On Friday, we witnessed significant volatility in our market as both the counter parties were trying to pull the index in their favour. As a result, we saw several swings in Nifty and the Nifty index concluded the session with a nominal gain of 0.12%. Once again the bulls respected the 10260 / 10235 zone which has now drawn further attention as Nifty rebound sharply after testing the said zone. On an hourly chart, the Friday’s high was precisely coincided with the hourly 45-EMA. For the day, 10367 / 10413 are the intraday hurdle whereas 10276 / 10230 are the immediate support.
Bank Nifty Spot
The Friday’s move of Nifty Bank index was in line with our expectation as index witnessed decent rally backed by the sharp surge in PSU Banking stock which outperformed the index by gaining 4.32%. In the process, index eventually ended with a gain of 0.82%. Looking at the hourly chart, the Bollinger band has started expanding and index hugged the upper band of Bollinger band. Now, the recent all-time high of 25696 likely to act as an immediate hurdle above which index will rally towards 25860. Lower side, 25320 / 25120 are the near term support.
Stocks For Today
Name Entry Target Stop loss
JKTYRE Buy At cmp 149.75 158 147
BHARATFORG Buy Around 706 740 692.50
BANKBARODA Buy Around 168.50 178 163
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