Nifty outlook and recommendations for 15 Nov 17 | Buy Take Solutions & NIIT Tech | Sell Siemens | Investment Idea | Indianotes.com
The Nifty index extended its ongoing correction on Tuesday and shed 0.38% over its previous close. During the day, index struggling to cross 10250 levels which previous acting an immediate support; however post the breakdown on Monday it immediate turned its role. Looking at the overall chart structure, index is approaching towards its previous breakout zone of 10180 / 10140 also the daily 45-EMA along with the lower band of Bollinger band placed inside the said zone hence possibility of sharp bounce from this level is quite likely. For the day, 10150 / 10123 are the intraday support whereas 10225 / 10260 are the resistance.
Bank Nifty Spot
Yesterday, the Nifty Bank index traded in a narrow range of nearly 181 points and eventually ended the session with a nominal gain of 0.29 percent. Looking at the hourly chart, index was oscillating near the hourly 89-EMA. Broadly speaking, index has consolidated in a range of 25700 / 25100 and only either way breakout or breakdown will dictate the near term direction. At this juncture, we reiterate our bullish view and expect index to resume its uptrend. For the day, 25200 / 25100 are intraday support whereas 25375 / 25465 are immediate hurdle.
Stocks For Today
Name Entry Target Stop loss
TAKE Buy Around 158 166 154
NIITECH Buy Around 647 680 631
SIEMENS Sell Around 1185 1135 1210
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