NIFTY
Yesterday (16-Nov-23) Nifty (spot) opened at 19674 made a low of 19627 then high of 19875 and closed at 19765.
Todays important levels in the morning session would be around 19750, any weakness in this area is likely to take it down to 19715 to 19705 levels. it will try to bounce back upto 19749 and then may take a plunge again. If 19705 levels are broken then next level would on downside would be 19675 to 19655.
I would be looking for bearish opportunity around 19750 and 19725 for a 20 to 40 point play.
would be buying 19700 PE around 51-54 for target of 69 and SL of 40
R:R: 13 : 16
STOCK
Jindal Steel closed at 647.20 yesterday. formed inside candle with 651.05 as high and 642.50 as low.
secondly 20 sma is pointing downwards and it is resting at 634 so there is ample space between cmp of 647 and 634. it is likely to touch the 20 sma line in coming sessions. Hence my view is bearish on this stock.
If Nifty remains weak, I would be looking to short this stock around 647.90 to 649.9 and cover at 645.10 as the stock seems weak on the charts too. SL will be 652
R:R : 2.5 : 4
