NIFTY & STOCK VIEW - 5 Jun'20

NIFTY

• As per my expectation, NIFTY took a halt for today as well.
• NIFTY opened with a gap down at 10054 and made high for the day at 10123.
• Due to profit booking, market fell and made day's low at 9994 and closed at 10030.
• NIFTY formed a DOJI today which means Bulls didn't let the market down. Similarly Bears didn't let the market go up.
• There was a tussle between Bulls & Bears.
• 9900 is good support for the market.
• So NIFTY may touch 9900 tomorrow.
• FIIs are still buying and today only they were net buyers for 2900 Crores.
• Market is still trading in upper side of monthly range of 8500 - 10200.
• 10 Day Moving Average is at 9500 where as support for NIFTY is at 9700.
• Till 9700, market either can be sideways or get into correction.

STOCK IDEAS

1. Balrampur Chini

• In a falling market like today, this stock was in upper circuit for buying.
• Stock is trading at 112 with above average volume.
• With Lock down lifting up, consumption of sugar is increased.
• Stock is above all major simple moving average and support of 105.
• Stock has also give break out on Daily Time Frame at 101.
• One should look for positional holding on the stock.  

CMP             112

Target          122

Stop Loss    105

2. Grasim

• Increase in demand of clothes with offices opening up has boosted the sales of Grasim.
• Grasim is trading at 605 with good volumes.
• Stock has given break out at 575 on Daily time frame.
• View on the stock is mid term, so one should hold the stock for few weeks to month.
• There is no resistance on the stock till 722.
• One can ride on this opportunity to get huge gains.

CMP             605
Target          722

Stop Loss    574

You can visit NIFTY & STOCK IDEA for previous Idea's and the performance of the same. You can also Learn TECHNICAL ANALYSIS and start trading by your own.