Market outlook for 21st JUNE 2017

On Tuesday market trend in small trading range and unable to cross previous resistance level  and higher level some profit booking seen  some counters and almost closed near to 9650.   Over all trend is bullish and after sharp rise on yesterday time for consolidation and waiting for further break out and once it will be happen it will added another 100 to 150 points in short term.

Nifty  :   Now we may consider decent support  9600-9620 holding these level again higher side.   Resistance around 9700-9710 once successful taken out strong buying force emerged in the market and major short covering cannot be ruled out.

Bank Nifty  :    Holding above 23500 strong bull favour and once crossover 23750 with volume and added open interest it will move towards 24000 and above.

PSU Bank INDEX  :   Consider support 3450-3500 and continue holding, but due loan waiver  scheme by govt, over all selling pressure seen in PSU bank in front line stocks like  PNB, BANK OF CARODA, BANK OF INDIA AND CAN BANK.  However, SBI showing some strength.

PHARMA INDEX   :        Some profit booking seen in pharma stocks and consider support nearly 9350. However, some short added in some counter like Lupin and Sun Pharma.

SOME IMPORTANT POINTS TO BE WATCH OUT 

Long side  :     

HEXAWARE, UJJAVAIN APOLLO TYRES, EQUITUS AND NBCC

Long exit :

SOUTH BANK AND BERGER PAINTS

Short covering :

BEML, DISH TV, HINDUSTAN ZINC.

Short build up :

EICHER MOTOR, BPCL, MARUTI, LUPIN, BANK OF BARODA, PNB, SUNPHARMA, IDBI, GAIL

OPEN INTEREST SPURT  : NO. OF CONTRACTS

BANK NIFTY                                                       16636

BPCL                                                                      1006

MARUTI – SHORT SIDE                                  1334

LUPIN  - SHORT SIDE                                       1477

BANK OF BARODA – SHORT SIDE              926

PNB       - SHORT SIDE                                     1358

SUN PHARMA – SHORT SIDE                      1700

DLF – COVERING                                              - 984

HDFC                                                                     772

RBI  - LONG SIDE                                               202

RELIANCE                                                            674

YES BANK – SHORT COVERING                  - 167

OPTION ANALYSIS :

Highest call hold 9700 followed by 9800

Highest Put hold   9500 and 9600

F&O BAN

ALL BANK, BANK OF INDIA, BEML, DLF, HDIL, IBREAL, IFCI

INFIBEAM JP ASSOCAITES KSCL, ORIENTAL BANK, RCOM WOCKPHARMA

NEW IN BANK : IFCI

FIIS ACTIVITY ON 20^TH JUNE 2017

Derivative Segment

Index Future                  + 321

Index Options                 +345

Stock Futures                - 481

Stock Options                - 22

Net FO Positions            + 164

RAKESH SETHI

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