nearly 47 points ahead of F&O expiry tomorrow.
Nifty Futures closed at 5294 at loss of 51 points .After a flat opening nifty showed downside movement and made a intraday low of 5292.50. It has first resistance close to the level of 5355 & above this level the next resistance is seen near the 5385 mark. Immediate support is close to the level of 5285 & below this level the next support is seen near 5200 mark.
The market is likely to extend the bearish trend tomorrow as well and a consistent trading below 5268 in spot Nifty may lead the market towards 5200 level.
Infosys can be a good short term pick for near term traders.
Profits of infosys rose 10.2 per cent to Rs 208.7 crore in this year's April-June quarter while last year, the company had a net profit of 189.4 crore during this period. Sales during the period has increased by 2 per cent to Rs 355 crore.
Fundamentals and technicals are suggesting a strong buy for this stock for near to medium term.