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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