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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