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Nifty outlook and recommendations for 12'Jan 18

Way2wealth | 12 Jan, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

On Thursday, the Nifty index opened on subdued note considering the negative cues from the Asian bourse. Post opening, the bouts of profit booking pulled index lower towards 10600 however support based buying interest during the second half allow index to rally higher. In the process, Nifty index hit a fresh all-time high of 10665 and gain of 0.18%. On an hourly chart, index formed a bearish divergence pattern. Going forward, index likely to trade in a narrow range hence traders are advice to adopt stock centric approach. For the day, 10677 / 10703 & 10625 / 10600 are intraday resistance and support levels respectively.


Bank Nifty Spot

After witnessing a flat opening in yesterday’s trade, the Nifty Bank index remained under pressure during the initial hour of trade. However, index found support near its previous day’s low which led to decent intraday pullback. In the process, index ended the session with a gain of 0.17%. On a daily chart, the Bollinger band continues to contract and the Tuesday’s high of 25804 coincides with the upper band of band which likely to act as an importance resistance. For the day, 25740 / 25825 & 25580 / 25500 are intraday resistance & support levels respectively.

Stocks For Today

Name                                    Entry                        Target             Stop loss

GSFC                            Buy Around 157.50             163             154

BHARTIARTL                 Buy At cmp 514.75             534             503

ITC                                Buy At cmp 269.80             278             264.50

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256.30 -1.80
256.00 -2.30
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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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