On 4th October 2019 as expected and said in yesterday’s newsletter Nifty made a high till 11,400, crashed from there and making low of 11,158 and closing the day near the low at 11,174.
Finally Nifty breaks 200 DMA, which is considered to be a long term trend decider by many analysts, also nifty has filled the GAP it has created on the 20th of September. So the news on the 20th of September turned out to be a euphoria as far as the stock market is concerned and downtrend seems to resumes from here. Nifty short term support stands at 11,140-11100. On the higher side, 11,350 is a resistance.
As we can see from the daily chart of Nifty filled the GAP and can head further down, though there is a support at 11,140- 11100. Immediate sell is not advisable at these levels as a risk to reward is not favorable.
In the hourly chart if Nifty goes to 11,300 then it will be a good place to create fresh sell position.
Stocks analysis for the Day
- Titan: Sell at 1260-1270 with a stop loss of 1285 and target of 1220
- REC Ltd: Buy at 124 with a stop loss of 122.8 and target of 127
- NBCC: Sell on a rally till 34 with stop loss at 35.2 and target of 30
Chart of the Day
The above chart is of Maruti, 60 mins chart. It has broken down the support line. it looks for upside momentum is finished in the stock. it is providing a good risk-reward. Look to sell it.
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