On Wednesday, the Nifty index opened higher with gap of nearly 40 points as indicated by the SGX Nifty. However, the bulls failed to carry momentum further which resulted gradual decline throughout the session. In the process, index ended another session on flat note. Similar to its previous session, index made a valiant attempt to move above 10500 however it failed to hold on a closing basis. Going forward, we reiterate our view that 10400 will continue to act as an immediate support. Any break below this level will pull Nifty further lower towards 10330. Higher side, 10480 / 10520 zone likely to act as a stiff hurdle.
Bank Nifty Spot
Despite the gap up opening, the Nifty Bank index failed to rally higher and pared all its early morning gains. In the process, index ended the session with nominal loss of 0.80%. Looking at the hourly chart, the selling pressure got build up as it approached towards the 10420 levels which coincided with the horizontal trend line mentioned in our previous report. Going forward, the Tuesday’s low of 25233 will act as an immediate support and any break below this level will trigger fresh sell-off towards 25000. Higher side, 25400 / 25490 zone will act as a strong hurdle.
Stocks For Today
Name Entry Target Stop loss
NOCIL Buy Around 193 200 189.90
STAR Buy Above 823 856 810
INDIACEM Buy Around 186 196 182
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