After a gap down opening Nifty, Bank Nifty managed to bounce back but Bank Nifty couldn't hold the gains and ended in red near day low.
Bank Nifty
A doji candle formation in daily chart and closing near day low indicates Bank Nifty may show further weakness if today's day low (38138) is violated. If Bank Nifty starts trading below today's day low it can test support which is in the range 38000-37800. A opening above 38300 can lead to a sideways market with lower end being at 38140 and higher end being at 38600.
Nifty
Nifty closed near day high and it has a resistance around 18342. Nifty should sustain above this resistance level for up move to continue. With next resistance at all time high level based on charts (18604.45) Nifty can show good buying momentum if it starts trading above 18342. Based on derivatives data 18400-425 and 18500-525 range can act as resistance.
Nifty have support around 18230 trading below it indicates a fall is possible till 18163-18100.
Stocks to watch out
1. Tata Steel (LTP 1229.75)
The EU has imposed anti-dumping duty on some grain-oriented flat-rolled silicon-electrical steel imported from the China, Russia, US, also, Tata Steel closed above its previous resistance so up move can continue till 1300-1340. With support at 1190, Tata Steel looks good bet.
2. C.E Info Systems (Map My India) (LTP 1855.05)
Recently listed stock Map My India registered a fresh all time high today (1907.40) and faced some selling fresh from highs and closed at 1855.05. You consider buying this stock with stop loss at 1825 and the target should be 1907 from trading point of view and 2000 should be the short term target.
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