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Investment Idea: Buy Firstsource Solutions, L&T; Sell Havells

Way2wealth | 23 Feb, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

Yesterday, the Nifty index opened lower with a gap of around 43 points on the back of negative cues from the US bourses. Post opening, the momentum shrunk further as index traded in a tight band. Despite the derivative F&O expiry; we haven’t seen any significant volatility. In the process, index ended the session with a nominal loss of 0.14%. On a daily chart, the 9-EMA of RSI (14) has entered inside the 40 levels which do not augur well for bulls. Going forward, 10410 will act as an immediate resistance above which the next resistance comes near 10440 / 10490 levels respectively. On the flip side 10355 / 10300 are immediate support.

Bank Nifty Spot

The Nifty Bank index too opened lower with a gap of nearly 124 in line with the benchmark indices. Post opening, index traded in narrow range throughout the major part of the session. The bouts of buying interest during the penultimate hour of trade drive index higher. In the process, index ended the session with a gain of 0.07%. At this juncture, we reiterate our view that 24800 continued to act as a near term support and only a sustain move below this level will pulled index lower towards 24600. On the up side, 25160 / 25325 are near term support.

Stocks For Today

Name                      Entry               Target          Stop loss

FSL                 Buy Around 50            53.50           48.65

LT                   Buy Around 1290        1320            1275

HAVELLS        Sell Around 498          482              508

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1,267.60 -27.45
1,269.30 -25.80
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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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