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Investment Idea: Buy Balrampur Chini Mill and Sun Pharma; Sell Indraprastha Gas

Way2wealth | 13 Mar, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot Chart

Yesterday, we witnessed agap up opening on the back of sharp surge in  global markets. Subsequently, the follow-up buying throughout the remaining part of the session  resulted  into  a  close  near the highest point of the  day.Yesterday’s rally was slightly surprising to us as we were not expecting index to rally so sharply. The hourly RSI  (14)  surpass  60 levels.  At this  juncture,  index  retraced  nearly  61.8%  of its swing move which also coincided with the last Monday’s daily gap which comes near 10447 and any move above this level will drive Nifty further higher towards 10495. Lower side, 10350 / 10285 likely to act as a near term support.

Bank Nifty Spot Chart

The Nifty Bank index opened higher with a gap of nearly 147 points in line with the benchmark indices. Post opening, index struggling to cross its previous day’s high which  resulted  into  a  mild  consolidation.  Subsequently,  momentum  gatheredduring  the  second   half which   led   to   decent rally. In the process, index underperformed  the  benchmark  indices  by  gaining  1.51%.  At this  juncture, index approaching  towards its 200-SMA  pegged near 24800  above which the next resistance seen near 25040. Lower side, 2448524300 are intraday support.

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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 accept any liability whatsoever arising from the use of any of the above contents.

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Punit Jain
Founder - JainMatrix Investments - JainMatrix Investments