Monday, April 10, 2017

Equity Market out Look for 10th April 2017

After sharp move in the last number of sessions, on Friday looks some pause time being and time for correction and profit booking in the market which is a very very sigh of the market for fresh up move and towards 10000 of Nifty.  Pharma and IT stocks to avoid time being and more down side in coming days.
Nifty  : Consider time being resistance and major supply zone established around 9275-9300 range and support 9150-9160 whereas if break with volume more down side likely 9133-9100 range.
Bank Nifty  : Also looking profit after made a high in future 21730 and finally closed at 21440.   Now we may consider strong resistance in near term 21550  and major resistance 21805, once crossover it will show real power towards 22000 and above.   On the flip side first support watch out 21336 thereafter towards 21168-21000 likely.
CNX IT   :  Weakness likely continue and coming months results on the card and its not looks any promising.   Now consider support 10400  below towards 10000 and 9900 mark.
PSU Bank Index  :  After sharp up side and made a new high 3600, now time for correction in PSU Bank stocks like,  SBI, PNB, Bank of Baroda, OBC and Union Bank but any good correction to accumulate at lower level for big return
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