Friday’s session was clearly dominated by the bears and index shed another percent over its previous close. During the day, index opened higher with a mild gap however such move proven to be short-lived as bears applied tremendous force to pull index lower. Looking at the daily chart, the daily swing low of 10094 which also coincides with the daily 89-EMA likely to act as an immediate support. Any close below this level will confirm the Lower Top Lower Bottom formations on daily chart in that case we may see further slide in index. Higher side, 10160 / 10205 are near term resistance.
Bank Nifty Spot
The Nifty Bank index extended the Thursday’s pessimism and lost 0.55% over its previous close. During the day, index traded in a narrow range for the first half however post mid-session the selling pressure resumed and index slipped below 25200. At this juncture, index precisely tested its previous resistance zone hence possibility of bounce can’t be ruled out. Going forward, 25120 will act as an immediate support and any sustain move below this level will drag index lower towards 24800. Higher side, 25340 / 25480 are immediate resistance.
Stocks For Today
Name Entry Target Stop loss
NATCOPHARM Buy Around 952 995 938
BHARATFORG Sell Around 688 660 701
GRASIM Sell Around 1155 1120 1177
Click here to read the full report
Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.
For more information please write in to firstname.lastname@example.org
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.