Friday, May 26, 2017

Market out look for 26th May. 2017

On the day of expiry heavy short covering and buying in the market resulted market turned bullish from turned bullish from bearish zone and closed above with a strong volume which indicate market ready for next up move .  Friday market indicate that we are moving towards 10000   and 10200 mark in coming days.  June  2017 likely high volatile as per previous data shows but positive bias.
Nifty  :   after making a low of 9379 strong up move and closed above 9500 mark.  Today consider support 9470 -9450 and resistance 9532  crossover and stay with volume more up side.  
Bank Nifty  : strong move and closed above 23000 mark which indicate we are going towards 24000 mark.  Highest opening since then with a gain of more than 600 points with the help of Private sector bank and now indicate another rally lead by PSU BANK likely after sharp correction.  So any decline to good opportunity in PSU bank stocks specially front line like, SBI, PNB, BOB, UNION, ORIENTAL CAN BANK our best pick.
CNX IT  :   As we have written number of times that 9900 is a good support and looks bottom out and time to buy side and almost from that level more than 800 points added.   Trend is short term bullish but major trend and confirmation above once it closed above  11000-11300  mark.   Time to buy  front line of IT stocks on any decline.  These are available at lowest PE.
PSU BAK INDEX  :   Rally from 3400 to 3900 and  some correction seen.  Now consider to another rally  in PSU bank stocks with consider support 3400 watch out.

have a good day

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