Tuesday, June 6, 2017

Market outlook for 6TH June

Market  are  continue in trading and positive bias and any decline to long side.   However, higher level resistance continue in the market around 9700-9750.
PE RATIO   :  As presently sensex and Nifty are trading with high PE ratio nearly 25  which is likely near to 2010. Now at the current juncture advised to traders to book partial profit and holding trailing stop loss for long side.   Profit protect must at this level.  However, after sharp decline to good opportunity to buy side.
Nifty  : As  mentioned last week that above 9550 strong up move.   Now resistance towards 9700-9712 watch out.
Bank Nifty  :   Trend is bullish with consider support 22950   23000 range as long , now resistance around 23500, crossover it will show real up move and ultimate target 24000.
PSU Bank INDEX  :   Consider support 3400-3450 , and resistance 3600-3650 mark.
SOME IMPORTANT POINTS TO BE WATCH OUT 
Long side  :     
Page Industries   52 percent increase in OI
TITAN    32 percent increase in OI
Raymond :   Long side
NBCC   :   Long side continue.

Long exit :
JSW Steel, GAIL, HDFC BANK, AND Lupin Ltd

Short covering :
Arvind Ltd – britiana Ltd

Short build up :
Infosys,  HCL tech,  Sintex, IFCI
OPEN INTEREST SPURT  : NO. OF CONTRACTS
TITAN                           4434
PAGE IND                      239
IBUL HOUSING   1420
YES BANK                     2023
RELIANCE                     1842
SBI                               1611
INFOSYS                       1363
DLF                              - 625

ICICI                             976
TISCO               860                

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