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Nifty Technical outlook and recommendations for 7 Nov 17 - IndiaNotes.com
Nifty Technical outlook and recommendations for 7 Nov 17
Way2wealth | Published: 07 Nov, 2017  | Source : IndiaNotes.com

Technical Outlook

Yesterday,  we  witnessed  bouts  of  volatility  however  the  Nifty  index  eventually  ended  on  flat  note.  During  the  day,  index  opened  marginally  lower and the support base buying interest immediate lifted the indices higher.


In that optimism, index hit another record high of 10490.40 however mild profit booking during the second   half   pared   all   its gains.   Broadly   speaking,   we   are   seeing   a   Bearish Divergence  on  major  time  frames  hence  building  long  position  on  Nifty  at  this  juncture is not wise strategy. For the day, 10413 / 10375 are the intraday support whereas 10490 / 10530 are the near term resistance.


Bank Nifty


On  Monday,  the  Nifty  Bank  index  opened  lower  with  a  gap  of  nearly  81  points. Post opening, index recovered and made a valiant attempt to surpass its recent all - time  high  however  the follow - up buying  interest  was  clearly missing  as  a  result index eventually ended near its opening tick.


Yesterday’s price action doesn’t lead to any significant change on chart structure hence we maintain our positive stance and  expect  index  to  rally  higher.  For  the  day,  25490  /  25395  are  the  intraday support whereas 25655 / 25740 are the intraday resistance.


Stocks For Today


Name             Entry                              Target            Stop loss

GSFC              Buy Around 163              170                    160

BEML              Buy Around 1775            1830                  1745

HAVELLS        Buy Above 502.75             523                   493.50

 

  Read full report Click here to read the full report


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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.