On 24th Jan 2020 Nifty opened at 11174, made a low of 12,149, High of 12,272 and closed 12,248. On a daily chart, yesterday nifty made an inside bar and jumped from there. But the weekly chart says a different story. Nifty made a bearish engulfing on a weekly chart and it is made at a resistance level. Another negative for the nifty is that it has made a shaven top on daily as well as on the weekly chart. As the budget is the next big event, the market should remain very volatile.
Do not take any naked positions in the futures overnight. you may consider buying an ATM put for next month and sell OTM put as the premiums are bit high.
Stocks analysis for the Day
- ZEEL: Sell at CMP till 283 with a stop loss of 286 and target of 265 in a couple of days.
- Lupin: Sell below 735 with stop loss of 742 and target of 725 intraday.
Chart of the day
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