Trading for the week began with marginally lower opening as indicated by the SGX Nifty. Post opening, index remained under pressure during the first half however sharp recovery during the second half trimmed all its early morning losses. In the process, Nifty ended the session with a nominal gain of 0.09%. Looking at the hourly chart, for the third consecutive time index reversed from hourly 45-EMA. Going forward, Nifty has an immediate resistance near 10445 and any move above this level will allow index to retest its recent all-time high of 10490. On the flip side, yesterday’s low of 10340 will act as a near term support.
Bank Nifty Spot
After series of narrow trading sessions, the Nifty Bank index resumed its uptrend and hit another record high of 25932. In the process, index eventually ended with a gain of 0.44%. Looking at the hourly chart, index confirmed its breakout from downward sloping trend line. At this juncture, we reiterate our bullish view and expect index to surge higher. Going forward, index likely to find resistance near 26030 and any move above this level will drive index higher towards 26300. On the flip side, 25760 / 25620 are near term support.
Stocks For Today
Name Entry Target Stop loss
HCC Buy At cmp 38.10 41.20 36.70
COALINDIA Buy At cmp 271.65 279 268.50
BATAINDIA Buy Around 750 782 735
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