Lower Top – Lower Bottom

Lower Top – Lower Bottom

Formation……

Banking Stocks – Sell on Rise

Big down side in coming days.

Mrket Out Look   :         Tuesday market was very poor market and market closed with a negative bias due to  profit booking and SEBI letter of Shell companies.    Over all higher level to sell side specially in bank Nifty.  Fresh long should be avoid  and stock specify movement in market continue.

Nifty Spot  :   Consider resistance 10000  and remain below 9950 thereafter over all selling towards 9920-9900 and 9850. 

Nifty Future  :     Sell on rise continue with consider resistance 10150 and support  9950-9911.

Bank Nifty Future  :   Strong resistance 24900-25000 and remain below selling continue, once break 24500  more selling towards 24100-24000.   10 to 15% correction likely in coming days.  

PSU Bank INDEX  :     Trading range 3500 to 3620  ..  higher level to sell side. x

Long side   :     MRPL, Muthooth Finance, Hindalco, MGL, Cipla, Tata Steel, NMDC, Century Textile, Aur. Pharma, GAIL

Short Side :   Infra Tel, DCB Bank, Sintex, Jindal Steel, Dr Readdy Lab, DLF, LIC, Tata Motor, OBC, ITC Bank of India, Union Bank

Short Covering  :  VEDL, Hindalco, Hexaware, JSW Steel.

OI Spurt  in interms of Contract:

Jindal Steel 2925, Century Textile 1558, Axis Bank 1810, Tata Motor 3102, Hindalco 2253, Cipla 1154, Yes Bank 1292, SBI 1082, ICICI Bank 1730.

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