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Investment Idea: Buy Tech Mahindra, Bharti Airtel; Sell BPCL

Way2wealth | 15 Feb, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

On Wednesday, the Nifty index opened higher but failed to carry the momentum and slipped inside the negative territory. Subsequently, fresh round of sell-off seen which drag index well inside the negative territory. In line with expectation, index encountered resistance near the upper band of triangle pattern which coincided with the hourly 45-EMA. Due to sharp fall in second half, index confirmed its breakdown from triangle pattern. The 9-45 EMA on price is still negative which indicate that the recent move was merely a pullback. At this juncture, we maintain our negative view on index and expect it to correct in the near term.

Bank Nifty Spot

Yesterday, the Nifty Bank index opened higher with a gap in line with the benchmark indices however selling pressure mounted across the PSU Banking space which eventually pulled index higher. In the process, index ended the session with a loss of 1.40%. Due to yesterday’s fall, index engulfed previous two days candles. On an hourly chart, index confirmed its breakout from triangle pattern. For the day, 25023 will act as an immediate support below which next support comes near 24750. Higher side, 25640 / 25940 are near term resistances.

Stocks For Today

Name                      Entry                     Target             Stop loss

TECHM                  Buy Around 608.50     631              599

BHARTIARTL         Buy Around 431          450              419.50

BPCL                    Sell Around 462          440              470.10


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411.15 -4.10
412.70 -2.90
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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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