Saturday, May 20, 2017

Market out look for 22nd May 2017

Market are finally looks some profit booking and every high side profit booking continue in the market in coming days.  Over all trend is strong bullish but after sharp rise resulted profit booking but any dip to buy side of quality stocks.
Nifty  :  consider support 9400   9350  range and resistance 9500 9510  crossover this range will move upside and down side likely negated.
Bank Nifty  :  consider support 22700  22600  and resistance 22900  watch out. Major support 22500  and break down this level only weakness till that any decline to buy side
PSU bank Index   :  above 3500  strong bullish and likely test 4100  mark.  However, some profit in all front line stocks and sharp decline to buy side.
Some analysis of stock specify  :
Muthood finance …………Long seen
ITC………….near to supply zone……….but looks good
HUL……………..trend is bullish and long side
Bank of baroda……………short covering continue – 45 lacs covered in short side
SBI   -   short covering continue, after result 65 lacs shares covered,.
Ujjainvan  :     fresh short  added around 7.29 lacs added
GAIL   :   freshshort added  but  consider support 400   390 mark.
Ultimate target 600   in coming months.
PNB  ---  short covering and reduced OI  5.88 lacs
Union bank  -  reduced OI   5.68  lacs due to short covering
CAN bank -  short covered and reduced OI 7.40 lacs,
Yes bank    - short covering andreduced 7.62 lacs
Axis bank   - Heavy short covering by way of reducing  21 lac shares
ICICI bank    -  Heavy short covering 49.20 lacs and reduced OI.
Arvind Ltd   -    we are bearish below 420……….
More up dated coming days

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