NIFTY & STOCK VIEW - 2 JUN'20

NIFTY

• To my surprise, NIFTY crossed 9600 with a gap-up today and touched 9900 even. 
• Which means, NIFTY crossed it's weekly range of 8400 - 9400.
• Now upper side of NIFTY Monthly range has been activated which is 10200.
• Market is very volatile and can turn on any news in the market.
• FII are net buyers from last few days. Even today they bought for 1575 Crore.
• Bears were in control for last 2  hrs in the market resulting a Shooting Star formed. 
• Shooting Star a bearish signal which means Bears took the charge or a strong resistance at the higher level.
• Still, next candle is required to confirm the signal or the weakness in the stock.

Conclusion

If NIFTY continue to sell on Tuesday, it may retest 9400.  

STOCK IDEAS

1. EQUITAS

• Stock is currently trading at 45.60 ended up in Green with above than average volume.
• Stock is above 5 Day & 10 Day Simple Moving Average.
• RSI of the stock is 44 with positive divergence.
• Risk-To-Reward for this opportunity is 1:3
• One should look for a buying opportunity on the stock.

CMP             45.60

Target          50

Stop Loss    44

2. RITES

• RITES is trading at 234 and ended up in Green with above average volume.
• RITES is great company to hold in one's portfolio for a long term as well.
• With a great fall due to Corona, uptrend is still intact on Monthly charts.
• Stock is holding 221 level very strongly. 
• Relative Strength Index of the stock is at 47 with positive divergence.
• Risk-To-Reward for this opportunity is 1:3
• One should look for riding this long opportunity.

CMP             234
Target          246 

Stop Loss    230

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