Similar to the previous session, the Nifty index opened tad higher however momentum fizzled out which led to gradual decline during the first half. Post midsession, support based buying interest pulled index higher. In the process, index ended another session on a flat note. During the day, Nifty found support near the upper band of gap area formed on Monday. The hourly RSI (14) took support near 60 levels. On an hourly chart, the Bollinger band got squeezed hence volatility likely to increase in coming trading session. For the day, 10600 / 10570 are immediate support whereas 10665 / 10695 are near term hurdles.
Bank Nifty Spot
Yesterday, the Nifty Bank index remained under pressure and corrected during the first half. However, mild recovery during the second half pulled index higher. During the day, index entered inside the triangle formation which doesn’t augur well for bulls. Broadly speaking, the recent all-time high of 25953 will be a strong hurdle and it would be a daunting task for bulls to surpass them in the near term hence we maintain our cautious view in the near term. For the day, 25520 / 25425 are immediate support whereas 25715 / 25810 are immediate resistance.
Stocks For Today
Name Entry Target Stop loss
MAJESCO Buy At cmp 535.85 568 520
RCF Buy Above 105.10 111 101.50
MOTHERSUMI Sell Around 379 364 387.50
Click here to read the full report
Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.
For more information please write in to firstname.lastname@example.org
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.