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Sensex: 32923.1 -252.90 Gold: Rs.30254.00
Nifty: 10094.2 -101.00 Silver: Rs.38341.00
Investment Idea: Buy Godfrey Phillips, NIIT Tech; Sell IOC -
Investment Idea: Buy Godfrey Phillips, NIIT Tech; Sell IOC
Way2wealth | Published: 08 Jan, 2018  | Source :

Nifty Spot

The concluding session of week started on cheerful note and Nifty index surpassed its previous all-time high of 10552. Subsequently, index witnessed quick profit booking however index regained its early morning high and eventually ended on a record closing high. Frankly speaking, Friday’s move was slightly unexpected to us as we were expecting index to correct towards 10400. Looking at the daily chart, index formed another bearish divergence whereas the bearish divergence on weekly chart is still intact. For the day, 10580 / 10605 are near term resistance whereas support comes near 10520 / 10495 levels respectively.

Bank Nifty Spot

On Friday, the Nifty Bank index too opened with gap and traded sideways during the initial hour of trade. Post mid-session, we saw decent buying interest which allowed index to end near the highest point of the day. Looking at the hourly chart, index is hovering near the downward sloping trend line joining from its all-time high. Going forward, 25780 will act as an immediate resistance and any sustain move above this level will open the doors for fresh all-time high. On the flip side, 25530 / 25400 levels are near term support.

Stocks For Today

Name                             Entry                        Target             Stop loss

GODFRYPHLP         Buy Around 1013            1075                    993

NIITTECH                 Buy Around 668               697                    651.50

IOC                         Sell Below 382                 370                    389

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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 accept any liability whatsoever arising from the use of any of the above contents.