Market outlook for 9TH June 2017

Market are continue in up ward bias but higher level some profit booking saw in the market.  However some sector like, IT, Housing Finance and PSU banks in bearish zone whereas  our HOT sector Pharma smart pull back due to short covering and looks fresh short may be avoided.

Nifty  :   Now we may consider decent support 9600 and major support range 9500-9530 resistance at higher level 9700-9710 must be watch out.

Bank Nifty  :   Trend is bullish with consider support 23300-23350,   and holding above 23500 strong movement continue likely.

PSU Bank INDEX  :   Consider support 3450-3500 range and looks some short covering in coming days in all PSU banks.

PHARMA INDEX   :     As we are continue written in this column do not short sell and above 9300 strong recovery and almost it was made a high  9551.  So short term our view is positive and good trading opportunity.  

SOME IMPORTANT POINTS TO BE WATCH OUT 

Long side  :     

Tisco, HDFC 

Long exit :

IOC

Short covering :

Lupin and Sun Pharma

Short build up :

Petroent LNG, OBC, Reliance Capital and GAIL

OPEN INTEREST SPURT  : NO. OF CONTRACTS

TCS                              4100

AXIS                             - 239

SUN PHARMA                 - 5236

BOB                              400

BIOCON                         -561

GAIL                             723

YES                              847

HDIL                             500

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