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Nifty outlook and recommendations for 01 Dec' 17

Way2wealth | 01 Dec, 2017  | Follow Author | Add to my Favourites 
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Nifty Spot

The Nifty index opened lower with a gap and broke the immediate support of 10340 during the initial hour of trade. In line with our expectation, we saw sharp fall in index. In that pessimism, Nifty concluded the session near the lowest point of the day. Yesterday’s correction surprised most of the market participants however we have anticipated such correction and advised traders to remain cautious. Due to sharp fall, index entered inside the gap area of November 17, 2017. The hourly RSI (14) broke its bullish support zone. In the near term, we maintain our cautious view and expect further weakness in coming days.

Bank Nifty Spot

The Nifty Bank index too remained under tremendous pressure and nosedived sharply in yesterday’s trade. During the day, index made an attempt to recover from its early morning low however such pullback was completely sold into. Looking at the daily chart, the recent daily swing low of 25120 which coincided with the previous resistance zone and the daily 45-EMA will act as an immediate support. Any sustain move below this level will pull index lower towards 24880. Higher side, 25560 / 25790 are the near term resistance.

Stocks For Today

Name                      Entry                        Target             Stop loss

ENGINERSIN       Buy Around 187               193                 184

TATASTEEL         Sell Around 697                678                 707.50

RELINFRA          Sell Around 442                 418                 452.50

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582.35 -10.95
582.25 -10.75
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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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