Forming another lower high and lower low, Nifty fell for the straight fourth session on Friday. Yet again, despite positive start, Nifty failed to sustain at higher levels. Erasing early gains, Nifty eventually ended at 18115 – down 0.35%. Failed recovery infers influence of resistance at play, immediate trading band for Nifty is seen between 18000-18350 zone. India vix is sustaining above levels of 17, higher price volatility is likely to continue.
Bank Nifty continued its north-bound journey at uncharted territory. Sustenance could unlock further upside potential. Intraday recovery in the Energy index remained short lived, negative follow-up action could attract further under-performance.
Recommendations
| Buy | Rs 1,195-1,190
Stop loss: Rs 1,155
Target: Rs 1,280
Recent consolidation defended levels of Rs 1,160, sustenance above 1200 could resume prevailing uptrend.
| Buy | Rs 300-296
Stop loss: Rs 285
Target: Rs 325
Forming large bullish candle on a comparatively higher volumes, the stock has witnessed positive break through the recent consolidation.
(The author, Amit Trivedi, is CMT, Technical Analyst – Institutional Equities, YES Securities.)
