Friday, June 2, 2017

Market outlook for 2nd June

Market  are  trading in narrow range and waiting for break out at upper level.  However at lower level decent support and any dip to buy side.
Nifty  : Time being 9580-9550 decent support , resistance 9650, crossover it will show  more power
Bank Nifty  :   Trend is bullish with consider support 22950   23000 range as long , upper side resistance towards 23500, once crossover and stay above big move.  Close below 22900, first sign of correction in market.
PSU Bank INDEX  :   Consider support 3400-3450 , and waiting for further direction.  However,  coming days short covering in PSU bank likely, PNB, BOB, OBC, UNION AND CAN BANK.  SBI   looks sell side.
SOME IMPORTANT POINTS TO BE WATCH OUT 
  Long side  :      Colpal, Indian bank, Ceat Tyres, Apollo Tyres, DCB and Sun Pharma
Short Side  :  Torrent Pharma, Maruti, HCL Tech, SBI, Tisco,
Open Interest spurt by way of contracts:
APOLLO TYRES –           1118
BOB –                   763
DLF                       756
DR READDY -       957
HINDALCO-           414
LUPIN-                  704
MARUTI -              1607
ONGC-                   642
PNB –                    186
SBI                       1144
SUN PHARMA-      3466
YES BANK -          379
VEDL-                   1867
VOLTAS-               558

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