Market out look 11th Oct 2017
NiftyHold 9990-10000
Positive Bias
Indecisiveness in Market
Market out Look : Market open with up side gap and managed to hold 10000 mark and also closed above which indicate more up side in coming days. Over all trend is bullish in short term and market require a big trigger so they will test new high which is major resistance in near term. Result season already started and South India Bank beat the market expectation. However, in this week Indus Bank, TCS, KTK Bank, Reliance, D mart are coming out numbers.
Technical Out Look
Nifty : Consider support 9950 and holding of 10000 mark up side continue towards 10050-10050-10100 in short term. Decisively break and trade below 10000, avoid fresh long and time to short side.
Nifty future : Consider support 9990 and below some weakness likely, higher level resistance 10052 and major resistance 10062 watch out. Crossover it will show more power. Close watch retracement level 10060-10086-10129-10155.
Bank Nifty Future : Trend is continue positive bias till holding above 24100, up side trading and sustained above 24400 more up side towards 24450 24500.
Metal Index : Metal Index continue good but yesterday trade someprofit were saw and almost face resistance previous days high 3750. Time being hurdle and holding above some up side. Hindalco looks good but Tata Steel and VEDL selling opportunity.
Pharam Index : Trend is positive and any weakness to long side with consider support 9300-9350.
PSU Bank Index : Trend is down, however all PSU banks are over sold region and ready to take off due to short covering. SBI likely lead the role and major short covering ahead.
Long Side : Hexaware, Havells, TVS Motor, Hindalco and IGL>
Short Side : VEDL, South Bank PTC and Idea
OI SPURT : VEDL – short side 1528, Hindalco long side 1080, ICICI Bank 3008 short side, Axis Bank 1032 long side, Reliance 905 long side, DHFL 149 short covering, Reliance Capital short side 1606, Hdefc Bank long side 1900 and many more.
Wealth Creator Call : Dated : 9th Oct. 2017
Bata India Ltd ; Buy call at 735 and more added 750… closed at 782 .
More details call
Rakesh Sethi
3M Team Research
9630466296-9203901698
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