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Nifty outlook and recommendations for 27'Nov 17 - IndiaNotes.com
Nifty outlook and recommendations for 27'Nov 17
Way2wealth | Published: 27 Nov, 2017  | Source : IndiaNotes.com

Nifty Spot


The concluding session of week began with a gap up opening and we saw followup buying throughout the session. In the process, index eventually ended the session with a gain of 0.40%. The Friday’s move was in line with our expectation as the hourly RSI (14) has signalled an oversold condition. Looking at the daily chart, the Friday’s high of 10404.50 coincided with the 78.6% retracement of its previous swing move hence any sustain move above this level will drive index higher towards its all-time high. For the day, 10405 / 10430 are immediate resistance whereas 10345 / 10300 are intraday support.


Bank Nifty Spot


On Friday, the Nifty Bank index opened higher with mild gap in line with the benchmark indices however the momentum squeezed further and Nifty Bank index oscillated within the narrow range of 100 points. Looking at the hourly chart, index is trading in a downward sloping channel pattern. Broadly, the index consolidated in a narrow range of 300 points. Going forward, 25850 will act as an immediate resistance and any sustain move above this level will drive index higher towards 26000. Lower side, 25620 / 25450 are near term support.


Stocks For Today


Name                      Entry                        Target         Stop loss


SRIPIPES            Buy At cmp 403             424              393

VGUARD             Buy Around 237.50         250              231

MANAPPURAM    Buy Around 106             112             102.75

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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.