On Wednesday, the Nifty index continued its consolidation and traded within a narrow range. In the process, index ended another session on a flat note. Looking at the hourly chart, index breached the lower band of rising channel formation hence any sustain move below yesterday’s low may attract some profit booking pressure. At this juncture, we maintain our cautious view and expect some correction in the near term. For the day, 10340 continue to act as an immediate support. Any break below this level will pull index lower towards 10300 / 10260 levels respectively. Higher side, 10400 will act as a stiff hurdle.
Bank Nifty Spot
Yesterday, the Nifty Bank index too traded sideways in line with the benchmark indices and eventually ended the session with a nominal loss of 0.20%. Looking at the daily chart, we are seeing series of narrow range candles which indicates indecision among market participants. At present there is no major change on chart structure and index likely to extend its consolidation hence traders are advised to concentrate on stock specific trades. For the day, 25710 / 25630 are intraday support whereas 25880 / 26000 are immediate resistance.
Stocks For Today
Name Entry Target Stop loss
TATASPONG Buy Around 960 985 947
HEXAWARE Buy Around 335 349 328
ESCORTS Buy Around 699 733 685
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