Market are continue in positive bias and after RBI policy more buying seen in Banking Index and stocks resulted closed with a positive side. On the other side, brokerage stock also excellent performance and fresh short selling seen in IT stocks and some short covering in Pharma segment. Over all trend is bullish and any decline to buy side.
Nifty : Now we may consider decent support 9600 and major support range 9500-9530 range till hold there is no problem for bulls and first target towards 9750 thereafter 9850-9860 in coming days.
Bank Nifty : Trend is bullish with consider support 22950 23000 range as long , now finally closed with a decent volume and added substantial open interest above 23500, now heading towards 24000 mark in coming days.
PSU Bank INDEX : Consider support 3450-3500 range and looks some short covering in coming days in all PSU banks.
PHARMA INDEX : As we continue written in this column that at the current level do not think short sell and any dip to buying opportunity. Time being consider support 9150 9100 and closed above 9300 looks good and major up side. We are expected heavy short covering in Pharma stocks (like IT) in coming days specially we focus – SunPharma, Aurbindo pharma, Lupin and Dr Readd lab.
SOME IMPORTANT POINTS TO BE WATCH OUT
Long side :
Can fin home –Indian BankCadila Health CareOBCHCC and many more
Long exit :
KSCL,
DLF
Short covering :
IBREAL, Reliance Capital, RBL Bank.Reliance.
Short build up :
Yes Bank, BPCL, TECH Mahindra, TCS and many more
OPEN INTEREST SPURT : NO. OF CONTRACTS
VEDL - 266
AUR PHARMA - 349
SUN PHARMA -1599
RELIANCE IND - 491
TELCO -1837
TCS 4108
HDFC 673
AXIS BANK 429
TECH MAHINRA 476
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