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Investment Idea: Buy HSIL, Ashok Leyland; Sell Bata India - IndiaNotes.com
Investment Idea: Buy HSIL, Ashok Leyland; Sell Bata India
Way2wealth | Published: 08 Feb, 2018  | Source : IndiaNotes.com

Nifty Spot


On Tuesday, the Nifty index opened higher with a decent gap considering the sharp recovery across the globe. However, such move proven to be short-lived as index surrendered all its gains. Subsequently, we saw sideways momentum during the second half. In the process, Nifty concluded the session with a loss of 0.22%. Looking at the hourly chart, the recent rally was merely a pullback as the Lower Top Lower Bottom formation on hourly chart is still intact. The hourly RSI (14) resisted near 40 levels. For the day, 10560 / 10645 are intraday resistance whereas 10390 / 10310 are near term support.


Bank Nifty Spot


The Nifty Bank index opened higher with a gap however bulls failed to carry momentum further and entered into negative territory. Subsequently, the RBI kept the benchmark interest rate unchanged which was broadly in line with the street expectation. In the process, index ended the session with a loss of nearly half a percent. Looking at the daily chart, index resist near daily 45-EMA which continued to act as a near term hurdle. For the day, 25930 / 26190 are near term resistance whereas 25410 / 25150 are immediate support.


Stocks For Today


Name                      Entry                      Target             Stop loss


HSIL                   Buy At cmp 417.70         439             410

ASHOKLEY        Buy Around 132             140             128.50

BATAINDIA         Sell Around 703              672             721

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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.