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Nifty outlook and recommendations for 29'Nov 17 - IndiaNotes.com
Nifty outlook and recommendations for 29'Nov 17
Way2wealth | Published: 29 Nov, 2017  | Source : IndiaNotes.com

Nifty Spot


Yesterday, the Nifty index made a valiant attempt to surpass the immediate hurdle of 10405 which coincided with the 78.6% retracement of its previous swing move. However, the follow-up buying was clearly missing which led to fizzle out of momentum. In the process, index ended the session with a nominal loss of 0.28%. Looking at the daily chart, the RSI (14) is struggling to cross 60 levels hence we maintain our cautious view in the near term. Also, the hourly chart has signalled multiple bearish divergences. For the day, 10340 / 10300 are intraday support whereas 10400 continued to act as a near term resistance.


Bank Nifty Spot


On Tuesday, the Nifty Bank index hit another record high of 25953 during the initial hour of trade however the bouts of profit booking near this level pulled index lower. As a result, Nifty Bank index ended the session near its opening tick. In our recent weekly update, we had mentioned about the importance of 26000 levels and now index is approaching towards the said levels. Going forward, Nifty Bank has an immediate support near 25765 below which the next support comes near 25690. Higher side, 25925 / 26000 are intraday resistance.


Stocks For Today


Name                     Entry                   Target         Stop loss


SPARC              Buy Around 441             465         428

ICICIPRULI         Buy Around 383             395         378

CASTROLIND     Buy At cmp 401.50         416         396

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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.