Yesterday, the Nifty index opened marginally higher owing to positive cues across the Asian bourses. Excluding the initial hour of trade, index witnessed decent buying interest which led to a close above 10500 marks. Looking at the hourly chart, index precisely tested the downward sloping trend line joining from its alltime high of 10552. Also, the hourly RSI (14) momentum indicator came near 60 levels. Going forward, 10540 will act as an immediate resistance above which the strong resistance placed near 10577. On the flip side, 10470 will act as an immediate support below which next support comes near 10430 / 10400 levels.
Bank Nifty Spot
Yesterday, the Nifty Bank index opened higher with a gap of nearly 50 points and we saw sharp surge across the PSU banking space which eventually drive index higher. In the process, Nifty Bank index ended the session with a gain of 0.57%. Looking at the hourly chart, we are seeing negative reversal formation and the hourly RSI (14) came near 60 levels hence traders should be cautious on long side. Going forward, 25600 / 25650 zone will act as a stiff hurdle whereas 25300 / 25230 are intraday support.
Stocks For Today
Name Entry Target Stop loss
TWL Buy At cmp 174.35 184.50 170.80
FRETAIL Buy Around 550 577 538
HCC Buy At cmp 41.65 45 40
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 email@example.com
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.