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.
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
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