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Nifty outlook and recommendations for 16'Jan 18

Way2wealth | 16 Jan, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

Trading for the week began with a gap up opening owing to cheerful mood across the globe and we saw tremendous buying interest during the first half. In that optimism, Nifty hit a fresh all-time high of 10783. Subsequently, index pared some of its gains and ended the session with gain of 0.56%. During the day, index precisely tested the 161.8% retracement of its entire move from the top of 10490 to the bottom of 10033. Also, index tested the upper band of channel formation mentioned in our previous update. Now, 10776 / 10810 will be an immediate resistance whereas 10707 / 10673 may act as an immediate support.


Bank Nifty Spot

The Nifty Bank index opened higher with a decent gap and surpassed the immediate hurdle of 25800 with an ease. Subsequently, the lead was taken by the ICICI Bank & HDFCBANK which eventually lifted the bullish sentiment. In that optimism, index confirmed its breakout from long consolidation and ended on highest point of the day. The daily RSI (14) broke bearish divergence trend line and entered inside the 60 levels. Going forward, 26240 / 26410 are near term resistance whereas support comes near 25900 / 25725 levels respectively.

Stocks For Today

Name                             Entry                        Target             Stop loss

KARURVYSYA         Buy At cmp 126.35         132                123.80

ONGC                      Buy At cmp 196.60         205.50           191

TATAMTRDVR          Buy Around 245              262                236

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177.40 -4.10
177.15 -3.15
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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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