All the sectoral indices ended in the red, except the IT index.
A rally in the Bank Nifty found stiff resistance near its 50-day EMA. Selling pressure intensified as intraday recoveries remained short-lived, and eventually Bank Nifty settled below the 37,000 mark. Sustenance below 37,500 is expected to keep Bank Nifty under pressure.
Snapping four sessions' winning streak, Oil& Gas and Energy index faced sharp downticks; mild consolidation or stock-specific correction within these sectors is possible going ahead.
Recommendations
Buy Syngene near Rs 616
Stop loss: Rs 595
Target: Rs 660
The appearance of a large bullish candle and swift reversal from the lower levels in the recent past suggests a resumption of uptrend
Sell Crompton December future near Rs 433
Stop loss: Rs 443
Target: Rs 413
The series of lower highs and lower lows remains intact. The recent recovery found stiff resistance near Rs 440-445 zone and a further decline is possible.
(Amit Trivedi is CMT, Technical Analyst –Research, YES SECURITIES)
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