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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