After three days of sharp rally, the Nifty index took pause on Tuesday’s trading session. During the day, the Nifty index opened higher with a mild gap and hit a fresh all-time high of 10659. However, bouts of profit booking immediately pulled the index lower. During second half, we saw decent recovery from its early morning low which led to close near its opening tick. Looking at the recent move, we are seeing a divergence between price and volume which do not augur well for bulls. For the day, 10600 / 10570 zone likely to act as a strong support whereas 10665 / 10693 are intraday hurdles.
Bank Nifty Spot
The Nifty index made a valiant attempt to surpass the immediate resistance of 25780. However, the follow-up buying was clearly missing which resulted into fizzle out of momentum. Looking at the hourly chart, index confirmed its breakout from Symmetrical triangle pattern and the impact of said pattern will come if index decisively hold above 25800. The daily RSI (14) once again came near 60 levels. For the day, 25800 will act as a strong resistance only a sustain move beyond this level will drive index higher. Lower side, 25600 / 25500 are immediate support levels.
Stocks For Today
Name Entry Target Stop loss
VIPIND Buy Around 369 385 362
JUSTDIAL Buy Around 560 584 549
CHENNPETRO Buy Around 441 461 430
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