Indian Stock Market Report 24th Feb, 2014

Nifty close: 6181.60     Sensex close: 20811.44

After a gap-down opening, the market recovered to close 0.53% up for the day. Pharma and Banking stocks saw an increase while Metal and Media stocks went down today.

Major Gainers today: Tata Power, Voltas, BHEL

Major Losers today: NTPC, JPPOWER, Hind Zinc

From the recent low below 6000 spot, Nifty has managed to bounce back over 200 points. With good support at 6120-6140 spot (Sensex support at 20680), Nifty may continue moving up. Target of 6200 spot (projected at 6130 spot in last week ) remains near now. However, traders should note that upside potential is limited with the market moving towards its February F&O expiry day.

Secondly, the interesting thing is whether Nifty can touch 6260 spot to fill the gap created almost 1 month ago.

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