Market out look 16th Oct 2017
Nifty Above 10200 target 10500 10700
Bank Nifty – Above 25200 target 26500 +
Market out Look : Last week market out perform and almost gained more than 187 points and made a new high 10191 which indicate trend have been change in near term till no bad news from geographical side. Over all strong buying forces seen and major role played by Bank Nifty which is lead by HDFC Bank. On the other hand RSI is still well above 60 level and no sign of over bought zone and no sign of reversal and up side continue likely till Nifty holding 10000-10050 mark. Trade and sustainable basis above 10200 minimum 300 to 500 points up move. Next week only 3 trading sessions due Festival of Deepawali.
Technical Out Look
Nifty : Consider support 10150-10120 range and up side sustained above 10191 up side open towards 10240-10250.
Nifty future : Any decline to buy side with consider support nearly 10100-10120 range and up side above 10200 more up side.
Bank Nifty Future : Smart recovery seen and a very short term 800 points rally which is mainly lead by HDFC Bank, Kotak Bank and Axis Bank. Trend is positive and last and final resistance 25200 thereafter major up side and broad based rally in all banking stocks including PSU bank which is laggered at current level.
Metal Index : Metal stocks and Index continue out perform which is lead by Tata Steel, Vedl and Hindalco. Over all up move continue as commodity price in world wide trading their new high so there is not chances of weaknss and any dip to buy side. We may consider support 3700 and 3650, resistance 3800 watch out.
Pharam Index : Consider support 9300-9350 range and up side open towards 9800-10000 mark. Dr Readdy Lab Sun Pharma, Aurbindo Pharma, Cipla, and Divis Lab very hot and any dip to go long side.
PSU Bank Index : Trend is down but at current level showing over sold region. On the other hand Bank Nifty are ready to made a new high so all PSU bank will also participated in coming days. At current level or any dip to buy side. Our best pricks SBI, Bank of Baroda, Can Bank, and PNB. Small PSU bank should be avoid.
Long Side : Bharti Tele, MCX, IVR, KTK, Federal Bank, Axis Bank, HDFC Bank, DCB Bank and many more.
Short Side : Relcom : Infieam.
Stock of Month : Bharti Tele – After 8 years consolidation major break out, minimum target 600 +
More details call
3M Team Research
9630466296-9203901698
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