According to Technical Analysis , looks like the Nifty is trying to test the 10094 mark. The crucial support for the index is at 10094 and the resistance is at 10260-10300. Bank Nifty has support at 25000-25100 and resistance at 26600.The Nifty 50 started on a weak note on Thursday and succumbed under selling pressure after fiscal deficit at the end of October hit 96.1 percent of the Budget estimate for 2017- 18.
The Nifty 50 opened at 10,332 which also became the intraday high level. The index slipped near its crucial support level placed around 10,200 and hit its intraday low of 10,211. It closed 134 points lower at 10,226.55.
India VIX moved up by 3.75 percent at 13.55. Rising volatility has again given the grip in hand of bears which could pose a short-term concern for long positions.
The Nifty 50 futures on the Singapore Stock Exchange were trading 2 points higher at 10280 indicating a flat opening for the domestic market.
Two broad factors could turn out to be big wealth creators for investors; a) companies with old-style managements turning professional, and b) underestimation of long-term impact of reforms.
The smallcap czar further added the structural migration of the economy from black to white is tremendous. India, in terms of economy, is like a midcap when compared with the rest of the world, and in terms of per capita income as also the market cap, India falls in the smallcap category.
However, with India moving toward equal opportunity for every Indian, it will not remain a smallcap in terms of economy. We will go to midcap and then largecap.
Below are the stocks which are good trades today:
Jain Irrigation Systems: Indicator Buy | Rating: Buy | Target: Rs 128, stop loss: Rs 116
Nestle India: Base Formation | Rating: Buy | Target: Rs 7875, stop loss: Rs 7575
Tata Steel: Exhaustion | Rating: Sell | Target: Rs 675, stop loss: Rs 705
Yes Bank: Indicator Sell | Rating: Sell | Target: Rs 298, stop loss: Rs 310
MORE WILL UPDATE SOON!!
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