Markets on Thursday closed on a negative note. After a flat opening Nifty witnessed sell off and made a intraday low of 17648.45. Bank Nifty ended 0.50% lower on Thursday.
Nifty
Nifty has a support at 17650 and 50 Day Moving Average is at 17622.51. So 17600-17650 range will act as a support. Nifty has resistance at 17850, 17900 and 18000. After a sharp sell off from 18300 levels now Nifty can remain sideways and show some recovery as it bounced from support levels today.
Bank Nifty
Bank Nifty has support in the range of 37600-37500 and resistance in the range 38000-38150 and Bank Nifty can consolidate in this range.
Stocks to watch out.
1. Bata India (LTP 2052.55)
Bata closed near breakout level and managed to gain 1.07% even in the falling market. With next resistance at 2100 and support at 2020, Bata looks good bet.
2. Brigade Enterprise (LTP 517.75)
This stock is consolidating in the range of 440-530 and a breakout above 530 indicates it can go till 600-650 in short term, it has a support at 480 so Brigade Enterprise looks good for short term trading.
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Disclaimer
All the information is from source deemed to be reliable but there is no guarantee to the accuracy. Information is for EDUCATIONAL PURPOSES ONLY and is not intended to give specific trading or investment advice. past performance is no guarantee of future performance. Investment/ trading carries significant risk of loss and you should consult your financial professional before trading or investing. Opinions are given based on widely-accepted methods of technical analysis other methods of analysis. No specific recommendation is given to buy, hold or sell of these markets/securities or exchange traded funds related to these markets.
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