Market are finally break down upper level and closed with decent gained near to 9657. Bank Nifty also performed exceedingly well and closed above 23700 and Pvt Sector banks looks good. Major short covering seen in metal stocks whereas again fresh short seen in pharma segment. Over all trend is bullish.
Nifty : Now we may consider decent support 9600-9580 range and resistance at 9700 crossover it will show more power towards 9750
Bank Nifty : Closed above 23500 decent break out seen in Bank Nifty and almost closed near to day’s high and likely test new high 24000 mark.
PSU Bank INDEX : Consider support 3450-3500 range but still under performing , however some short covering seen in PSU bank like SBI ANDBOI.
PHARMA INDEX : Some profit booking seen in pharma stocks and consider support nearly 9350.
SOME IMPORTANT POINTS TO BE WATCH OUT
Long side :
IBREAL, MOTHERSON SUMI, M&M FINANCE
Long exit :
VOLTAS AND BIOCON
Short covering :
VEDL, ADANI ENT. BANK OF INDIA, TISCO, SAIL AND LT
Short build up :
HDIL, INDIAN BANK, WOCKHARD, EICHER MOTORS ESCORTS AND YES BANK.
OPEN INTEREST SPURT : NO. OF CONTRACTS
IBREAL 2256
MOTHER SUMI 249
VEDL - 558
ADANI ENTT. 725
LT - 339
HDIL 1642
WOCKHARD 2439
YES BANK 2746
RELIANCE - 1507
SUN PHARMA 1065
TCS -1804
DLF - 626
AXIS BANK -541
UJJAVIN -310
SBI -969
F&O BAN
AL BANK, BANK OF INDIA, BEML, DLF, HDIL, IBREAL, INFIBEAM, JP ASSOCIATES, KSCL, ORIENTAL BANK, RCOM AND WOCKPHARMA.
OUT OF BANK : UJJAVAIN
NEW IN BANK : HDIL, IBREAL AND WOCKPARMA.
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