Plan for December 5, 2019

Markets look extended but can go Higher

Nifty and Banknifty triggered buy, momentum indicators are losing strength but it may go higher. RBI policy tomorrow which may add to volatility. Street expects a rate cut. Be on the buy-side without fear.

1. Bankinfty buy at 32,100 with the stop loss of 31,800.
2. Nifty buy at 12,100 with the stop loss of 12050.
3. HDFC looks good above 2,335 with the stop loss of below 2,200.
4. Kotak resistance at 1,670-80.
5. SBI buy with the stop loss of 330.
6. Indusind looks good above 1,560.
7. Volatility breakout trade (Inspired by Linda Raschke), here you buy or sell the breakout with an initial stop of 1% and trailing the targets.

• Dr Reddy

Disclaimer-

All information is based on the current market situation. Take everything with a pinch of salt and consult your adviser. The outlook is for the personal use of the author and educational purpose for others.