Trading for the week began with a significantly lower opening on the back of sharp sell-off in the US bourses. Post opening, we saw bouts of buying interest which pulled index higher from its early morning low. Subsequently, the sideways momentum was seen throughout the remaining part of the session. In the process, index ended the session with a loss of 0.87%. Looking at the daily chart, yesterday’s low was coincided with the 50% retracement of its entire move from the bottom of 10033 to the top of 11171.55. For the day, 10725 / 10785 likely to act as an immediate resistance whereas 10610 / 10550 are immediate support.
Bank Nifty Spot
Yesterday, the Nifty Bank index made its opening tick below 26000 marks and we saw decent recovery during the first half as index rebound from its oversold territory. Subsequently, the momentum fizzle out near hourly 9-EMA. In the process, index ended the session with a loss of 1.33%. Looking at the hourly chart, yesterday’s gap area can be termed as a runway gap which occurred during the middle of the trend. For the day, 26250 / 26400 are near term resistance whereas 25950 / 25800 are immediate support
Stocks For Today
Name Entry Target Stop loss
NIITTECH Buy Around 821 860 803
DRREDDY Buy At cmp 2116.50 2225 2065
LT Sell Around 1368 1320 1395
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