ETMarkets.comAmit Trivedi, YES Securities
Following two sessions up-move, the Nifty formed an indecisive candle. It hovered between positive and negative territory throughout the session and eventually ended with minor losses. High of this large bearish candle (i.e. 17,298) was formed on 17th December is acting as a hurdle zone, hence sustenance below for the same could attract minor pullback till 17,100 zone.
Nifty breadth turned mildly negative, suggesting profit-taking in selected stocks. The metal index lost about a per cent, levels of 5,600 acting as a hurdle zone for the index. Sustenance below for the same is likely to attract some under-performance from the metal index.
The Bank Nifty remained under pressure, sustenance below prior week’s high stalled intraday rally. Immediate hurdle remains near 35,400 and sustenance below for the same is expected to attract further underperformance.
Recommendations:
Buy near Rs 87.5
Stop loss: Rs 85
Target: Rs 93
After losing 21% from the October peak, the stock has gained some positive traction. The appearance of multiple bullish candles is likely to unlock upside potential till 93 zone.
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Sell January future near Rs 925
Stop loss: Rs 942
Target: Rs 890
The stock is going through a corrective phase. Immediate hurdle seen near the 930 zone and sustenance below for the same is likely to keep near term outlook negative.
(The author, Amit Trivedi, CMT is Technical Analyst–Research at YES Securities. Views are his own.)
Following two sessions up-move, the Nifty formed an indecisive candle. It hovered between positive and negative territory throughout the session and eventually ended with minor losses. High of this large bearish candle (i.e. 17,298) was formed on 17th December is acting as a hurdle zone, hence sustenance below for the same could attract minor pullback till 17,100 zone.
Nifty breadth turned mildly negative, suggesting profit-taking in selected stocks. The metal index lost about a per cent, levels of 5,600 acting as a hurdle zone for the index. Sustenance below for the same is likely to attract some under-performance from the metal index.
The Bank Nifty remained under pressure, sustenance below prior week’s high stalled intraday rally. Immediate hurdle remains near 35,400 and sustenance below for the same is expected to attract further underperformance.
Recommendations:
Buy near Rs 87.5
Stop loss: Rs 85
Target: Rs 93
After losing 21% from the October peak, the stock has gained some positive traction. The appearance of multiple bullish candles is likely to unlock upside potential till 93 zone.
SBI Cards
Sell January future near Rs 925
Stop loss: Rs 942
Target: Rs 890
The stock is going through a corrective phase. Immediate hurdle seen near the 930 zone and sustenance below for the same is likely to keep near term outlook negative.
(The author, Amit Trivedi, CMT is Technical Analyst–Research at YES Securities. Views are his own.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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