Here’s a rundown of today’s stock market and what you should look for tomorrow.
The domestic market benchmark Nifty50 began the week on a shaky note, losing 170 points by the week’s conclusion.
Furthermore, around the 61.8 percent Fibonacci retracement level, the Index produced a bearish engulfing pattern, indicating a brief halt and a likely test of the 200-DMA, which is now at 17,000 levels.
Extended profit-booking would be triggered with a transaction below 17,100, driving the Index down to depths of 17,000 or below.
A prolonged trade over 17,200, on the other hand, would restart the uptrend, pushing the Index to levels of 17,350, the 61.8 percent Fibonacci retracement level, and above 17,350, it can test levels of 17,600.
The RSI technical indicator has also shifted south from the severely overbought zone, indicating a momentary halt before the advance.
Stocks to look for tomorrow:
METROPOLIS
Buy at: Rs 2,008
Target: Rs 2,130
Stop Loss: Rs 1,930
ONGC
Buy at: Rs 172
Target: Rs 185
Stop Loss: Rs 165
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