The Nifty index opened lower with a gap and broke the immediate support of 10340 during the initial hour of trade. In line with our expectation, we saw sharp fall in index. In that pessimism, Nifty concluded the session near the lowest point of the day. Yesterday’s correction surprised most of the market participants however we have anticipated such correction and advised traders to remain cautious. Due to sharp fall, index entered inside the gap area of November 17, 2017. The hourly RSI (14) broke its bullish support zone. In the near term, we maintain our cautious view and expect further weakness in coming days.
Bank Nifty Spot
The Nifty Bank index too remained under tremendous pressure and nosedived sharply in yesterday’s trade. During the day, index made an attempt to recover from its early morning low however such pullback was completely sold into. Looking at the daily chart, the recent daily swing low of 25120 which coincided with the previous resistance zone and the daily 45-EMA will act as an immediate support. Any sustain move below this level will pull index lower towards 24880. Higher side, 25560 / 25790 are the near term resistance.
Stocks For Today
Name Entry Target Stop loss
ENGINERSIN Buy Around 187 193 184
TATASTEEL Sell Around 697 678 707.50
RELINFRA Sell Around 442 418 452.50
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