The concluding session of week began with a gap down opening owing to negative global cues. Right from the opening tick, index remained under tremendous pressure and tumbled sharply. Subsequently, the bears tighten their grip and index extended its fall. In the process, Nifty index posted the biggest single days fall post November 11, 2016. Due to Friday’s fall, the weekly chart has formed a Bearish Engulfing pattern which is a bearish pattern. Going forward, index will correct towards 10666 which coincides with the daily 45-EMA and daily swing low. On the other side, 10870 will act as a near term resistance.
Bank Nifty Spot
On Friday, the Nifty Bank opened on pessimistic note and nosedived sharply during the initial hour of trade. Subsequently, the selling pressure accelerated during the second half. In the process, index ended the session near the lowest point of the day and lost 2.83%. Looking at the daily chart, index entered inside the gap area of January 18, 2018. Going forward, 26120 which coincides with the daily 45-EMA will act as an immediate support below which index likely to slips towards 25920. Higher side, 26630 / 26800 are immediate hurdles.
Stocks For Today
Name Entry Target Stop loss
HCLTECH Buy Around 986 1020 969
HDFC Sell Around 1908 1865 1929
PFC Sell Around 112 107 114.60
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