Market out look  15^th Sept. 2017

 Duble Top Formation in Nifty

If not  Trade above 10150

Short term weakness.

Market out Look   :       Market are continue in bull trend and  almost tested previous high and made a double top formation after.  Over all trend is strong bullish but fresh and sharp move above 10150.  Pharma Sector looking very hot and almost gained more than 600 points in last three trading sessions and shine likely continue.

Nifty  :   Consider support  10063 and 10050  break and trade below, selling pressure in the market, upper side resistance nearly 10130-10140.  Fresh long above only, otherwise selling opportunity.,

Nifty future  :    Trend is bullish but some profit booking likely continue, consider resistance 10144-10150 and fresh up move and short covering above that level,  down side support exit 10087-10078 , below selling pressure over all in the market.

Bank Nifty Future :         As 24500 strong move towards 25000 and  yesterday made a high 24962.  Trend is strong bullish note and almost more than 20 lacs shares in open interest which is indicate major up side in this month which may go around 25500 and above.

Metal Index    :         After sharp move profit booking continue at higher level and after made a high 3723 over all selling resulted closed at lower level.   Trend is bullish some more down side.  Sell on rise.  

 Pharam Index     :       As we are continue mentioned in this column time to buy pharma stocks and just see what happened in last 10 trading sessions and major up move seen .  Holding above 9000-9100 mark up side towards 9800 + in coming days.

PSU Bank Index     :After taking strong support 3180-3200  positive bias and buying were saw in PSU banking front line stocks like SBI, PNB, BOB,  Union Bank, and many more. Resistance 3350.

OPEN INTEREST ANALYSIS :

Long side  :     BHEL,  HCC, Axis Bank, Can Bank, Grasim, ICICI Bank, and many more.

Short Side  :      Indigo, Apollo Hospital, VEDL, OIL,

 OI Spurt :

 Bhel – long side 6351,   Bank Nifty  long side,  BPCL  1581 long side, Lupin 1618 Long side, Divis Lab 1102 long side, Reliance – long side 2349, SBI  profit booking 943,  DHFl  short covering 3140,  Century Textile  short covering 3.42 lacs,  CESC long side, PNB 591 long side, BOB long side 540.

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