Nifty To Trade Between 8450-8650, Stock Calls For Today

Market Overview The RBI bought a massive $29.2 billion from the spot exchange rate market during April-December, and its outstanding position in the forward market was $6.85 billion. In all, the RBI has bought a whopping $75 billion from the forex market. Foreign institutional inves-tors have increased their holdings of Indian domestic bonds by a net $32 billion to $66 billion so far in financial year 2014-15, the highest investment since liberalisation. The RBI’s interventions have kept the rupee from appreciating sharply even as the debt market received huge inflows. The rupee closed at 62.19/$ on Tuesday and has appreciated just 3.84% so far in FY15.

Nifty Trend Today: To Trade Between 8450-8650

We expect Nifty to trade between 8450-8650. Nifty has resistance at 8675 level, a close above can see some upside momentum, 8450 remain good support at spot level.

Stock Calls For Today

• Adani Enterprises closed above short term moving average. We recommend a buy (Positional) in Adani Enterprises above 644 with the stop-loss of Rs 617 for the target of Rs. 684. 
• We recommend a buy in Bharat Forge above Rs. 1108 with the stoploss of Rs. 1060 for the target of Rs. 1175.