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Investment Idea: Buy MPhasis, Coal India; Sell Bata

Way2wealth | 29 Jan, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

On Thursday, the Nifty index opened on subdued note and we saw similar open high which is a sign of weakness. In line with the expectations, we saw decent profit booking and Nifty slipped below its previous day’s low during the first half. Post mid-session, the bouts of buying interest pull index higher. In the process, index pared most of its intraday losses and eventually ended on flat note. Despite the F&O expiry; we haven’t seen any significant volatility in our market. Going forward, 11026 will act as an immediate support below which the next support comes near 10975. Higher side, 11111 / 11156 are near term resistance.


Bank Nifty Spot

Despite the positive news flow of PSU Banks recapitalization, Nifty Bank index failed to rallied higher. In technical, there is favour quote that ‘The Market Discounts Everything’ and Thursday’s move was a classical example. The Nifty PSU bank index was a major culprit which engulfed previous days candle and felt more than five percent. However, buying interest in private banks lifted the index higher. As a result, index ended the session on flat note. For the day, 27260 / 27075 are  immediate support whereas 27630 / 27820 are near term hurdles.

Stocks For Today

Name                      Entry                        Target             Stop loss

MPHASIS            Buy Around 820                860               795

COALINDIA          Buy Around 297                311               290

BATAINDIA           Sell Around 712                680              726


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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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