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
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.