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Nifty: 10316.8 +51.10 Silver: Rs.38076.00
Nifty outlook and recommendations for 06'Dec 17 - IndiaNotes.com
Nifty outlook and recommendations for 06'Dec 17
Way2wealth | Published: 06 Dec, 2017  | Source : IndiaNotes.com

Nifty Spot


Yesterday, the Nifty index opened lower with a mild gap and went below the swing low of 10094. Post mid-session, we saw sharp recovery which resulted to a close near its opening tick. Although, the Nifty index broke its swing low of November 15, 2017; the BSE Sensex precisely took support near the said low and formed ‘Doji’ candle which indicates an indecision among market participants. The Nifty index precisely took support near daily 89-EMA and rebound sharply. The short term momentum indicator signals an oversold condition. For the day, 10165 / 10200 are intraday resistance whereas 10069 / 10040 are immediate support.


Bank Nifty Spot


The Nifty Bank index snaps four days losing streak and eventually ended the session with a nominal gain of 0.20%. During the day, the bears made another attempt to pull index lower below 25000 marks however some support based buying interest during the second half trimmed its intraday losses. The short term indicator on daily chart indicates an oversold scenario. Going forward, index likely to resist near 25275 and any sustain move beyond this level will allow index to rally towards 25420. Lower side, 24975 / 24800 are key supports in the near term.


Stocks For Today


Name                      Entry                        Target             Stop loss


APTECHT          Buy Around 362.50         385                   353

BHEL                Buy Above 90.50             95                    88.40

JUSTDIAL         Buy At cmp 501.70         543                   486

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