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Investment Idea: Buy ONGC, GAIL; Sell DHFL

Way2wealth | 16 Feb, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

Yesterday, the Nifty index opened higher with a gap of nearly 36 points and we saw decent traction during the first half. In that optimism, index surpassed 10600 marks however it encountered tremendous sell-off which had a rub-off effect as index pared some of its early morning gains. Looking at the daily chart, once again the daily 45-EMA acted as a strong hurdle for Nifty as index turned sharply after testing the said indicator. The Bollinger band on hourly chart has contracted indicates volatility likely to increase in the near term. For the day, 10600 / 10653 are immediate resistance whereas 10490 / 10440 are intraday support.

Bank Nifty Spot

Yesterday, the Nifty Bank index opened marginally higher and buying interest in the index heavy weight ICICI Bank drive index higher. However, such move proven to be short-lived as index gradually descended lower and trimmed early morning gains. In the process, Nifty Bank index ended the session with a nominal gain of 0.33%. At this juncture, index consolidated in narrow range hence traders are advice to concentrate on stock specific trades. For the day, 25265 / 25100 are intraday support whereas 25585 / 25745 are immediate resistance.

Stocks For Today

Name                      Entry                      Target             Stop loss

ONGC               Buy At cmp 188.30         195               184.20

GAIL                 Buy Around 474              494               463

DHFL                Sell Below 548               530                561

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177.25 -1.45
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Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.


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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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