Yesterday, the Nifty index opened higher with a mild gap and bouts of buying interest drive index higher. Post mid-session, index encountered profit booking which pared some of its early morning gains. In the process, Nifty ended the session with a gain of around percent. Looking at the daily chart, yesterday’s high of 10638 coincided with the daily 45-EMA. Today, the Nifty index likely to open lower with a significant gap as indicated by the SGX Nifty and the recent bottom of 10276 will act as an immediate support. Any break below this level will open the doors for 10033. Higher side, 10450 / 10640 are strong hurdle in the near term.
Bank Nifty Spot
Yesterday, the Nifty Bank index opened higher with a gap of nearly 90 points inline with the benchmark indices. Once again, the index resisted nearly daily 45- EMA and gradually descended lower. In the process, index ended the session with a gain of nearly a percent. Looking at the daily chart, we are seeing cluster of resistance near 26140 – 26364 which coincides with daily gap area, hourly 45-EMA, 50% retracement. For the day, 25000 / 24800 zone will act as a strong support whereas 25560 / 26140 are near term resistance.
Stocks For Today
Name Entry Target Stop loss
ADANIPORT Sell At cmp 405.10 387 416.25
DLF Sell Below 225 234 204
TATACOMM Sell At cmp 618.95 591 631
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