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Sensex: 33844.9 +141.30 Gold: Rs.30456.00
Nifty: 10397.5 +37.10 Silver: Rs.38195.00
Investment Idea: Buy GRUH Finance, Vedanta; Sell Bajaj Auto - IndiaNotes.com
Investment Idea: Buy GRUH Finance, Vedanta; Sell Bajaj Auto
Way2wealth | Published: 12 Feb, 2018  | Source : IndiaNotes.com

Nifty Spot


The concluding session of week started on pessimistic note owing to the sharp sell-off in the US bourses in Thursday’s trading session. Post opening, index recovered some of from its early morning loss however bears certainly ruled the market. In the process, index concluded the session with a loss of more than a percent. The daily 45-EMA drawn further attention as Nifty reversed after testing said level on Thursday. On a weekly chart, Nifty confirmed the bearish engulfing pattern as it closed below the pattern low of 10736. For the day, 10414 / 10370 are intraday support whereas 10500 / 10540 are immediate hurdles.


Bank Nifty Spot


On Friday, the Nifty Bank index opened significantly lower on the back of negative cue from the globe. Post opening, index traded within a narrow range of around 227 points. In the process, index ended the session near its opening tick and shed 1.76% over its previous day’s close. Looking at the daily chart, index ended the session below daily 89-EMA which doesn’t bode well. The hourly 9-45 EMA is still negative hence the current trend is still down. For the day, 25255 / 25023 are near term support whereas 25580 / 25690 are immediate resistance.


Stocks For Today


Name                      Entry                   Target             Stop loss


GRUH                Buy Around 530             559              519

VEDL                Buy Around 314.50         332              305

BAJAJ-AUTO     Sell Around 3110            3000            3170

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.