Investment Idea: Buy: NCL Industries, McDowell Holdings, Sell: Raymond | Nifty outlook and recommendations for 01 Feb’ 18 | Indianotes.com
Nifty index witnessed profit booking ahead of crucial event i.e. Union Budget as market participants decided to take some profit off the table. As a result, index slipped below 11000 marks and entered inside the gap area of January 23, 2017. Subsequently, recovery during the second half pared some of its intraday loss. Today, Finance Minster going to present Union Budget which will trigger significant volatility hence day trading will be a daunting task. Thus, we would like to wait for this event to get unfold before deciding the direction. For the day, 10880 / 10780 are immediate support whereas 11171 are near term resistance.
Bank Nifty Spot
The Nifty Bank index opened lower with a gap of 133 points. Post opening, index gradually descend lower however it found support near 27100 which led to sharp surge during the penultimate hour of trade. Looking at the hourly chart, the RSI (14) took support near 40 and started rallying higher. Going forward, 27100 likely to act as a immediate support and any move below this level will pull index further lower towards 26900 / 26400 levels respectively. Higher side, 27650 / 27790 zone likely to act as a strong supply zone.
Stocks For Today
Name Entry Target Stop loss
NCLIND Buy Around 272 283 266.40
MCDOWELL-N Buy Above 3310 3415 3248
RAYMOND Sell Around 1060 1020 1085
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