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Investment Idea: Buy KEC, Bank of Baroda, ITC

Way2wealth | 24 Jan, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

It seems that the bulls are not in a mood to give-up as indices continued to surge higher and the Nifty & Sensex surpassed the psychological level of 11000 and 36000 levels respectively. Looking at the recent chart structure, index open near session low and end near the highest point of the day. Such development indicates the inherent strength in our market. Now, Nifty is approaching towards 161.8% price extension of its entire move from the bottom of 850 to 6357 which added to the swing low of 2253 which comes near 11163 whereas immediate intraday resistance comes near 11135. Lower side, 11035 / 10985 are near term support.


Bank Nifty Spot

The Nifty Bank index opened marginally higher and we saw decent traction during the first half. Subsequently, we saw acceleration in momentum as PSU Banking space took the lead and drive index higher. In the process, the Nifty Bank index hit another record high of 27422.05 and gained 1.29%. Looking at the Nifty PSU Bank chart, we expect further up move in the near term hence traders are advice to concentrate on large cap PSU banks. For the day, 27570 / 27750 & 27210 / 27035 are intraday resistance and support levels respectively.

Stocks For Today

Name                      Entry                        Target             Stop loss

KEC                      Buy Around 366.50             379              359.80

BANKBARODA      Buy At cmp 173.15             183             169

ITC                        Buy Around 275.50             285.50         271

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262.80 -0.75
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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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