The concluding session of week started with a marginally higher opening as highlighted by the SGX Nifty. Right from the beginning, we saw decent buying interest and in that optimism Nifty index went tad above 10500 marks. In the process, Nifty index eventually ended the session with a gain of half a percent. Looking at the hourly chart, we are seeing multiple bearish divergences pattern hence traders are advised to keep booking on their longs positions. Now, index has an immediate resistance near 10520 above which we may see Nifty to rally towards 10550. Lower side, 10470 / 10440 are immediate support.
Bank Nifty Spot
On Friday, the Nifty Bank index opened higher with a mild gap however after the initial hour of movement index consolidated in a narrow range and eventually ended the session with a nominal gain of 0.37%. Looking at the short term chart, Nifty Bank index consolidated in a range of 25780 / 25510 levels. Although Nifty index is hitting a fresh all-time high; the Nifty Bank index is oscillating well below its previous all-time high. For the day, 25715 / 25785 are intraday resistance whereas 25580 / 25515 are intraday support.
Stocks For Today
Name Entry Target Stop loss
KEI Buy Around 362 385 354
ONGC Buy Around 191.50 199 187
TATAMTRDVR Buy At cmp 240.35 252 236.45
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.