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Techno Tomorrow Date: 17/09/2018 INDEX NIFTY OUTLOOK:
Indian indexes, the BSE Sensex and the NSE Nifty 50, ended with sharp losses on Monday tracking volatility in the Indian rupee against the US dollar. Reliance Industries and HDFC twins along with other bank and financial stocks dragged indexes lower, while IT and realty shares traded mildly higher. The price action for the week formed a Bullish Hammer reversal pattern, with a long lower shadow, indicating a sharp recovery amid strong buying demand near the key support of 11200 as the index held the lower band of the rising channel and August 2018 lows (11234). Thus, the price action corroborates our stance of buying quality stocks on declines as we do not expect the Nifty to break below 11100 -11200 range in the current scenario. In the upcoming truncated week, we expect the Nifty to consolidate in a broad range of 11600-11200. SCRIPT
LEVEL
TARGET
STOPLOSS
BPCL FUT BUY ABOVE
364
374
354
SCRIPT
LEVEL
TARGET
STOPLOSS
DIVISLAB FUT BUY ABOVE
1365
1400
1335
SCRIPT
LEVEL
TARGET
STOPLOSS
L&TFH FUT SELL BELOW
155.50
150
SCRIPT
LEVEL
TARGET
STOPLOSS
BATAINDIA FUT SELL BELOW
998
976
1020
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161.50
530