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Investment Idea: Buy RCF, Tata Motors, BHEL

Way2wealth | 01 Jan, 2018  | Follow Author | Add to my Favourites 
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Technical Outlook

The concluding session of calendar year 2017 began with a mild gap up opening and we saw gradual buying interest throughout the session. In the process, the Nifty index eventually ended the session above 10500 marks with a gain of half a percent. On a yearly basis, the Nifty index posted its gigantic gain of 28.65%.

Looking at the hourly chart, the RSI (14) post the breakdown came near 60 levels which likely to play an important role in short term. On a daily chart, Nifty took support at daily 9-ElVIA which likely to act as a near term support. For the day, 10506/ 10480 & 10556/ 10580 are intraday support and resistance levels.

On  Friday,  the  Nifty  Bank  index  continued  to  consolidate  and  traded  within  a  narrow  range.  In  the  process,  the  index  ended the  session with a  nominal  gain  of  0.19%. The benchmark indices are making an all-time high however the Nifty Bank index is continuously lagging and trading below its previous all-time high which is a cause of concern for us. Looking at the hourly chart, the RSI (14) was resisted near 60  levels  which  is  slightly  bearish  sign.  For  the  day,  25600  /  25660  are  intraday resistance whereas 25480 / 25420 are intraday support.

Stocks For Today

Name                 Entry                    Target     Stop loss

RCF                   Buy Around 96        100          94.50

TATAMOTORS    Buy Around 430       450          422

BHEL                Buy Above 92.75       95           91.50

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340.10 -12.95
339.75 -13.35
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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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