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Sensex: 34142.1 +322.60 Gold: Rs.30514.00
Nifty: 10491 +108.30 Silver: Rs.38380.00
Nifty outlook and recommendations for 04'Dec 17 -
Nifty outlook and recommendations for 04'Dec 17
Way2wealth | Published: 04 Dec, 2017  | Source :

Nifty Spot

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

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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 accept any liability whatsoever arising from the use of any of the above contents.