Nifty and Bank Nifty Tips for Monday (21st August)

Markets traded under pressure and lost over half a percent, pressurised by feeble global cues and slide in IT major Infosys. Sentiment was downbeat from the beginning on the news of terrorist attack in Spain and gloomy geo-political situation between the US and North Korea. On local front, the stock of Infosys witnessed sharp decline on the news of Vikas Sikka stepping down as CEO, which further added to negativity. Indications are in the favour of further slide, thus traders should add few shorts as hedge and give preference to PSU banks and pharma counters for fresh selling. Majority is facing issues due to volatility and we do not expect any relief from that front. Nifty has immediate support at 9,780 and any decisive fall below that mark will trigger fresh decline. The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,534 shares declined and 1,002 shares rose. A total of 122 shares remained unchanged. The Sensex settled at 31,524, down 270 points, while the broader Nifty50 quoted 9,837, down 66 points at close.

Nifty and Bank Nifty Tips for Monday (21st August)

nifty tips
NIFTY POINT OF VIEW
TREND: BEARISH TO CONSOLIDATE
RESISTANCE: 9860, 9910
SUPPORT: 9780, 9730
STRATEGY: SELL ON HIGH

BANK NIFTY POINT OF VIEW
TREND: BEARISH TO CONSOLIDATE
RESISTANCE: 24130, 24270
SUPPORT: 23925, 23785
STRATEGY: SELL ON HIGH

Stock Tips for Tomorrow

BUY MEGH ABOVE 75.8 TARGETS 76.5 , 77.2 , 77.9 STOPLOSS 74.4
BUY DEEPAKFERT ABOVE 390 TARGETS 393.8 , 397.6 , 401.4 STOPLOSS 382.4
BUY RAIN ABOVE 140.5 TARGETS 141.9 , 143.3 , 144.7 STOPLOSS 137.7
SELL RELIGARE BELOW 65.2 TARGETS 64.6 , 64 , 63.4 STOPLOSS 66.4