Nifty and Banks at Resistance

Hi all,

There is an important development for all of you to know that the index Nifty has a resistance at 5116. There is also a support which is currently valued at 5029. The next resistance comes at 5318.

Almost all the bank stocks are very close to or at resistance which is a matter of concern. So, if on 16th October the market remains choppy or corrects, it could purely be on the back of Banking Sector (as the sector had been running quiet hard and cheering the market).

For the moment, one can consider buying Guj NRE Coke for a price target of Rs81. The stop loss would be placed at Rs59.

One can continue holding HindZinc for a target of Rs900, Jindal Steel and Power for a target of Rs746, JSW Steel for a target of Rs1080 and Rs1120. Even Rajesh Exports whose cmp is Rs81 (given a target of Rs80) may go to Rs88.


Let's see what the market does tomorrow.


Happy & Profitable Trading.