Nifty – support 9811
Bank Nifty – 23800
Market out Look : As yesterday mentioned 9990-10000 decent support and holding above positive bias continue, but yesterday finally break down with volume due to geographical tension only in our market whereas no effect in other world market which indicate our reaction is so sharp against other market. As yesterday mentioned all long stop loss triggered and we have been exit with decent gained. Now time to avoid any long side and intra day any rally to locate short position.
Technical Out Look
Nifty : Now time to sell side. With consider resistance 10030-10050, down side support 9950 break these level will move towards 9882. If unable to hold more pain towards 9800 + likely.
Nifty future : As mentioned yesterday level and made a high 10086 (our resistance 10086) and finall break down 10000 mark and closed below. Now time to sell on risestrategy with consider resistance 10020-10030 with stop loss 10090. Break 9960 more down side towards 9900 likely. Close watch retracement level 10060-10086-10129-10155.
Bank Nifty Future : As we find that 24400-24500 decent resistance and yesterday it was made a high nearly and finally big sell off resulted it was closed below 24100 and closed days low. Consider resistance 24000-24223 and once break and stay below 24000, panic towards 23800 which is last leg of support, thereafter more down side. PSU bank looks very bearish.
Metal Index : Yesterday we were clearly mentioned that 3750 is good resistance and negative divergence saw in Metal Index and finally it was bearish set up and after made a high 3750 closed nearly 3665 mark before made a low 3637. Now time to sell Hindalco, VEDL, Tata Steel.
Pharam Index : Trend is positive bias likely continue as long as remain hold 9300, up side resistance 9500-9600 continue. Sun Pharma, Bioncon looks good and buy side.
PSU Bank Index : Heavy sell off seen in all PSU bank once it was break down 3200, now it will likely test 2900 + in short term.
Long Side : South Bank, Petronet KTK BANK, TCS
Short Side : VEDL, RBL Bank, Can Bank, Voltas, Union Bank.
More details call
3M Team Research
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