CORRECTION CONTINUE IN MARKET

CORRECTION CONTINUE IN MARKET 10-Aug

 

DO NOT TRY TO BOTTOM FISHING

Market out Look  for 10^th August 2017

As expected  after sharp rise and geopolitical tension market are in correcting mode and looks that more down side in coming days. On Wednesday , over all broad based selling were saw in market and perhaps no segment save this falling market. Over all trend is short turned into bearish mode and more selling pressure in coming days.   Do not  fresh long any thing and any should be keep strict stop loss and save your financial health.

Nifty Spot :

As we are continuing mentioned that market likely in top out time being and it was closed below 10000 mark and 9950 , as long as trading below these level, weakness continue towards 9800 and break these level non stop target 9755 thereafter 9646 possible.   Trend will be change only above 10100 if closed successfully with added open interest.

Nifty Future :

Over all trend is bearish and any rise intra day to selling opportunity. Consider intra day resistance 9940-9950 whereas to selling opportunity, down side break and trade below 9900 selling pressure will be accelerated.

Bank Nifty future :

As mentioned earlier, 25000 have been top established and likely it will not cross easily in coming days and Wednesday closed with a negative bias with a loss of more than 200 points.  We are continuing mentioned this column Bank Nifty likely correct 8 to 15 percent in coming days.  Now last support of this leg 24200024220, break these level with volume  sharp fall towards 23500 +.  Trend Reversal only above 25260.

Open Interest Analysis

Long side :  Page Industries, Havells, Bank of India, titan and Reliance Capital.

Short Covering  :   HDIL and Kotak Bank

Long Exit  : MGL and KPIT

Shortside :  Long list ………..Cadila Health Care, Aurbindo Pharma, Tata Motor, Ajanta Pharma SRF, and Cipla

Aubindo Pharma :  Before result heavy short have been established and almost  15 lacs shares added along with major OI added in 700 and 680 put along with unwinding call of 720 740 which are indicate free fall likely.  

Tata Motors :  Result out which is not upto the market and likely price will be fall once market open.  So time being do not buy and once break 415 lower level target 400   395. Trend will be change above 430 only.

GAIL  :   Before result Long unwinding seen by way of 3.42 lac shares, Higher level to sell side.

Bharat Forge : Result will announced on 10^th august and before that long exit and fresh short seen.  So only sell side.

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