Market out look 29TH Sept. 2017
Double Bottom Formation in Nifty
9685-9700
Holding some up side –
But higher level be cautious
Market out Look : . As expected high volatile day due to Expiry and highest volume nearly 15 lacs crore seen in market. As Nifty taken support as previous 9685 and some up side seen. On the banking HDFC Bank played a key role of recovery after non stop down 1300 points as expected. Trading above yesterday high intra day good opportunity but going ahead long weak end will not permit to go long side in big way. Market open on Tuesday, Monday will be holding being a Gandhi Jayanti.
Technical Out Look
Nifty : As mentioned in this column yesterday 9680-9700 decent support at lower level and break and trade below another round of panic, but able to hold and pull back seen and made a high 9789. Now we may consider short term bottom established at 9680 and sustainable above and crossover yesterday high 9790 more up side towards 9820-9830-9880 but higher level selling pressure can not be ruled out.
Nifty future : Trend is down but we are in over sold zone in short term. Consider support 9750, crossover 9815 above with volume up side towards 9850 9860 9880 likely. Higher level or after first session again selling pressure likely emerged.
Bank Nifty Future : As continue downward and wipe out 1300 points without any pause, short covering was immanent and it was did it. After made a low 23600 + which is 23.6 retracement of previous day trading, strong pull back and able to closed nearly 24000 mark. Time being we may consider yesterday botton is short term support and trading above 24100 – up side open towards 24200 24350 2500 whereas again selling pressure likely.
Metal Index : Metals are continue shining and always smart bounce back seen in all the times. Now consider support 3450-3400 resistance nearly 3550 watch out. Buy side, Hindalco, VEDL, Hindustan Zinc.
Pharam Index : After sharp up move, some selling and profit booking likely continue but if managed to hold 8900-9000 range up side open towards 9300 9500 and above.
PSU Bank Index : Selling pressure continue in PSU bank, we may consider resistance 3050-3100 and support 3050-3000. Major support 2900 +
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