Tuesday, August 22, 2017

Market likely pull back

Market likely pull back
Towards 9940-9950 after Hammering
But cautious approach at every higher levels

Mrket Out Look   :      On Friday market tanked almost 100 points due to global que and Infosys  but due to short covering and fresh buying emerged and able to closed near to opening level which indicate lower level short term support established and Monday likely pull back rally .  However, consolidation in trading range continue in market .  
Nifty Spot  :        After tested Friday low 9783 smart pull back saw and closed  near to opening level.  Time being we may consider Friday low is a support level and holding these level up side towards 9880-9000-9940-9950 cannot be ruled out, on the lower side, break support level 9775 nonstop target 9700-9710 likely.  In Future Segment Highest put hold 9800 i.e. 59.31 lacs followed by 9900 31.22 lacs and Highest call 10000 strike price  - 60.60 lacs. So trading range visible 9800 to 10000 in August series.  
Nifty Future  :          Consider support 9790-9800 and resistance 9900 thereafter 9950 watch out.
Bank Nifty Future  :     Last two trading sessions, heavy sell off saw  in 24500 level and simultaneously support visible around 23900-24000.   Higher level to sell side with consider major support 23800-23850 range and it should not break.
PSU Bank INDEX  :        Trading range continue, but SBI and BOB looks good and more short covering in coming days.
Long side   :     PC Jewellers, ACC, TCS, HUL  
Short Side :    Infosys, Zee, Reliance Infra
OI Spurt  in interms of Contract:
Infosys   :        More then 25 crores volume saw in Infosys and added heavy open interest by way of  1.54 crore shares which is short side which indicate more downside in coming days and likely it will take support 800-820 range whereas to best buy.
  Infoysys 70000 short side, Bharat Finance 952 long side, Yes Bank 1358 short side, SBI  902 short covering, Tata Steel 563 short covering, VEDL 488 Long unwinding, Bank of Baroda 102 short covering , Reliance 320 short covering.
More details call
9630466296

No comments:

Post a Comment