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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