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Investment Idea: Sell Adani Port, DLF, Tata Communications

Way2wealth | 09 Feb, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

Yesterday, the Nifty index opened higher with a mild gap and bouts of buying interest drive index higher. Post mid-session, index encountered profit booking which pared some of its early morning gains. In the process, Nifty ended the session with a gain of around percent. Looking at the daily chart, yesterday’s high of 10638 coincided with the daily 45-EMA. Today, the Nifty index likely to open lower with a significant gap as indicated by the SGX Nifty and the recent bottom of 10276 will act as an immediate support. Any break below this level will open the doors for 10033. Higher side, 10450 / 10640 are strong hurdle in the near term.

Bank Nifty Spot

Yesterday, the Nifty Bank index opened higher with a gap of nearly 90 points inline with the benchmark indices. Once again, the index resisted nearly daily 45- EMA and gradually descended lower. In the process, index ended the session with a gain of nearly a percent. Looking at the daily chart, we are seeing cluster of resistance near 26140 – 26364 which coincides with daily gap area, hourly 45-EMA, 50% retracement. For the day, 25000 / 24800 zone will act as a strong support whereas 25560 / 26140 are near term resistance.

Stocks For Today

Name                            Entry                        Target             Stop loss

ADANIPORT         Sell At cmp 405.10              387                416.25

DLF                     Sell Below 225                    234                204

TATACOMM         Sell At cmp 618.95              591                631

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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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