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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