Monday, May 8, 2017

Market out look for 8th May 2017


Market are continue in trading range but unable to cross 9370 successfully and final on Friday closed below 9300 level which is near to major support level and break down this level , some selling in the market can not be ruled out.

PSU Banks are rollar costing and looks some selling pressure at higher level and fresh buying time being avoid till the picture clear.  

Nifty support 9350 9380  and support 9270  below down side target 9220 9200  likely.

Bank Nifty decent support 22500  and resistance 22800 and above
over all buy side on decline.

Long  Side................  Berget Paints, Escorts, Apollo Tyres
Short Covering .......Amuja Cement, Can Bank
Long Exit ..........Idian Bank, Syndicate Bank, Rel Capital
Short Side ... MRPL

Some interesting Open Interest watch out on Friday Trading.

ICICI Bank.........long 36 lacs
Axis ...........short covering 2.61 lacs
PNB...................short covering 15.89 lacs
Union..............short covering 8.40
BOB...................short covering 1.57
OBC .................2.10 lacs (-)
Can Bank...............short covering 18 lacs
SBI..................short covering 27 lacs
Yes Bank.............Short covering 63000
Bank of India.............14.58 fresh long

and many ore

Have a good and
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