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Nifty outlook and recommendations for 15'Dec 17

Way2wealth | 15 Dec, 2017  | Follow Author | Add to my Favourites 
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Nifty Spot

Similar to Wednesday’s session, we witnessed tremendous volatility in our market. During the day, the gap up opening was completely sold-into and Nifty went below its previous day’s low. However, the bulls entered the market post mid-session and drive index sharply higher which was slightly surprising to us. Looking at the hourly chart, yesterday’s low was coincided with the 61.8% retracement of its recent swing move also the hourly RSI (14) reversed from 40 levels. Now, index has an immediate resistance near 10320 above which we may see further up move towards 10400. Lower side, 10185 / 10120 are near term support.

Bank Nifty Spot

On Thursday, the Nifty Bank index opened marginally higher however index failed to hold its gains and corrected during the first half. Post mid-session, we saw decent recovery and index rallied more than 300 points from its early morning low. In the process, index eventually ended with a gain of 0.67%. Going forward, we reiterate our view that 24800 will act as a strong support and any break below this level will trigger fresh sell-off. On the other side, index has an immediate resistance near 25270 above which the strong resistance placed at 25450.

Stocks For Today

Name                      Entry                        Target             Stop loss

BBL                      Buy At cmp 1067           1114             1048

HEXAWARE         Buy At cmp 325.75         334              320

RELIANCE           Buy At cmp 921.50          951             907.80

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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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