Stock picks of the day for November 21, 2018

Nifty closed the day down by 1 percent at 10656.20. Technically, we see a big red candle with open below yesterday’s positive close and ending the day near to its day’s low signifying the selling pressure at higher levels.

Nifty had yesterday given a break out from a falling trend-line of a W pattern formed at recent swing highs of 10750 Levels. We believe the down move is a pullback to the trend-line which is at 10595-10610 Levels. Bulls have to defend the current levels and if it breaks below 10595 level it can open gates to much lower targets at 10450. 

In current trend, higher targets expected for the week are at around 10835-10900 levels. Nifty can take support at 10550/10600 levels for the week and we may see resistance at 10850/10900 levels. Bank Nifty also closed the day down -187 Points at 26113 led by fall of over 6% in Yes Bank.

The market is still cautious as RBI and government spat has not clearly ended but will be overlooked by a Committee to be formed by the RBI Board. 

All the sector indices were down except for Realty which barely managed to close the day in green. Market breath was negative; we had 481 advancing stocks and 1265 declining stocks on NSE.