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The mounting concern of falling Indian Rupee (INR) against the US Dollar along with the rising bond yields put tremendous pressure on Indices. As a result, Nifty nosedived sharply this week and slipped below 11,400-mark in Wednesday’s session.
Subsequently, Nifty saw a decent pullback and managed to reclaim 11,500-mark on Thursday.
Looking at the daily line chart, the index broke the previous swing high of 11,470 in Wednesday’s session but on a closing basis, it managed to rebound and hold 11,470 which led to decent pullback on Thursday.
Now, the recent swing low of 11,393 will act as an immediate support and a break below 11,393 will pull index lower towards 11,340 – 11,235 levels respectively which is a crucial support zone.
Whereas, on the higher side, 11600 – 11650 will act as a strong resistance in coming trading session. However, in the short-term market outlook remains weak and any pullback move towards 11600-11650 can be used to initiate fresh short positions with immediate targets of 11400 and below that Nifty can correct by another 150-200 points.
On the higher side, call writing at 11700-11800 will act as stiff resistance zone for the index and a close above 11,800 will only negate bearish view on indices.
Here is a list of top three stocks which could give 6-14% return in the next 15-21 sessions:
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