Market out look for 2ND March 2017
After GDP announced by Govt , market open with strong note and over all buying were seen in the market. Resulted Market closed with the positive bias with decent gained in Nifty and Bank Nifty.
Nifty : Going forwards, we may consider resistance 8980-9000 is a very stiff zone and successfully crossover with added substantial volume and open interest first sign of another move which will move towards 9200 to 9500 mark. On the other hand filed to surpass these level, down side first support 8800 to 8810 and below non stop taget 8700 can not be ruled out. However, election results likely to be announced 11th March which will be holiday of the market and market will take next direction on 15th March 2017. (14th March will be holiday being a Holi)
Bank Nifty : Bank Nifty open with up side gap and whole the day maintained and finally closed future around 20836. Over all trend is bullish and we may consider decent support 20500-20600 in short term and below major support 20000 to 19900 whereas the highest put are stand. On the higher side, decisively crossover 20850 now heading towards 21000 thereafter journey towards 21500 mark also expected. Holding more 27 lacs in Open Interest indicate trend is strong bullish and any decline to buy side. ICICI Bank likely outperform in the month of March 2017.
Market Rumors : Karnataka Bank to merge with Kotak Bank in ratio of 5:1. For every 5 shares of KTK Bank you will get 1 shares of Kotak Bank.
Long side :- Hindalco, M&M, Voltas, HDIL, Tisco, IBREAL, DLF
Short Side :- NTPC, Goal India, GAIL, BPCL, Tata Motor, Bajaj finance and Ashok Leyland.
Option Strategy : Time to sell/write Bank Nifty 20800-20900-21000 call with tight stop loss with market direction.
Delivery Volume :
ICICI Bank 1.16 crores - Smart buying continue
Tech Mahindra 21 lacs
Sun Pharma 16 lacs - Trend will be change likely
Tata Motor 38 lacs
Axis Bank 29 lacs
Federal Bank 79 lacs
Bank of Baroda 29 lacs
SBI 28 Lacs
PFC 38 Lacs
Infosys 28 lacs (Verge of Fresh break out towards 1150)
Some stocks to be watch out on 2nd March Trade
DCB Bank, ICICI Bank, Sun Pharma, HDFC Ltd. TCS, Infosys, DHFL, Yes Bank, Motherson Sumi Tata Steel, Hindalco, VEDL, Cairain Ltd and Dr. Readdy.
3M TEAM Research
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