Yesterday, on the daily charts, NIFTY made a Bullish Hammer Candlestick. Markets had a gap down opening of almost 90 points, on account of weak global cues, NIFTY made a low of 4966.25, breaking its most important psychological level of 4982 (200-Days EMA). But in the second half of trading session, NIFTY bounced almost 95 points from its day’s low of 4966.25 and ended at 5059.90 for the day.
Both the 20-Days EMA (Exponential Moving Average) and 50-Days SMA (Simple Moving Average) levels are acting as resistance levels for NIFTY. RSI (Relative Strength Index) and MACD (Moving Average Directional Index), are giving SELL signal along with the rising volumes, hence traders are suggested to trade cautiously by following Strict Stop Losses and avoid making fresh investments at this point of time.
For the day, intraday resistance for NIFTY comes at 5095 / 5145 / 5175 levels. At the same time, 5045 / 5020 / 5000 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 40.18 and 43.77, respectively.
- +DI: 16.66, -DI: 36.54, ADX: 25.12: The Negative Directional Index has gained strength over the Positive Directional Index and also the Average Directional Index is now above 20, indicating strength in the current trend.
Stocks in Focus:
CORPBANK Sell below 506 for the Target of 493, with the Stop Loss of 515.
SYNDIBANK Buy at the levels of 91.35-91.50 for the Target of 94, with the Stop Loss of 90.50.
LITL Buy at the levels of 62.25-62.30 for the Target of 63.40 & 64.40, with the Stop Loss of 61.
MAX Buy at the levels of 184.30-184.50 for the Target of 189, with the Stop Loss of 181.
PETRONET Buy above 83.50 for the Target of 85 & 85.50, with the Stop Loss of 82.30.
VOLTAS Buy above 180 for the Target of 184, with the Stop Loss of 177.
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