NIFTY & STOCK VIEW - 29 MAY'20

NIFTY

• Today NIFTY surprisingly moved beyond 9400.
• I have shared a range of 8400 - 9400 for NIFTY May series, though it closed a bit outside at 9488.
• Today's move seems to be because of FII & DII who were net buyers in the market for 2500 Cr combined.
• Weekly range for NIFTY 4th June expiry should be 9500 - 8500.
• However, next resistance for NIFTY is at 9600 and support at 9300.
• So NIFTY may consolidate at current level or may correct from 9600 as done in the past.
• OI build up is just started for the week, so there is nothing much to view in OI today.

Conclusion

NIFTY is closed above 5,10,25 Simple Moving Average which shows strength. Hence NIFTY can go up to 9600 however, it should give a closing between 8500 - 9500.

STOCK IDEAS

1. COALINDIA

• Stock is currently trading at 133 ended up in Green with good volumes of 7.87 Million.
• Stock is above all major Simple Moving Average of 5,10 & 25.
• RSI of the stock at 47 which is in positive territory and shows strength. 
• One should look for a buying opportunity on the stock for a Risk-To-Reward of 1:2.

CMP             133
Target          143 

Stop Loss    128

2. DEEPAK FERTILIZERS

• Stock is currently trading at 103.8 with 4X volume of 2.67 Million.
• Stock is above all 5,10 & 25 SMA. 
• Key support level is at 99 while the resistance is at 112 with a minor hurdle at 108.
• One should look for a buying opportunity on the stock for a Risk-To-Reward of 1:2.

CMP             103
Target          112 

Stop Loss    99

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