Trading for the week began with a cheerful opening owing to positive cues from the Asian bourses and we saw decent rally throughout the session. In the process, Nifty ended the session above 10500 marks and gained 0.81%. In our previous update, we had mentioned the two period Bullish divergence and impact of such development seen during Monday. Looking at the hourly chart, we are seeing symmetrical triangle pattern. At this juncture, the hourly 9-45 EMA is still negative hence we term the recent move as a pullback. For the day, 10575 / 10638 are near term hurdles whereas 10500 / 10470 immediate support.
Bank Nifty Spot
The Nifty Bank index opened higher with a mild gap and we saw decent pullback throughout the session. In the process, index ended the session with a gain of around percent. Looking at the hourly chart, index entered inside the Friday’s gap. At this juncture, we term the recent move as a pullback from an oversold territory and the near term trend is still down as the 9-45 EMA on hourly chart is still negative. Going forward, 25840 / 25975 are near term hurdle whereas 25565 / 25430 are intraday support.
Stocks For Today
Name Entry Target Stop loss
MCX Buy At cmp 740.90 795 718
TATAELXSI Buy Around 1003 1045 980
SIEMENS Buy Around 1252 1290 1233
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