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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