Intraday Nifty Outlook And Intraday Calls 05 March

Nifty (Spot): 6297.95

Analysis:

Nifty gave strong pull back from day’s low and ended the session just along its down ward trend line resistance placed at 6300. It’s bullish engulfing pattern on daily chart that ensures bullish momentum to continue in coming sessions also. Broader Index is expected gain huge momentum above 6300 levels, but we still prefer being cautious at least for couple of sessions.

Index breadth turned extremely positive in last session especially over sold Banking stocks played major role to make that thing happen. We see consolidation break out in a few Mid-cap stocks backed by decent volume which is pretty much positive from over all perspective.
 

Nifty (Fut): 6333.85

Trading Strategy

Buy above 6340 Target: 6380 SL: 6320

Sell below 6200 Target: 6160 SL: 6220

Bank Nifty (Spot): 10929.05

Analysis:

Bank nifty closed along its 200DEMA with a big bullish marubozu candle, it closed at day’s high at 10929.05 that appears extremely bullish for coming sessions. We extremely prefer specific banking stocks like ICICI Bank, Axis Bank, DCB, Yes Bank for coming sessions hence no need to show unnecessary cautiousness if it sustains above last days high.
 

Bank Nifty (Fut): 10962.85

Trading Strategy

Buy above 11000 TGT:11100 SL:10950

Sell below 10600 TGT:10500 SL:10650

Stock Alert

CENTURY TEX: 331.45

Action Initiation BUY AT 327 TGT 337 SL 322

Risk/Reward: 1:2

 

Analysis:

The stock has been stuck in a steep up trending channel since last several sessions. Last session it closed with a massive bullish candle above crucial resistance level of 329. We see rising ADX after a double bottom on short term chart along with rising MACD histogram, hence we take a buy call on the stock for the immediate target of 337.

SL- Applicable on daily closing basis.

YES BANK: 320.45

Initiation BUY AT 317 TGT 337 SL 307

Risk/Reward: 1:2
 

Analysis:

After a consolidation for 20-22 days long the stock finally gave a strong pull back and ended with a consolidation break out. It closed at 320.45 with a massive bullish candle backed by decent volume. We see rising RSI from over sold zone along with down trending ADX that supports our assumption of trend reversal. We also see +DI -DI bullish cross over is just about to happen thus our buy call on Yes Bank looks to be set for a very quick run up till 337.

SL- Applicable on daily closing basis.