The concluding session of the week began with a mild negative bias as highlighted by the SGX Nifty. Similar to its previous trading session, nifty witnessed decent sell-off and broke the pivot support of 11855. Subsequently, index made a valiant attempt to rebound however sharp sell-off during the fag end of the session drag index tad below the 11800 mark. In the process, nifty ended the session near the lowest point of the day and lost 0.76%. Looking at the daily chart, the 9-SMA resisted index to rally higher. At this juncture, the recent swing low of 11769.50 will act as an immediate support below which the next support seen at 11700 – 11615 levels respectively. Higher side, 11880 – 11925 are near term hurdles.
Name Entry Target Stop loss
BEL Buy Above 111.60 113- 116 110
KOTAKBANK Sell Around 1477 1450-1436 1492
BRITANNIA Sell At cmp 2964.10 2900-2860 3015
