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Nifty outlook and recommendations for 20'Nov 17

Way2wealth | 20 Nov, 2017  | Follow Author | Add to my Favourites 
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Nifty Spot

The concluding session of week started on cheerful note on the back of India’s rating upgrade by the moody’s which clearly lifted the sentiment of bulls. As a result, Nifty index opened higher with a significant gap however profit booking pressure during the second half pared some of its early gains. In the process, index eventually ended with a gain of 0.67%. Looking at the daily chart, index resist near 61.8% retracement of recent swing move. Going forward, index has an immediate resistance near 10320 above which we will see index to rally towards 10360. On the flip side, 10245 / 10200 are the near term support.

Bank Nifty Spot

The Nifty Bank index opened higher with a significant gap and surpassed its recent swing high of 25965 with an ease. In that optimism, index registered a fresh alltime high of 25925 however profit booking during the penultimate hour of trade trimmed some of its gains. Looking at the daily chart, we are seeing mild bearish divergence. The hourly Bollinger band has expanded post consolidation hence consolidation in coming days is quite likely. For the day, 25600 / 25460 are the intraday support whereas 25850 / 25980 are intraday resistance.

Stocks For Today

Name                  Entry                      Target         Stop loss

V2RETAIL         Buy At cmp 492.40       525             478.50

ADANIPORT     Buy Above 405             422             395

AJANTPHARM  Buy At cmp 1273.40    1320            1255

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354.25 -3.90
356.05 -2.20
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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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