Market has opened flat but Bank Nifty seems to be in a hurry to move higher and establish itself. Stock has cleared Gann ranges for the day and hence pullbacks to near 41650 will remain buys. That can also be kept as a stop on pending longs. The Nifty future has not been faring as well because IT stocks are down. Clearly, TCS results have had a negative impact. Will need strong numbers from other IT stocks to overturn the sentiment towards the sector.
AU Bank was the top dog of the morning. Big block deals coupled with (or based on?) positive commentary by a large brokerage may be a reason. Perhaps continuity of the leadership as permissioned by the RBI could be contributory too. But huge move for the day already. No point in chasing. A good point to buy would be around 635-640 only.
Dabur is seeing selling pressure and seems set to decline further. Hind Lever is also showing a distribution pattern. Many other stocks from the sector are not placed well. This prompts me to think that there will be switchover buying into ITC and Godrej Cons from other names here. So swing trade longs in these two names could be considered.