Market out look daily 19th July, 2017

Nifty Support

9780-9800 watch out.  

Mrket Out Look   :    After 400 points on rally some pause were saw in the market and finally face resistance 9950-10000 mark and break down 9850 and closed below.  However, trend is strong bull phase and no sign of over of bull market. After sharp rise in market correction is justified and good opportunity to buy for quality stocks
Nifty Spot  :   Consider support  9780-9750, resistance 9850 thereafter over all buying in the market.
Nifty Future  :    Decent support 9800-9810, resistance 9900 watch out.
Bank Nifty Future  :   Trend is very bullish and continue closing above 24000  up side continue in the market. With consider support 23900, upper side target 4300-24500

PSU Bank INDEX  :     Trend is  bullish and holding above 3520 looks positive bias and more up side once it will stay above 3580 mark. Major short covering saw in PSU Bank stocks.
Long Side      : Indian Bank, ICICI Pru, Can Bank, Axis Bank.
Short Side     : KTC, Havells, Bharat Forge, Ceat Ltd. Ashok Leylan.
Short Covering:ACC – HDFC – Hero Motor.
Long Exit        :  Reliance Ind, OBC, Tata Power, Infosys

OPEN INTREREST SPURT  :

ITC – 200000 contract  short side
Indian Bank – 3.54 lacs, Yes B ank – short covering 2.17 lacs, SBI, covering 39.21 lacs, Axis Bank 2.34 lacs short covering, ICICI Bank covering 49.39 lacs, HDFC  short covering 11.94 lacs, Kotak Bank 8.09 lacs