Contact Us | Log In
Search
Sensex: Gold: Rs.29630.00
Nifty: 10817 +28.50 Silver: Rs.38972.00
Nifty outlook and recommendations for 04'Jan 18 - IndiaNotes.com
Nifty outlook and recommendations for 04'Jan 18
Way2wealth | Published: 04 Jan, 2018  | Source : IndiaNotes.com

Nifty Spot


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

  Read full report Click here to read the full report


About Way2wealth

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 editor@indianotes.com

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.